German Chancellor Angela Merkel's coalition government Monday night settled on a new stimulus package of 50 billion euros (66.8 billion U.S. dollars) to boost economy in the next two years.

The three parties of the ruling coalition reached an agreement on a package of stimulus measures including some 36 billion euros (48.6 billion dollars) in infrastructure investment and lower taxes after a six-hour meeting, according to the report of Bloomberg.

In addition, the governing parties also committed themselves to establishing a massive government fund of 100 billion euros (135 billion dollars) to provide loans and guarantees for struggling industries.

"In all, it's a package that will help us get through the crisis and secure jobs," Volker Kauder, parliamentary leader of Merkel's Christian Democratic Union (CDU), told reporters Monday.

A press conference for the new package is to be held at noon Tuesday. During the conference, Merkel and Frank-Walter Steinmeier who has been nominated by the Social Democratic Party for the chancellor ship at this year's election will explain the details ofthe package.

The new package is the the second German stimulus program in two months after lawmakers approved a rescue package of 32 billion euros (43 billion dollars) in November.

In total, the German stimulus measures will take 82 billion euros (110.7 billion dollars) over the next two years, or about 1.6 percent of its gross domestic product, the biggest economic injection in Europe.

Source: Xinhua