Denmark will need 250 billion DKK (37 billion USD) between April and July to counter the economic impact of Covid-19 pandemic, according to the new analysis released by the country’s central bank.

Although the forecast is “subject to great uncertainty”, the debt service with the central bank has announced that the new financing need is around 200 billion kroner more than previously forecast.

Last month, the debt service increased its target of selling bonds in 2020 by 50 billion DKK to help cover government stimulus spending. Given the planned increase in the issue, Denmark may need to turn to investors outside the country as the central bank signals the possibility of selling foreign currency debt.

“The increased need for financing in 2020, coupled with the uncertainty of global financial markets, necessitates a greater degree of flexibility in the issuance of securities”, the bank said. “Flexibility may, for example, relate to the allocation of emissions to a broader investor base than is possible with securities denominated in the Danish krone only”, the institution added.

The Danish government has already promised the introduction of a 300 billion DKK stimulus package as the country enters the second month of a blockade to prevent the spread of the virus. On Wednesday, Prime Minister Mette Frederiksen began the partial lifting of the blockade. Still, she made it clear that any slight increase in the number of infected people would be followed by an immediate return to strict restrictions.