by The coronavirus could cost Switzerland CHF 40 billion by the end of 2020, according to the Federal Council. © Pascal Halder | Dreamstime.comOn 11 June 2020, the Council of States, Switzerland’s upper house followed parliament in approving to extend the coronavirus budget by CHF 14.9 billion. The sum includes money to fund a hole in the unemployment benefits system (14.2 billion) and support the sporting industry (0.2 billion). In May 2020, parliament approved an overall sum of CHF 57 billion. So far, CHF 16 billion has been allocated, much of it as loans to small and medium businesses. The recent approval of CHF 14.9 billion brings the total to nearly CHF 31 billion. The Federal Council estimates the total will reach CHF 40 billion by the end of 2020, a sum within the original
Topics:
Investec considers the following as important: Business & Economy, Coronavirus Switzerland, Covid-19 Switzerland, Editor's Choice, Personal finance, SARS-CoV-2 Switzerland
This could be interesting, too:
Investec writes Swiss National Bank to issue new money
Investec writes End of lifelong widows’ pensions moves closer to reality
Investec writes Swiss government deficit shrinks further
Investec writes Swiss government wants to invest more in bomb shelters
The coronavirus could cost Switzerland CHF 40 billion by the end of 2020, according to the Federal Council.
On 11 June 2020, the Council of States, Switzerland’s upper house followed parliament in approving to extend the coronavirus budget by CHF 14.9 billion. The sum includes money to fund a hole in the unemployment benefits system (14.2 billion) and support the sporting industry (0.2 billion).
In May 2020, parliament approved an overall sum of CHF 57 billion. So far, CHF 16 billion has been allocated, much of it as loans to small and medium businesses.
The recent approval of CHF 14.9 billion brings the total to nearly CHF 31 billion. The Federal Council estimates the total will reach CHF 40 billion by the end of 2020, a sum within the original CHF 57 billion envelope.
More on this:
Parliment.ch article (in French) – Take a 5 minute French test now
For more stories like this on Switzerland follow us on Facebook and Twitter.