The Swedish government yesterday presented a package of measures worth more than 300 billion kronor (US$30.94 billion) to support the economy in the face of the COVID-19 pandemic.
The package included measures such as the central government assuming the full cost for sick leave from companies through next month and May, as well as the brunt of the cost for temporary redundancies due to the crisis.
On Sunday, airline SAS AB, which is partially owned by the state, announced that it would temporarily lay off up to 90 percent of its staff.
Photo: Reuters
The biggest cost will come from allowing companies to put off paying tax and value-added tax for up to a year — retroactive to the start of this year — which Swedish Minister of Finance Magdalena Andersson said by itself could cost up to 300 billion kronor in the short term.
“This is a completely unique situation for the Swedish economy,” Andersson told a news conference. “We want this decision to mean that as many companies as possible get through this crisis so that we can protect Swedish companies and Swedish jobs.”
Sweden is in a strong position to bear the financial costs of the outbreak with strong government finances and government debt at its lowest since the late 1970s, Andersson said.
Sweden has already announced extra cash for local authorities to help fight the pandemic, while the Swedish central bank has provided up to 500 billion kronor in loans to firms through the banking system.
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