The total debt burden caused by the pandemic is expected to amount to CHF25-30 billion ($26.7-32 billion) by the end of 2022. Most of it (CHF20.3 billion) was due to extraordinary spending in 2020.
The so-called debt-brake rule requires the government to make up the shortfall in six years. The government proposes to extend this period to the next three legislative periods, i.e. until 2035. In the event of special circumstances, the deadline may be further extended by four years.
The government is counting on the Swiss National Bank (SNB) to loosen its purse strings and stump up CHF1.3 billion a year. In addition, it intends to tap into unused budgets and financing surpluses of an average of CHF1 billion a year. So far, no budgetary relief programme or tax increases are planned.
The government submitted its strategy to parliament on Friday. The goal is to have the amendment on debt repayment come into force by 2023.
Most Read Swiss Abroad
More
Why cars still reign supreme in ‘rail-nation’ Switzerland
Swiss price watchdog slams excessive prices for generic medicines
This content was published on
The cheapest generic medicines available in Switzerland are more than twice as expensive as in other countries, according to a study by the Swiss price watchdog.
Nature should not figure in net zero calculations: academic study
This content was published on
The natural removal of CO2 from the atmosphere by forests or oceans should not be included in the net-zero balance of climate protection measures, argue researchers.
This content was published on
None of the 15 major Swiss retail banks is meeting international climate and biodiversity targets, according to a ranking by WWF Switzerland.
This content was published on
Nestlé's new CEO Laurent Freixe, has presented plans for the future of the world's largest food company, after his first few weeks in office.
Swiss foreign minister calls on Moscow to end Ukraine war
This content was published on
It's high time Moscow ended its war against Ukraine, Swiss foreign minister Ignazio Cassis tells the UN Security Council.
This content was published on
The only alternative to the UN Palestinian agency’s work in Gaza is to allow Israel to run services there, Philippe Lazzarini, UNRWA Commissioner-General, told reporters in Geneva on Monday.
Study reveals food culture differences between Switzerland and neighbours
This content was published on
Three-quarters of Swiss people consider eating to be a pleasurable, social activity, a new survey reveals. Healthy eating, however, plays a much less important role, it found.
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.
Read more
More
Pandemic costs CHF11 billion in temporary unemployment payments
This content was published on
Covid-19 cost Switzerland CHF11 billion in short-time working payments last year, with around 20% of the money helping to prop up the gastronomy sector.
Hotels and restaurants complain of lost profits due to Covid certificate
This content was published on
Swiss hotels and restaurants have seen turnover drop by an average of 27.6% since the introduction of the Covid certificate, they say.
You can find an overview of ongoing debates with our journalists here . Please join us!
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.