ZURICH (Pakistan Point News / Sputnik - 18th February, 2021) Switzerland's budget deficit due to the coronavirus pandemic totaled a record 15.8 billion francs ($17.6 billion) in 2020, the country's government said in a statement.
"The Federal budget closes 2020 with a record deficit of 15.8 billion Swiss francs. The deficit can be attributed to the coronavirus pandemic: on the one hand, the federal government has received less revenues as a result of the economic downturn, on the other hand, it has incurred high costs to mitigate the economic impact," it said.
According to the government, earlier it was expected that the budget surplus would be more than $382 million.
According to preliminary estimates of the Swiss authorities, in 2021 the budget deficit will be more than $22 billion. Most of these funds, almost $19 billion, will go to address the consequences of the COVID-19 pandemic.
