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Federal budget SFr600 million in the red

The Swiss federal government expects to have a shortfall of SFr600 million ($542.89 million) in 2011, not including extraordinary expenditures.

This content was published on June 24, 2010 - 15:24

In total the government plans to collect about SFr61.9 billion and spend SFr62.5 billion. On top of that, authorities will pour an additional SFr1.1 billion into the Swiss Federal Railways pension fund and make a one-time payment of SFr850 million to an account for infrastructure projects.

The government’s overall financial standing improved during the federal fiscal period. The budget for 2011-2013, which was set in August 2009 during the height of the economic recession, emanated from a need to save SFr2.5 billion to SFr4 billion annually.

In 2011, only portions of a savings programme discussed by lawmakers will have to be implemented since the government has met targets to help keep debt under control, officials said on Thursday.

Thanks to the more favourable economic climate additional revenue is being created, and the government expects to save about SFr1.5 billion annually through an existing cost-cutting programme.

swissinfo.ch and agencies

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