Stimulus package wins approval

The House of Representatives has approved a SFr700 million ($604 million) economic stimulus package.

This content was published on March 9, 2009 - 22:06

The parliamentary chamber approved the measures, focussing on infrastructure projects, by a large majority – 156 votes to 36 – late on Monday.

It is the second large government spending plan since last November when the cabinet released SFr980 million to boost private investment and prevent job cuts.

The unemployment rate currently stands at 3.4 per cent. Funds from this latest package will mainly target rail and road projects.

The House of Representatives also agreed to demand an organisational restructuring of the country's major banks, including a possible split-off of the investment divisions, as well as cap salaries of top manager of the UBS bank which benefits from a multi-billion franc bailout deal.

However, the Senate is unlikely to follow suit when it discusses the stimulus package on Wednesday.

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