May 8, 2020 / 10:07 AM / a month ago

Finland adds 830 million euros to state budget due to virus

HELSINKI, May 8 (Reuters) - Finland’s government decided on Friday on a third budget for this year, adding another 832 million euros ($902 million) to the state budget, it said.

Finland’s net borrowing requirement will increase by the same amount to 13.5 billion euros from an earlier estimate of 12.7 billion euros.

The previous additional budget was announced a month ago, when the government added 3.6 billion euros of spending this year and another 500 million over several years.

In addition to financial aid for restaurants, the government authorised spending 700 million euros on strengthening stakes in companies in which the state holds a majority, especially to participate in national carrier Finnair’s planned rights offering.

The government will also guarantee up to 800 million euros for its employment fund, which needs loans to pay for rising unemployment benefits.

It authorised another guarantee worth up to 432 million euros under the European Union’s short-term unemployment scheme and a guarantee of up to 372 million euros to back up the European Investment Bank for possible losses from its planned COVID-19 loan guarantees. nL8N2BV2DG]

The government expects to announce more budget additions in the beginning of June. 1 = 0.9227 euros) (Reporting by Anne Kauranen, editing by Larry King)

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