Sweden Beefs Up Welfare State With Extra $2.3 Billion to Regions

(Bloomberg) -- Sweden’s government and its budget allies have agreed to provide an additional 19.7 billion kronor ($2.3 billion) in funds next year to improve regional health care and protection of the elderly.

“You will have to excuse me, but this is one hell of an investment in welfare,” Prime Minister Stefan Lofven said at a press conference in Stockholm

The budget deal, which will be presented to parliament on Sept. 21, includes targeted spending on elderly care amounting to 8.7 billion kronor.

“This is the largest investment in Swedish elderly care ever,” said Lofven, who has previously admitted that the country should have done more to protect the elderly at the outset of the coronavirus pandemic.

On Friday, the administration also announced an extension of a Covid-support package for companies that have lost at least 30% of their revenues during May, June and July.

Lofven says the country’s “strong government finances have given us the muscle power to save many companies and now we are taking the next big step.”

Read More: Swedish Government Posts Unexpected Budget Surplus in August

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