Sweden strengthens unemployment insurance to cushion coronavirus effect

The Swedish government said on Monday it was temporarily strengthening the country's unemployment insurance in another move to cushion the effects on the economy of the coronavirus pandemic.

"Even with the powerful measures taken to date to counter the economic consequences of the virus outbreak, unemployment is expected to rise sharply. This requires that the unemployment insurance policy be adjusted," the finance ministry said in a statement.

Sweden's government has launched a range of measures, including loan guarantees for small and medium sized companies, tax amnesty and extra cash for local authorities to help fight the coronavirus.