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New support measures under the conditions of coronavirus are being prepared in Russia

New support measures under the conditions of coronavirus are being prepared in Russia
Photo: pixabay.com

The Federal Ministry of Finance has reserved 1,4 trillion rubles to combat the spread of coronavirus infection and implement anti-crisis measures in Russia. Now the government is working on a second package of economic support measures.

To help the regions, 171 billion rubles are reserved in the federal budget. This money will be used for restructuring and granting a deferment in the payment of budget loans, as well as for compensating budget losses from lower revenues.

The Cabinet also offers to provide short-term targeted loans and loans to small and medium-sized businesses on favorable terms. These measures can be used to pay salaries and other urgent needs under the guarantee of VEB. It is proposed that 150 billion rubles will be allocated for these measures.

As Prime Minister Mikhail Mishustin said at a meeting of the president with members of the government, they intend to take additional measures to ensure the sustainability of the economy. Regions and municipalities will be given recommendations on reducing property taxes for lessors in exchange for lower rental rates or deferred payments for certain business categories. Also, coronavirus can be considered as force majeure under lease agreements.

In the most affected sectors, small and medium-sized businesses will be able to temporarily not pay fines and penalties for late payments on housing services. Additionally, they will be banned from shutting down utility services if debt arises. The government also proposes a moratorium on the payment of a number of fines and a temporary ban on blocking the accounts of small, medium-sized businesses and individual entrepreneurs.

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