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Russian regions affected by coronavirus will be helped with money

Russian regions affected by coronavirus will be helped with money

The Russian government and the Central Bank are adopting a package of support measures to minimize the effects of the economic impact of coronavirus and volatility in global financial and commodity markets. They are aimed at ensuring financial stability and support for the population and regional budgets.

As the Central Bank said in an official statement, the government does not plan to cut budget spending this year, the Ministry of Finance will monitor the balance of regional budgets. They will be provided with financial support as necessary.

The regulator will provide tax deferrals for air carriers and tour operators, as these sectors are most affected by the consequences of the coronavirus pandemic. Lending programs will be expanded for small and medium-sized enterprises, restrictions on types of lending and industries will be lifted for them, and the amount of subsidies will be increased.

Since the full effect of the impact of the coronavirus pandemic on the economy cannot be predicted, the Central Bank said it would expand support measures depending on the situation. The government and the Central Bank have created a special group to monitor the financial condition of systemically important companies. If necessary, she will decide whether to expand the package of support measures. 

The day before, Prime Minister Mikhail Mishustin announced support for industries that found themselves in a difficult situation due to the coronavirus epidemic. According to him, the companies involved in the field of air transportation and tourism will receive deferral of tax collectionand small and medium-sized enterprises will provide access to loans "at reasonable interest rates."

January 26: current information on coronavirus in the Far East
Digest of regional events and latest statistics