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The government will allocate 5 billion rubles for subsidies to banks

The government will allocate 5 billion rubles for subsidies to banks
Photo: pixabay.com

The Russian government will allocate five billion rubles from the reserve fund for subsidies to credit organizations. This money will help to defer payments on loans issued to small and medium-sized businesses.

As Prime Minister Mikhail Mishustin said at a government meeting, over the next six months, the amount of deferred payments of interest on loans will amount to almost ten billion rubles. According to him, credit organizations at the expense of the budget compensate for the decrease in income on loans issued for urgent needs to small and medium-sized enterprises, which suffered most from the coronavirus.

Additional money will be used to pay salaries, support and maintain employment in the field of air travel, tourism, catering, physical education and sports, additional education, and consumer services.

“For these purposes we will send 2,6 billion rubles. It is important that all these measures be implemented throughout the country, in each subject, ”Mishustin said.

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

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