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Putin: regions will receive support for sustainable budgets

Putin: regions will receive support for sustainable budgets
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Vladimir Putin instructed the Russian government and the Ministry of Finance to provide funding for the regions to ensure the stability of their budgets against the backdrop of the coronavirus pandemic. The president asked the envoys to join this work, who should assess the needs of the subjects for additional support.

At a meeting with the plenipotentiaries, Putin also said that they would have to monitor the targeted nature and efficient use of allocated funding. The President noted that the regions have the opportunity to use treasury loans to cover cash gaps. But, in his opinion, this is a short-term measure, and it should not be limited to it.

Putin said that due to tax deferrals and other measures to support small and medium-sized businesses, regional budgets will suffer losses and there may be lost revenue. However, he called on the authorities of the entities not to cut current budget expenditures.

“The task now is to finance all planned programs and contracts as quickly as possible, without failures and in full. These funds are urgently needed by the economy. They should work, ”Putin said.

Earlier, Prime Minister Mikhail Mishustin instructed the Ministry of Finance to work out the possibility of providing deferral of debt on municipal loans. He also proposed a restructuring of regional debts in 2020 to help entities cope with the burden arising from the spread of coronavirus.

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