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Putin announces additional measures to support Russian economy & business amid coronavirus pandemic

Putin announces additional measures to support Russian economy & business amid coronavirus pandemic
Russian President Vladimir Putin has instructed the government and the Central Bank to develop an additional business support program amid the COVID-19 outbreak. The program should be finalised within five days, he said.

According to Putin, it should allow companies “to preserve employment and salaries” at the maximum rate possible.

The coronavirus crisis may lead to even more substantial losses for businesses, the President suggested, adding: "It is necessary to mitigate the downturn, soften the blow for businesses, whose losses are already rather substantial and may get even worse." 

Putin also suggested an annual installment plan of tax payments for companies in respect of taxes deferred because of the pandemic. "We will restructure such debts. They can be repaid smoothly, monthly, in equal installments during the course of at least one year after expiry of the deferral," he said.

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He also told the government to make repayment extensions on consumer and mortgage loans available to a larger number of Russians.

"In March, I instructed [the cabinet] to ensure an option of repayment extensions on consumer and mortgage loans for citizens. I am asking the government to consider expanding this support measure so that it becomes available to a larger number of people," he said.

Putin earlier declared the whole of April a non-working month with paid leave. However, this does not apply to essential workers and people who can carry out their tasks from home. 

For more stories on economy & finance visit RT's business section

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