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Putin proposes mortgage & loan holidays, new payments for families with children to tackle aftershocks of Covid-19

Putin proposes mortgage & loan holidays, new payments for families with children to tackle aftershocks of Covid-19
The coronavirus outbreak has left many major world economies reeling. While Russia has avoided the worst, so far, that may change dramatically if stricter measures to contain the spread of the disease have to be introduced.

President Vladimir Putin announced a package of social and economic benefits, on Wednesday, aimed at providing relief for citizens from the effects. 

“I suggest loan and mortgage holidays,” Putin said while addressing the nation in a televised speech. The steps also include new payments for families with children.

Families that have children aged three and younger will be eligible for an additional monthly payment of 5,000 rubles (some $63) per child for the next three months starting from April.

“The Russian economy, like the economies of other countries, is experiencing strong negative pressure due to the consequences of epidemics. And it is necessary to support those who might face losing their jobs,” Putin stated, proposing an increase in unemployment benefits.

People whose income dropped drastically due to the coronavirus outbreak should be able to temporarily stop their mortgage and loan payments without facing any penalties, Putin said. He also urged Russia’s Central Bank to develop a similar scheme for private businesses affected by the outbreak.

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The coronavirus pandemic has affected more than 400,000 people worldwide, causing more than 19,000 deaths, according to the latest figures from Johns Hopkins University. While Russia has been largely spared by the outbreak so far, the total number of cases jumped by 163 to 658 in a single day on Wednesday.

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