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 realized within five days, he said.
According to the president, it should allow companies “to preserve employment and salaries” at a maximum rate.
The coronavirus crisis may lead to even more substantial losses for businesses, Putin 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.”
The Russian leader 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 at least one year after expiry of the deferral,” he said.
Putin has also instructed the government to make repayment extensions on consumer and mortgage loans available to a larger number of Russians.
“In March, I instructed [the cabinet – Ed.] 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.
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