Putin outlines priorities to restart economy

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Russian President Vladimir Putin has instructed the government on measures for social and economic support of the nation in the face of Western sanctions. The presidential order was published on Monday on the Kremlin website.

The Cabinet of Ministers is expected to make a number of amendments to laws to increase the availability of social support measures. So, before April 30, amendments should be made to ensure an increase in the availability of support measures for families with children, whose income has decreased significantly after March 1.

The government has also been instructed to establish, by the end of the year, a special procedure for assessing the needs of families that have been affected by job losses. In addition, the Cabinet will have to ensure a reduction of poverty in the country in 2022, while at the same time reducing income inequality. The government will report by June 15 to the president on the work done towards this and, after that, quarterly.

The government must “ensure the availability of sufficient quantities of essential goods, medicines and medical devices on the domestic market” by April 25, the presidential order states.

Additionally, law enforcement agencies and the Ministry of Emergency Situations have been instructed to ensure a “further reduction of the regulatory and administrative burden on business.” The head of the state said he considers it necessary to increase support for entrepreneurs’ projects, and gave a corresponding instruction “to ensure the allocation of additional federal budget funds” for these.

Putin has also asked for an evaluation of reduced rates of insurance premiums for small and medium-sized businesses in relation to employee payments. A mechanism of infrastructure budget loans should also be approved for more efficient use of such credits.

By July 1, Putin will be expecting a report on measures to stabilize the socio-economic situation in the country’s regions.

Among other things, Putin instructed the government and the Central Bank to explore the possibility of deferring payments on loans and on leasing agreements for Russian transport seized abroad. They are also to consider increasing the amount of cash available to Russian transport companies for obligatory expenses abroad.

In addition, the president has asked the government to simplify the procedure for insurance payments under contracts for the jets seized abroad.

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

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