Russian authorities to support small and medium-sized businesses

Government meeting on economic issues was chaired on Saturday by Prime Minister Mikhail Mishustin, website of the government reports.

Mishustin noted “government measures against the economic impact of the coronavirus and the volatility in the global financial and raw materials markets, whereas the Bank of Russia announced a set of measures to support citizens and the economy which complements and enhances the actions taken by the government. The government is working on two interconnected tasks together with the Bank of Russia. First, to prevent a decline in bank lending to the real sector of the economy, and second, to support small and medium-sized businesses. These include tour agencies, small hotels, hair salons, repair shops and other small service companies that found themselves in a quandary due to falling demand and restrictions because of the coronavirus outbreak.”

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