Russian government to support backbone companies

Russia’s Prime Minister Mikhail Mishustin chaired a government meeting to discuss additional measures to ensure sustainable development of the economy during the coronavirus epidemic, government’s website reports.

Such measures will include “extension of the noninterest loan programs to pay wages for enterprises in the worst hit industries, with 75% of such loans guaranteed by VEB.RF bank. Another decision is to support backbone companies. They must be provided with soft loans to replenish working capital. The real rate should be lower than the market rate by the Bank of Russia’s key rate. Moreover, half of the loan will be secured by guarantees from the federal budget.”

Besides, Mishustin noted “an exemption from the personal income tax for those payments to doctors who are now combating the spread of the coronavirus at hospitals or in ambulances.”

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