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Russia’s most urgent task is to reduce inevitable socioeconomic losses – President

Credit: kremlin.ru

Vladimir Putin had a videoconference with CEOs of Russia’s major banks, presidential web page reports.

“The coronavirus epidemic has affected the entire world and threatens first of all people’s lives and health. But its impact on the economy and whole industries is equally dangerous. Our common and most urgent task is to minimize this negative effect and reduce inevitable socioeconomic losses,” he said. “The banks’ ability to make loans much more accessible for individuals and companies and increase loan amounts will become a major factor in restoring and developing the Russian economy.”

“The banking community plays a crucial role in implementing many of the steps on preventing the disease and stepping up healthcare capabilities, supporting Russian families, jobs, helping individual entrepreneurs, small and medium-sized businesses and key companies,” he noted. “It is absolutely necessary to ensure the sustainability of the banking system, to prevent a critical accumulation of bad debts and failures in the banks’ work.”

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