The main goal of the plan for economic recovery in Russia, which was developed by the government, is the steady growth of real incomes of Russians, reducing unemployment below 5% and ensuring GDP growth of at least 2.5% per year by the end of 2021.
To achieve these indicators, the Cabinet will invite President Vladimir Putin to take new support measures. Indeed, the document, as the Prime Minister of Russia Mikhail Mishustin said, consists of nine sections.
“The content of the document was confirmed by a federal official, assuming that changes could be made to the final version. The draft plan contains both those already announced and a number of new measures to support the economy and the population, ”RBC writes.
So, the authorities want to launch from 2021 throughout the country a new procedure for “direct payments” on sick leave and on benefits paid to social insurance for citizens with children; establish from October 2020 the minimum hourly rate for transferring part-time workers for up to three months; from July to provide the opportunity for employees to switch to remote work without additional agreements; create a “social treasury” for the implementation of social support measures, as well as provide an opportunity for state and municipal employees to transfer to remote work.
In addition, as part of sectoral support measures, the authorities want to stimulate demand through public procurement, as well as help with subsidies and state guarantees.
For example, in 2020, the Ministry of Finance will allocate 23.4 billion rubles to support airlines through compensation for expenses incurred, and the aviation industry will receive state guarantees for loans in the amount of 139.6 billion rubles for the purchase of 59 Sukhoi Superjet 100 aircraft.
The real estate market will be helped by lowering the mortgage rate on loans below 8%, as well as 33 billion rubles to complete the construction of long-term construction.
The tourism industry will be supported by lowering the VAT rate to 7% for companies, and hotel and tourism companies want to reimburse 50% of interest payments and defer payment of principal on previously issued loans. Prime Minister Mikhail Mishustin will report on this plan to Vladimir Putin on June 2.