Fin Min: Russia to spend 1.2% of GDP to fight coronavirus

MOSCOW, Mar 31 (PRIME) – The government will spend 1.2% of the gross domestic product (GDP) on the first-priority plan to support Russians and business amid the spread of coronavirus, Finance Minister Anton Siluanov said on Tuesday at a government meeting.

About 50 billion rubles will be allocated to construction of hospitals and repurposing of the existing capacities. About 10 billion rubles will be spent on production of diagnostic equipment; 66 billion rubles on support of families with children under three, who will receive monthly payments of 5,000 rubles. There will be a 30 billion ruble increase of the unemployment benefit.

"Significant funds are being allocated. We will fully provide for all the decisions, which had been made and are listed in the all-encompassing first-priority steps plan (of the government)," Siluanov said.

He said that medical personnel will receive stimulating payments.

The government will support small and medium-sized business by delaying tax payments for six months, while very small companies will have their payroll tax also delayed. The small and medium-sized business will receive cheap credits. The government will also widen their guarantee programme and support regional budgets.

(77.7325 – U.S. $1)

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