Russia spending USD 114 billion to kickstart the economy

RUSSIA / FSU POLITICS - In Brief 29 May 2020 by Alex Teddy
On May 25 the Ministry of Economic Development decided that in 2020-21 it shall spend USD 114 billion to stimulate the economy. This was in an internal memo published by Vedomosti newspaper. Most of this will be in spending but there will also be tax deferrals and tax exemptions. Stimulus will be particularly targeted towards industries that have suffered most grievously. That is RUB 1.5 trillion. RUB 1 trillion will go towards bolstering regions that have been most severely affected. SMEs are to get nothing. This is a work in progress because it will go to the Kremlin on June 1 who might tweak it.

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