large-Scale restrictions imposed at the end of March 2020 in order to combat the spread of coronavirus infection COVID-19, led to the collapse in the number of committed purchases by Russians.
the Total number of punched checks each day in the period from late March to early may, declined on average by 31% and the average revenue recorded businesses fell by 36%, according to RBC with reference to the study of the analytical center “of the First CRF”.
Thus, according to the experts, “during Federal limits (29.03—10.05) the economy on average has missed at 270 billion rubles a week.”
While the survey indicates that after the abolition of the regime of non-working days and other Federal restrictions, the indicators began to rise.
Recall that March 25, in a televised address to the nation Russian President Vladimir Putin expressed “extreme importance” to prevent “the threat of a rapid spread of the disease.” In this regard, he announced the week of 30 March-5 April “off, with pay”. April 2 in the course of the next televised address, Putin stated that the threat from pandemic coronavirus infection COVID-19 is maintained. The head of state decided “to extend the state of non-working days until the end of the month, ie April 30, inclusive”, but “with the retention by the employees of their wages.” On 28 April, the President extended a state of non-working days before 12 may, combining the traditional may holidays on the working days from 6 to 8 may. May 12, a single period of days off has been completed.
we also Add that the Russian economy in February—March 2020 was under the powerful impact of two negative factors — the rapid spread of the pandemic coronavirus infection COVID-19 and its deleterious effect on the global economy and collapse in oil prices. Against this background, the rouble significantly depreciated against the dollar and the Euro. Waves of devaluaciand held from 7 to 9 March and 18 March.
Reacting to the situation, the government and the Bank of Russia has prepared a plan of priority measures for the sustainable development of the economy. As explained by the Prime Minister of the Russian Federation Mikhail Mishustin, “it’s kind of the anti-crisis plan, a set of operational activities that are necessary for stable socio-economic development”. “We will focus on supporting industries that were in a difficult situation, but primarily on the support of the people and providing them with goods of first necessity”, — stressed the head of the Cabinet of Ministers.
In particular, it has been announced vacation credit for small and medium business and people who find themselves in a difficult situation, promised financial assistance to affected industries, provided soft loans, including the payment of salaries, reduced employers ‘ social security contributions, given the postponement of rent and tax payments, excluding VAT, imposed a moratorium on bankruptcy.
Later, it was adopted a second package of economic support measures (soft loans for working capital for strategic enterprises, non-repayable financial assistance to small and medium businesses, including on the issue of salaries and financial assistance to regions and airlines).
for its part, the Central Bank has approved measures to support citizens, the economy and the financial sector in a pandemic COVID-19, and then supplemented them with new packages.
2 Jun Mishustin presented to the President a national plan for the recovery of the Russian economy in 2020-2021 years, noting in particular that the cost of the plan will amount to about 5 trillion roubles. On 19 June the head of state was sent the updated draft of the plan.
July 2, Deputy Minister of Finance of the Russian Federation Vladimir Kolychev said that the total cost of the measures (the bailout package), aimed at combating the spread of coronavirus infection in Russia and mitigating economic impacts from the imposed constraintscheny, estimated to be worth about 4 trillion rubles. According to him, the main focus of the budget measures were made on several fronts: strengthening health systems, supporting citizens and businesses, the balancing of regional budgets.
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