the surplus on the current account of the balance of payments of the Russian Federation in January—may 2020 declined by $14.9 billion, or 34%, yoy to $28.9 billion, compared to $43.8 billion a year earlier.
As follows from materials of Bank of Russia, “a key factor in the reduction rate was a significant decrease in the positive balance of foreign trade due to unfavourable international market conditions”.
“the Reduction in imports of services due to continued restrictions related to the pandemic, as well as a significant negative dynamics of payments of investment income to nonresidents has resulted in deterioration of the total deficit other components of the current account for more than half of its value a year earlier,” — stated in the materials.
Recall 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. Reacting to the situation, the government and the Bank of Russia adopted several packages of measures to support the economy and citizens.
may 11, Russian President Vladimir Putin announced the end of may 12, a single period of days off, entered March 30, in the fight against COVID-19. He also announced the beginning of implementation of the third package of anti-crisis measures, under which the state, in particular, will increase targeted support for families with children, small businesses, individual entrepreneurs and self-employed. In addition, Putin instructed the government to prepare a national plan for long-term development of the economy, the recovery in employment and incomes.
on 27 may, the Minister of economic development (MED) of the Russian Federation Maxim Reshetnikov said that the total cost of anti-crisis measures to support the Russian economy, aimed at combating the effectsthe process of the pandemic coronavirus has reached 3.3 trillion rubles.
on 2 June Prime Minister Mikhail 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 be about 5 trillion rubles.
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