The authorities refused to support the economy with the funds of the NWF
The Russian government has prepared a second stimulus package for the country's economy. Meanwhile, the IMF predicts a 5.5% fall in 2020. It is not planned to open the NWF.
The total amount of the program will be a trillion rubles, Forbes reports citing sources involved in its preparation. More than half will be addressed to large businesses; small businesses will receive only 100 billion rubles.
The authorities do not plan to use the National Welfare Fund (NWF) assets that has accumulated $ 150 billion. The government does not dare to spend the NWF, relying on a protracted oil crisis. The Ministry of Finance began to rewrite the budget of 2020 in April, putting the price of oil at $ 20 per barrel in it.
Bloomberg writes that the stimulus will be funded by increased borrowing
The government will increase the borrowing plan by 1-1.5 trillion rubles. This will allow you to pay for the assistance program, but it will not cover all the shortfall in budget revenues. Their Ministry of Finance estimated at 3-4 trillion rubles.
More than 500 billion rubles authorities will pour into big business. System-forming enterprises can count on soft loans with state subsidy covering 6% of the interest rate if they can keep all their employees. Such support will be given to the auto industry, air carriers, developers and light industry enterprises.
Import substitution programs will also be supported by the authorities. A business working with state contracts will be reduced the amount of collateral and increased advances to half the amount.
Social support measures will include minimum wage payments from the budget account to enterprises in the affected sectors - 153 billion rubles will be spent for this purpose, as well as interest-free loans to medium and large businesses to maintain salaries for employees.
Small businesses in the affected sectors will be delayed in paying insurance premiums - it is planned to spend 20 billion rubles on this.
The list of affected industries will be expanded - it is planned to invest another 67 billion rubles. The list will include trade in non-food products.
Another 20 billion rubles. it is laid down to provide shopping centers with a six-month deferral of insurance premiums and taxes, not including VAT.
After tax breaks, companies will be able to pay tax debts monthly in equal installments from October 1, 2020 to October 1, 2021.
The head of the "Support of Russia" Alexander Kalinin said that the government could announce a new measure today, April 15. The day before, business support measures were discussed at a meeting with Russian President Vladimir Putin.
At the same time, businessmen themselves admit that they "do not see the specific mechanisms" of state support. And some self-regulatory building organizations already ask to equate them with the small and medium-sized businesses - only in this case they can count on state support during the crisis.