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The 300-Billion-Ruble Question
Russian President Dmitry Medvedev held a meeting devoted to the economy today, at which it became clear that the government will spend billions of rubles on economic support. The government will allocate 300 billion rubles for state guarantees for credits to business, stated Finance Minister Alexey Kudrin. He said legal issues were being worked out and suggested that it was time to draft the corresponding resolution of the government and State Duma.
Kudrin added that the Finance Ministry intends to take additional measures to buy mortgages from a number of banks. Previously, the Finance Ministry planned to allocate 100 billion rubles to guarantee those credits. The government will also allocate 30 billion rubles for credits to the major airlines. Deputy Prime Minister Igor Shuvalov said that the largest airlines would be helped first, while measures would be taken to ease the debt burden of other airlines. Shuvalov said there are plans to allocate 7 billion rubles to major agricultural producers as well. Minister of Economic Development Elvira Nabiullina said the government will allocate 6 billion rubles to raw materials exporters.
Medvedev instructed the government to watch the credits granted business. He said he plans to hold a meeting of the council on the implementation of the national projects still this year and he asked the government to prepare proposals for the implementation of theprojects during the crisis.
www.kommersant.com
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