MINISTRY OF ECONOMIC DEVELOPMENT STANDS IN FAVOR OF ADDITIONAL MEASURES TO SUPPORT EXPORTS AND SMALL BUSINESS

29th August 2013

The Ministry of Economic Development of the Russian Federation considers it appropriate to take additional measures to support exports and develop small and medium-sized businesses for stimulation of the weak economic growth, said Alexei Ulyukayev, Head of the Ministry

This week the Ministry of Economic Development of the Russian Federation lowered its forecast on GDP growth for this year to 1.8% from 2.4%. In this regard, Presidential Advisor Andrei Belousov, the Ex-head of the Ministry, said on Tuesday that the Ministry should develop proposals that will help the Government of the Russian Federation to prevent the slowdown of the economy, referred to in the updated forecast of the Ministry. 

In late July, the Government of the Russian Federation has already approved the measures proposed by the Ministry of Economic Development to stimulate economic growth. The package consists of five blocks: promotion of small and medium-sized businesses, increase of investment activity, including the financing of infrastructure projects from the NWF (National Welfare Fund) and pension savings in the VEB (Bank for Development and Foreign Economic Affairs); increase of the availability of bank loans; general improvement of the business climate; solution of industry problems associated with the entry of Russia into the WTO (World Trade Organization).

On the question about additional measures to stimulate economic growth, Ulyukayev answered that it is necessary to involve previously proposed measures. "But there can be additional measures that would help to reduce costs for businesses or assist the growth of demand", said Ulyukayev. In particular, according to the Minister, it could be measures to support exports and small and medium-sized businesses.

"We talk about 100 billion rubles and transfer of the money through the placement on VEB deposits for funding and provision of investment loans for seven years, we have this proposal, and it would be reasonable to accept it", he said.

Last week, at the Meeting of the Commission on competition and development of measures to support small and medium-sized businesses Igor Shuvalov, First Deputy Prime Minister of the Russian Federation, instructed the Ministry to consider possible increase of state support of small and medium-sized businesses up to 200 billion rubles a year, including from the National Welfare Fund (NWF).

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