Putin announces $17 bln in state guarantees for companies in 2010

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Russian companies will be able to obtain state-guaranteed loans totaling 500 billion rubles ($17 billion) in 2010, the prime minister told the ruling party on Saturday.

Russian companies will be able to obtain state-guaranteed loans totaling 500 billion rubles ($17 billion) in 2010, the prime minister told the ruling party on Saturday.

Addressing the United Russia party congress in St. Petersburg, Vladimir Putin said that to date, state guarantees have proved insufficient to enable companies to obtain credit amid the global recession.

He also called for tough measures to restrain inflation, which last year totaled 13.3%.

"Even 10% or 9% is a very high level, unacceptably high. So a strong anti-inflationary course will be continued," Putin said.

President Dmitry Medvedev earlier told the congress that the country has so far managed to keep the damage caused by the crisis to a minimum.

"Thanks to cooperation between civic bodies, the party, and government authorities of all levels, we have managed to substantially limit the negative consequences of the global crisis," the president said.

 


 

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