MOSCOW, July 25 (RIA Novosti) - The Russian government on Thursday approved an array of measures it hopes will boost growth, Economic Development Minister Alexei Ulyukayev told journalists.
The IMF has revised its forecast for Russia’s economic growth downwards three times since the start of the year, from 3.8 percent to 2.5 percent of GDP.
Speaking after the government meeting that approved the stimulus package, Ulyukayev listed its five main strands as: encouraging small and medium size businesses, boosting investment activity, easing access to credit and loans, improving the overall business environment, and also tackling problems related to Russia’s World Trade Organization (WTO) accession.
Investment growth in Russia fell by 1.3 percent in the second quarter of the current year after showing 0.2 percent growth in the first quarter, according to the Federal Statistics Service.
Investment-boosting measures include creating public-private partnerships, changing related laws, tapping into the National Welfare Fund and Pension Fund for major infrastructure projects, and opening up tax incentives for individuals investing in Russian public company securities, Ulyukayev said.
Measures to address issues related to Russia’s WTO accession include supporting domestic enterprises that, the minister said, have suffered as a result of cuts in export duties.