According to him, the government should immediately expand measures of economic support. Announced earlier a package of solutions is equal to 2-3% of GDP, whereas according to the estimates of “Business Russia”, the figure must be several times higher.
“the Required package of support, we estimate in the region of 8-10% of GDP, taking into account social payments to citizens”, – said Repik TASS.
This aid takes into account the monthly income of 500 billion rubles, falling out of the budget because of the tax and social benefits, and subsidies idle enterprises in the amount of 350-400 billion rubles a month. The authorities should provide subsidies not only to small and medium businesses and large, also bear financial losses because of the epidemic of the coronavirus, which ultimately hits the citizens.
“Companies that are least affected by coronavirus, record the reduction in operating revenues, resulting in gradually cease to meet its financial obligations, causing massive defaults,” said Repik.
“Business Russia” has already sent a letter to Prime Minister Mikhail Mishustin with the proposal to recognize victims of a pandemic COVID-19 all sectors of the economy to help stop the work of companies to pay their employees two-thirds of salary. The proposal was supported by “Support of Russia”, Russian Union of Industrialists and entrepreneurs (RSPP) and the chamber of Commerce of the Russian Federation.
Previously, a number of Russian economists said that the authorities of the Russian Federation “grossly” underestimate the economic consequences of the crisis caused by the pandemic COVID-19. They noted that the economy needs larger cash infusions than it was declared.
see also: Experts: Russian authorities dramatically underestimated the scale of the crisis because of the coronavirus
