Putin instructed to study the question of creating a reserve to support the economy of 150 billion rubles

MOSCOW, October 7. The President of Russia Vladimir Putin instructed the Cabinet to consider the feasibility of establishing a reserve of the RF government to support industries in the amount of 150 billion rubles. This is the official website of the Kremlin.

According to the list of orders that the President signed at the meeting with members of the government on 30 September, is expected to create the Fund funds in the amount of up to 30% of the volume of additional oil and gas incomes of the Federal budget, which will be available in 2016, balances the Federal budget, not used as of January 1, 2016, and funds obtained from the reduction in 2016 levels of support of state corporations that have significant amounts not used as of January 1, 2016, the remnants of previously received means of state support.

A report on the matter to Prime Minister Dmitry Medvedev will have to submit, by 1 November 2015.

About the preparation of the budget-2016

The President drew the attention of the government on a number of concrete measures in the preparation of the draft Federal budget for 2016. According to the official website of the Kremlin, the President signed a list of instructions following meeting with government, held on 30 September.

In particular, the Cabinet of Ministers is prescribed in the preparation of the budget for 2016 “to discuss further the issues associated with the implementation of measures to address the economic recession in 2016, with special attention to the desirability of increasing the volume of state guarantees on loans attracted by legal entities for the purposes of project financing, increasing the volume of funds allocated for support of small and medium enterprises and development of innovation territorial clusters, the partial reimbursement of expenses for payment of percent on the loans attracted by legal entities in the Russian credit organizations for replenishment of circulating assets”.

The government also needs to pay attention “to the desirability of provision of subsidies to Russian agricultural producers, high-performance self-propelled road-building machinery in order to recover the cost of its production, the introduction of utilization fee in respect of the agricultural, high-performance self-propelled road-building machinery, agricultural subsidies to Fund the development of the industry, support the automotive industry, including through the renewal of vehicles, including the vehicles of state authorities of the Russian Federation, as well as stimulating demand for motor vehicles and interest rate subsidies on loans allocated by the Russian organisations of motor industry on the implementation of investment and innovation projects”.

Putin also instructed to study the feasibility of “subsidizing part of the costs of subjects of the Russian Federation for the purchase of trolleybuses and trams, as well as for housing grants, including through the issuance of mortgage loans to certain categories of citizens on special conditions.”