UPDATE 2 - Russian Prime Minister To Report To Putin On Plan For Economic Recovery After COVID

MOSCOW (Pakistan Point News / Sputnik - 02nd June, 2020) Prime Minister Mikhail Mishustin will on Tuesday report to Russian President Vladimir Putin on the provisions of a nationwide plan to restore the economy after the outbreak of the novel coronavirus disease (COVID-19).

Putin instructed the cabinet, jointly with regions and business circles, to begin work on the plan in late April. The document should contain measures on business life normalization and economic growth, as well as measures to restore employment and incomes of citizens.

The president said the key objective of the plan was not only stabilization of the economic situation, but also ensuring long-term, structural changes, taking into account the new reality.

Putin and Mishustin will speak by means of a video conference, Kremlin spokesman Dmitry Peskov said earlier.

The prime minister earlier said the plan consists of nine sections and contains about 500 measures in various areas, and its implementation is designed for the period until the end of 2021.

When work on the document was underway, according to the Economic Development Ministry, proposals for the development of small and medium-sized businesses, import substitution and exports, initiatives to restart investment processes, initiatives on scientific and technological development of the country, as well as measures for sectoral recovery were taken into account.

The ministry said the Russian economy, which suffers losses due to large-scale restrictions in connection with the spread of the novel coronavirus infection, will decline by 5 percent in 2020. Next year, the ministry expects GDP growth at 2.8 percent. This forecast may be improved taking into account the implementation of measures of the national plan.

Russia's overall number of recorded coronavirus cases has topped 414,000. The country's COVID-19 death toll is over 4,850. More than 175,000 people have recovered.

The World Health Organization (WHO) declared the outbreak of the new coronavirus a pandemic on March 11.

According to the global health body, the coronavirus death toll worldwide has surpassed 371,000 people, with the number of cases worldwide exceeding 6,057,000.