Russia's two-year economy stimulus plan will aim at ensuring economy growth at the pre-crisis level and even higher, its cost will amount to 5 trillion rubles ($72.7 billion), Prime Minister Mikhail Mishustin said on Tuesday, as he was presenting the plan to President Vladimir Putin
MOSCOW (Pakistan Point News / Sputnik - 02nd June, 2020) Russia's two-year economy stimulus plan will aim at ensuring economy growth at the pre-crisis level and even higher, its cost will amount to 5 trillion rubles ($72.7 billion), Prime Minister Mikhail Mishustin said on Tuesday, as he was presenting the plan to President Vladimir Putin.
"Already by the end of the recovery period, we should achieve sustainable long-term growth of the economy, exceeding the pre-crisis level," Mishustin said, adding that the entire cost of the nationwide plan will reach around 5 trillion rubles.
The plan will consist of three stages, the Russian prime minister said.
"The nationwide plan envisions three stages ... The aim of the first stage is to stabilize the situation by the end of the third quarter of this year. The main goal at this stage is to prevent further decrease in citizens' income. The second stage will last until the end of the second quarter of 2021. In this period, we will do all that is needed to complete the process of economy restoration, to decrease the unemployment rate and to ensure citizens' income growth to a level comparable to that of the previous year. At the third and final stage, which will be implemented in the third and the fourth quarter of 2021, we expect to arrive at sustainable growth," Mishustin explained.
Putin praised the Russian cabinet's effort.
"Both the government in general and our agencies have really done a big and a serious job, they have formed the basis. I believe that the presented document can be used as the basis," Putin told the prime minister.
The Russian president added that the implementation of the plan could start already in early July.
