Russia plans fresh steps to boost its economy
Friday, 5 December 2008
MOSCOW, Dec 4 (AFP): Russia said yesterday it was preparing fresh measures to boost its economy as President Dmitry Medvedev urged the government to try to take advantage of an anticipated fall in prices.
Finance Minister Alexei Kudrin said the government was drafting plans to inject an additional 300 billion rubles (10.7 billion dollars) into the economy to underpin corporate loans and help Russian firms weather the current crisis.
State funds would also be used to buy out mortgage loans from some banks, Interfax quoted Kudrin as saying, without providing further details.
"All of these measures will take effect by year's end or at the start of next year," state news agency RIA Novosti quoted Kudrin as saying at a meeting between key government officials involved in economic planning and Medvedev.
The government has in the two past months injected more than 200 billion dollars of liquidity into the Russian banking system to ease credit pressures.
Finance Minister Alexei Kudrin said the government was drafting plans to inject an additional 300 billion rubles (10.7 billion dollars) into the economy to underpin corporate loans and help Russian firms weather the current crisis.
State funds would also be used to buy out mortgage loans from some banks, Interfax quoted Kudrin as saying, without providing further details.
"All of these measures will take effect by year's end or at the start of next year," state news agency RIA Novosti quoted Kudrin as saying at a meeting between key government officials involved in economic planning and Medvedev.
The government has in the two past months injected more than 200 billion dollars of liquidity into the Russian banking system to ease credit pressures.