What support will Russia provide to the tourism sector?

The Central Bank of Russia announced the details of the support package created to limit the negative effects of the coronavirus on the economy.

TurizmGüncel - Foreign New

Details of the economic precaution package prepared by the government and the Central Bank of Russia in Russia were announced.

Taxes and contributions paid to funds have been postpone

According to the announced package, the Russian government, which deferred the taxes of Russian tourism and airline companies, postponed the contributions of travel companies to the Turpomosch fund and the personal liability fund until the end of the year.

Debts will be structure

The Russian Central Bank will allow banks to restructure the debts of tourism companies and provide loans to companies. The government will offer state guarantees for the restructuring and expansion of loans. In this way, loans will be prevented from causing instability in companies.

In the statement made by the Central Bank of Russia, it was stated that the main purpose of the precautionary package prepared was to maintain the cash flow of the companies and to protect their financial stability.

Loan programs for SME

In the package of measures created by Russia, a list of sectors and companies that are strategically important for the country will be created, but the supports will also ensure the survival of small and medium-sized businesses. Accordingly, loan programs for small and medium-sized enterprises will be expanded and loan amounts will be increased.

Interest support increased by one poin

Subsidies are being expanded within the framework of the package, and restrictions on the sectors to be credited are lifted. The state will increase its interest support for loans up to two years by 1 percent. Government guarantees will also be introduced for loans to be given to small and medium-sized enterprises. The state will also make a 3-month lease deferral for SMEs.

The Central Bank of Russia announced that the aforementioned supports could be extended in case of need.