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PM Medvedev to discuss 2016 economic development action plan with Government

February 10, 2016, 1:40 UTC+3 MOSCOW

Economic Development Ministry previously submitted a modified draft plan to support the economy in 2016 to the government

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© Dmitry Astakhov/Russian government's press service/TASS Archive

MOSCOW, February 10. /TASS/. Russian Prime Minister Dmitry Medvedev will hold a meeting on socio-economic issues. According to the government press service, the meeting participants will review a draft action plan for sustainable socio-economic development of Russia in 2016.

Economic Development Minister Alexey Ulyukayev is expected to present a report. First Deputy Prime Minister Igor Shuvalov, Deputy Prime Ministers Sergei Prikhodko, Olga Golodets, Arkady Dvorkovich, Dmitry Kozak and Alexander Khloponin, Aide to the President Andrei Belousov, as well as the federal ministers and the Central Bank Governor Elvira Nabiullin will also attend the meeting.

Support plan for economy

Economic Development Ministry previously submitted a modified draft plan to support the economy in 2016 to the government. In contrast to the government's anti-crisis plan for 2015, the plan for 2016 includes measures to stimulate economic growth in the long term.

In particular, the government's plan will include measures to support small and medium-sized businesses, whose share in the GDP is expected to grow twice up until 2030. The majority of the measures do not include additional budgetary expenditures. The need for a plan was caused by the downturn in the economy due to a sharp decline of oil prices.

The plan contains 152 measures that are divided into two blocks. The first part contains immediate measures - includes the ability to respond rapidly to the changing situation in certain sectors, such as automotive industry, railway engineering, light industry.

These actions could be required 827.7 bln rubles ($10.41 bln) in total, including 207.4 bln rubles ($2.6 bln) from the anti-crisis fund, 446.87 bln rubles ($5.6 bln) have already been provided from the federal budget, 39.8 bln rubles ($500.83 mln) - the National Wealth Fund. The sources for the remaining 133.6 bln rubles ($1.68 bln) will be determined by the Government in during the execution of the budget in 2016.

The second part (97 steps) does not require timely funding, these measures are aimed at creating favorable conditions for investment, supporting economic sectors, reducing costs in the economy, developing small and medium-sized businesses, social support, developing social institutions and balanced regional development.

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