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The Kremlin announced on Saturday a range of government measures
The Kremlin announced on Saturday a range of government measures to help Russia's economy through the credit crisis, including the use of state funds to support housing demand, agriculture projects, and small businesses.

A Kremlin spokesman, commenting on Russian President Dmitry Medvedev's October 16 meeting with the Cabinet, said: "Support for strong demand for housing will be provided by the acquisition of ready economy-class housing using state funds."

The government will also provide credit for developers to complete the construction of partially built housing.

Agricultural projects will receive support via large banks.

"To achieve this, the charter capital of Rosselkhozbank and Rosagroleasing will be increased," he said.

The Kremlin spokesman also said the government will increase financing for its credit programs for small businesses from 9 billion rubles to 30 billion rubles ($1.1 bln).

The global credit crisis has seen Russia's stock market tumble since last May, losing around 70% of its value.

Earlier this month, President Medvedev announced a $200 billion financial rescue package for banks and other key companies, amid the country's worst financial crisis since 1998. Relative to the economy's size, the program is larger than the $700 billion allocated by the United States government to bail out the country's financial system.

Russia's resource-based economy has also been particularly hard-hit by the falling oil price, currently below $70, around half its peak level.


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