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  Tuesday, October 22, 2019
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Russia's Prime Minister Vladimir Putin addressed a congress of the pro-Kremlin
Russia's Prime Minister Vladimir Putin addressed a congress of the pro-Kremlin United Russia party on Thursday outlining a number of proposals to tackle the financial crisis in Russia.

Putin told the party he has headed since he stepped down as president last May that the Russian government would allocate over 50 billion rubles (about $2 billion) to support and protect the defense sector from bankruptcy.

Russia will also issue loans to China and India for purchases of Russian equipment, the prime minister added.

"A decision was made to allocate $1 billion to the International Monetary Fund to assist countries in a particularly difficult financial situation. We will also issue loans to China and India to buy Russian equipment, thereby creating jobs and securing profit for our companies," Putin said.

The Russian premier also proposed cuts in profit tax to help companies weather the financial turmoil.

"We must cut profit tax by 4% from January 1, 2009 at the expense of the federal budget. This issue will cost 400 billion rubles [$14.5 billion]. All this money will stay in the economy next year and will work in the economy," Putin said.

Russia's current profit tax stands at 24%, of which 6.5% is paid to the federal budget and 17.5% to regional budgets.

Putin also unveiled measures to help the unemployed and proposed raising the level of monthly unemployment benefit by 1,500 rubles ($55) from the current figure of 3,400 rubles ($124), Putin said.

He also assured Russian depositors that the government would guarantee 98.5% of all their savings held in Russian banks.

"The overwhelming majority of Russian deposits - 98.5%, are fully protected by the state," Putin said.

Russian President Dmitry Medvedev signed bank deposit insurance legislation earlier this fall, increasing the sum guaranteed to depositors to 700,000 rubles ($26,800) from 200,000 rubles.


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