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Russia’s economic recovery plan will cost more than $72.7 billion

Source: Meduza

The Russian government’s plan for restoring the economy after restrictions introduced during the coronavirus pandemic will cost five trillion rubles (more than $72.7 billion), says Prime Minister Mikhail Mishustin.

Mishustin cited this figure while explaining the government’s economic recovery plan to President Vladimir Putin during a video conference, which was broadcast on the television channel Rossiya 24. According to Mishustin, the plan consists of approximately 500 measures, but he did not provide any details on concrete steps.

Mishustin confirmed that the plan consists of three stages: the “adaptation stage” (set to last until the third quarter of 2020), the “recovery stage (until the second quarter of 2021), and the “active growth stage” (the third and fourth quarters of 2021). This was previously reported by Interfax, on the basis of a draft of the recovery plan.

Putin instructed the government to prepare an economic recovery plan on April 28, setting a June 1st deadline for its submission. 

At the end of May, the business newspaper Vedomosti estimated that implementing an economic recovery plan in 2020–2021 will cost 8 trillion rubles (approximately $116.5 billion).