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Russian Economy To Lose 100 Billion Rubles A Day Amid Pandemic

According to Russian Minister of Economic Development Reshetnikov, the country's economy is losing nearly 100 billion rubles a day due to the impact of the COVID-19 pandemic.

In an interview on the Rossia-1 television channel on April 24, Russian Economic Development Minister Maksim Reshetnikov announced that the country's economy is losing nearly 100 billion rubles a day due to the impact of the COVID-19 pandemic.

He expressed hope that:
"the current investments in hospitals, in the field of health care, are also investments in the economy."

Minister Reshetnikov also forecast that Russia's budget deficit in 2020 could reach 5% of GDP . He noted that the total size of the support package for the Russian economy amounted to 2.1% of GDP and the new estimate of the Ministry of Finance is about 2.8% of GDP.

As soon as the epidemic situation allows, some businesses can restore their operations, especially hair salons, hotels, and catering. Sooner or later, it is necessary to reopen the economic activities, Reshetnikov emphasized.

According to Minister Reshetnikov, the government will fulfill all social obligations to the people, regardless of the fluctuations in oil prices. These support measures are comparable to the European average.

Earlier, Russian Prime Minister Mikhail Mishustin said that the Ministry of Finance spent 1,400 billion Rubles, equivalent to 1.2% of GDP for the first anti-crisis plan to combat the COVID-19 epidemic.

Anna Popova, head of the Russian Federation's consumer rights and health watchdog, said the Russian government could tighten existing measures to limit people's exposure, if they do not comply with these measures to repel the epidemic.

According to the statistics website Worldometers, as of April 25, Russia now records 68,622 COVID-19 infections, an increase of 5,849 cases in the past 24 hours. Among them, there were 615 deaths and 5,568 people were cured.

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