Anatoly Aksakov to Vestnik Kavkaza: business needs long, cheap money

Anatoly Aksakov to Vestnik Kavkaza: business needs long, cheap money

In the conditions of restrictions on the work of enterprises due to the pandemic, Russian business needs government support more than ever, and first of all, it requires long-term loans at low rates that will help compensate for the drop in working capital, Anatoly Aksakov, Chairman of the Duma Committee on the Financial Market, said in an interview with Vestnik Kavkaza after the State Duma adopted a bill on measures to support the economy in the second reading.

First of all, he stressed that the state needs to support system-forming enterprises, national projects and government procurements. “There should be huge advance payments for all government procurements, with continuous investments in the infrastructure, as well as national projects,” he said.

“Many of the enterprises, taking into account the current situation, are experiencing problems with working capital, which means that they can't work normally and rhythmically due to the lack of the required amount of finances. It is important to provide them with preferential and fairly long-term resources, primarily when it comes to system-forming companies," he said.

“In order to do this, it would be appropriate to provide them with cheap and long-term loans, for three years, for example. This may be the main measure of support for the economy by the state, because it is the backbone enterprises that will become the locomotives for the new growth,” he concluded.