Page 140 - RusRPTAug24

Project Goals and Indicators
The project includes five federal projects: developing SMEs, increasing labour productivity, boosting investment activity, promoting low-carbon development, and enhancing state statistics and forecasting systems. The effectiveness will be assessed by seven high-level indicators, including a 60% increase in investment in fixed assets compared to 2020. Other goals involve boosting labour productivity and addressing climate change.
SME and Productivity Focus
Maxim Reshetnikov, Minister of Economic Development, emphasised targeting financial support for SMEs and encouraging transitions from micro to small and medium enterprises. Deputy Prime Minister Alexander Novak outlined plans to include SMEs, labour productivity, and investment activity in the national project.
Investment and Climate Measures
The "Increasing Investment Activity" project will consolidate effective investment support tools, such as the VEB.RF Project Financing Factory and public-private partnerships. Measures to improve the investment climate include reducing administrative barriers and developing special economic zones. The national project will also address climate issues, aiming to reduce greenhouse gas emissions to 630 million tons of CO2 by 2050 and achieve carbon neutrality by 2060.
Spending and Business Community Response
The Ministry of Economic Development requests 600 billion rubles for SME support, while the Ministry of Finance proposes half that amount. Currently, 90 billion rubles are spent annually on SMEs. Alexander Kalinin, president of Opora Rossii, warns that reduced spending could eliminate preferential lending programs. Business leaders suggest increasing funding through additional tax revenues and stress the need for targeted funds to boost productivity.
Dmitry Zemlyansky, Director at RANEPA, notes that the proposed spending represents a moderate increase and highlights the integration of national project measures with systemic investment stimulation mechanisms.
6.2 Debt
The Russian foreign debt declined by 3.4% year on year to $306.1bn as of July 1, the Central Bank said. "Dynamics of the indicator was largely driven by the decline of liabilities of other sectors on credits and loans borrowed, including with the framework of direct investing relations," the regulator said. The Russian foreign debt stood at $340.77bn as of July 1, 2023.
140 RUSSIA Country Report August 2024 www.intellinews.com