Russia To Re-Draft US$360 Billion National Development Plan In Wake Of Covid-19

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The Russian Government, hard hit by the Covid-19 pandemic, has been given a three month timeframe to come up with a revised National Development Plan to get the nation back on track after the economy retrenched -10% this year to date.

The new plan will set key targets for where Russia should be on a number of economic and social indicators by 2030, ranging from life expectancy and healthcare outcomes to economic investment and living standards.

It is a major shakeup to Russia’s previous National Projects agenda — a vast spending project worth 25.6 trillion rubles (US$360 billion) intended to form the backbone of President Putin’s domestic agenda until 2024, when his fourth term ends.

The coronavirus pandemic and lengthy economic crisis which Russia now faces has prompted the government into an official reset — a tacit acknowledgement that it will be impossible to reach many of the goals, such as boosting incomes, improving rural infrastructure roads and highways, accelerating economic growth, and attracting significant foreign investment by 2024.

The revised National Development Plan is set to be released in late October.

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