Russia prepares plan to help economy amid coronavirus

Russia prepares plan to help economy amid coronavirus

Russia's government may announce new economic measures this week to help offset the dual impact of low oil prices and the coronavirus, the daily Vedomosti reported citing two federal officials.

It is reported that Moscow is considering setting up a 300 billion ruble ($4 billion) fund as part of a larger "anti-crisis" plan to support citizens and the economy.

The larger plan may include wage compensation for those individuals under coronavirus quarantine and tax breaks for the airline and tourism industries, the two most hardest hit by the disease. Other industries may also receive tax breaks, the paper said.

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