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March 17, 2021 3:33 pm

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Photo by M. Denisov.

The decisions taken during the pandemic allowed Moscow not only to support the city’s economy, but also to maintain investment activity.

The volume of support for the Moscow economy within the framework of federal and city anti-crisis measures amounted to about $ 7 billion. At the moment, all sectors of the economy are open and fully functioning, consumer demand is actively recovering. This, according to the Deputy Mayor of Moscow for Economic Policy and Property and Land Relations Vladimir Efimov, allows us to hope that by the end of 2021, the growth rates of the Moscow economy will be able to reach the level before the start of the pandemic.

“If we add up the total amount of support measures taken by the federal government and the city government, we get about seven billion dollars. Almost all of this amount of funds has already been used by entrepreneurs. In general, we see that we managed to cope with the task of saving the economy and keeping it in the mode of coronavirus restrictions quite successfully, ”said Vladimir Efimov at the online forum“ COVID-19 vs Economy: cities in the face of new global challenges ”.

During the pandemic, an operational headquarters for economic issues was created in the city. His main task was interaction with business… As a result, tax deferrals and concessional lending programs were introduced for small businesses, as well as for affected industries. In addition, companies operating in industries affected by the pandemic were exempted from payments for renting urban real estate.

The measures introduced allowed Moscow not only to support the urban economy during the pandemic, but also to maintain investment activity. As Vladimir Efimov emphasized, the volume of investments in real terms increased by almost two percent in 2020. In addition, last year the city’s investment program was fully implemented, for a more successful implementation of which this year Moscow plans to enter the bond market for the first time since 2013.

Forum participants from the largest cities in the world not only shared their experience in dealing with the consequences of the pandemic, but also agreed on further cooperation. Thus, during an online meeting, Beijing and Moscow announced their readiness to continue cooperation and exchange of experience to support economic growth.

The international online forum “COVID-19 vs Economy: cities in the face of new global challenges” is being held on March 17 at the initiative of the Moscow Government. It is attended by representatives of state and municipal authorities from 13 countries in Asia, Europe, the Middle East, Latin and North America. Due to the wide geography of the participants, the forum was divided into two parts – Asia and Middle East module and Europe and America module, the coverage of which will begin at 18.00.

EDITOR’S NOTE: This article is a translation. Apologies should the grammar and or sentence structure not be perfect.

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