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The instructions aim to give the country’s strategic enterprises better access to credit resources, increase the banking sector’s capitalisation, and improve its financial and economic health.
Mr Medvedev gave an instruction for laws to be drafted on improving the mechanism for providing state guarantees based on the joint liability principle for loans taken out by strategically important defence sector enterprises and organisations selected according to procedures set by the Government.
Mr Medvedev also issued an instruction to make legal amendments so that lending organisations that previously received state support in the form of subordinated loans, can receive additional state support three times higher than the amount of money their founders put into increasing their capitalisation.
These two instructions must be carried out by May 18, 2009.
The President also issued an instruction to draw up laws regulating the use of government bonds to increase capitalisation in the banking sector.
The President also gave an instruction to provide state corporation The Bank for Development and Foreign Economic Affairs (Vnesheconombank) state support totalling 30 billion roubles (around $932 million) for making loans to small and medium businesses.
The deadline for carrying out these two instructions is May 27, 2009.
The meeting on developing the banking sector took place on May 13, 2009.
May 15, 2009