A socially oriented non-financial development institution and a major organizer of nationwide and international conventions; exhibitions; and business, public, youth, sporting, and cultural events.

The Roscongress Foundation is a socially oriented non-financial development institution and a major organizer of nationwide and international conventions; exhibitions; and business, public, youth, sporting, and cultural events. It was established in pursuance of a decision by the President of the Russian Federation.

The Foundation was established in 2007 with the aim of facilitating the development of Russia’s economic potential, promoting its national interests, and strengthening the country’s image. One of the roles of the Foundation is to comprehensively evaluate, analyse, and cover issues on the Russian and global economic agendas. It also offers administrative services, provides promotional support for business projects and attracting investment, helps foster social entrepreneurship and charitable initiatives.

Each year, the Foundation’s events draw participants from 208 countries and territories, with more than 15,000 media representatives working on-site at Roscongress’ various venues. The Foundation benefits from analytical and professional expertise provided by 5,000 people working in Russia and abroad.

The Foundation works alongside various UN departments and other international organizations, and is building multi-format cooperation with 173 economic partners, including industrialists’ and entrepreneurs’ unions, financial, trade, and business associations from 78 countries worldwide, and 179 Russian public organizations, federal and legislative agencies, and federal subjects.

The Roscongress Foundation has Telegram channels in Russian t.me/Roscongress, English – t.me/RoscongressDirect, and Spanish t.me/RoscongressEsp. Official website and Information and Analytical System of the Roscongress Foundation: roscongress.org.

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World Bank: the COVID-19 pandemic is a global crisis of a magnitude we have never seen in our lifetimes

Early in April the Managing Director of the International Monetary Fund Kristalina Georgieva announced that the global economy has stopped due to the COVID—19 coronavirus pandemic. According to Georgieva, there has never been such a rise in the number of requests for emergency help in the history of the IMF: over 90 countries have applied for emergency support. The head of the IMF described the global economy recession as worse than the crisis of 2008-2009.

«The COVID-19 pandemic is truly a global crisis of a magnitude we have not seen in our lifetimes and it will impact our health, economies, and businesses in ways that are mutually reinforcing and potentially long lasting. There is a very clear rationale for the state to support families as well as businesses to mitigate the impact of the crisis on jobs and livelihoods and reduce its long-term consequences. Many countries, including Russia, have announced stimulus packages that contain measures to strengthen safety nets for people, ensure liquidity in the financial sector, and help businesses survive the downturn. These are all appropriate actions to take in the face of this crisis,» commented the World Bank Country Director for the Russian Federation Renaud Seligmann.

He also noted that in providing support, a state should adhere to certain principles.

First, support to business should be as non-distortionary as possible and focus on immediate liquidity challenges, reducing layoffs, and avoiding bankruptcies. According to Seligmann, these measures should be targeted and limited to businesses that were viable before the crisis, as opposed to those that are best positioned to lobby for support.

Secondly, sequencing matters. Broad based fiscal stimulus measures to prime the pump of demand in the economy will not be effective until containment measures are eased, and people start returning to work.

Finally, support measures should be designed to reach all businesses including MSMEs (micro, small and medium enterprises) and others that may not have access to the technologies and institutions that most support programs depend on, believes Renaud Seligmann.

You can find the full text of the material here.
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