The Ministry of Finance proposed to extend the loan holidays until March 31, 2023
Ministry of Finance of Russia published for public discussion, a draft resolution, according to which the term of the credit holiday mechanism is extended for six months - until March 31, 2023. From the previous version of the resolution, it followed that representatives of small and medium-sized businesses can take advantage of credit holidays until September 30 of the current year.
“Extension of the mechanism of credit holidays will protect the rights of citizens who find themselves in a difficult life situation and do not have time to take advantage of this measure, as well as reduce the risks of financial stability of creditors,” the explanatory note says.
Credit holidays apply to loans issued before March 1, 2022. Under the terms of the program, borrowers are eligible to apply for a loan holiday subject to a 30% decrease in income compared to the average income in the previous year. Preferential loans are provided to enterprises as an anti-crisis support measure against the backdrop of Western sanctions imposed on Russia after the start of the military operation in Ukraine. At the end of 2022, the right to credit holidays took advantage 16% of Russian businessmen.
More details - in the material "Holidays float away from business"
