Putin approves deferral of obligations under SPIC, instructs gov't to work out terms jointly with businesses

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Putin approves deferral of obligations under SPIC, instructs gov't to work out terms jointly with businesses

MOSCOW. May 20 (Interfax) - Russian President Vladimir Putin has instructed the government to work out the possibility of postponing the deadlines for fulfilling obligations under special investment contracts (SPIC) in order to support agricultural machinery manufacturers and fertilizer producers.

"I agree that SPIC and programs to improve competitiveness should be shifted to the right, that the fulfillment of investment obligations of businesses should be postponed to a later date. Of course, the conditions for such a shift should be worked out. I ask the government to do this together with industry associations and regions," Putin said during a meeting on the situation in the agriculture and food industries.