3 february 2009

First Deputy Prime Minister Igor Shuvalov chaired a meeting of the Commission on Sustained Economic Development today

Participants:
To gain greater insight into the problems faced by enterprises and find effective mechanisms for tackling these issues the Commission studied in-depth the situation at one of the key automobile manufcturers, OAO GAZ.

The main topic was making credit resources more accessible for the real sector of the economy.

To gain greater insight into the problems faced by enterprises and find effective mechanisms for tackling these issues the Commission studied in-depth the situation at one of the key automobile manufcturers, OAO GAZ. The Commission members studied the situation at that enterprise after hearing a report by the head of the Commission's interagency working group (IGWG) to monitor the financial and economic status of organisations listed as key enterprises, Deputy Minister of Economic Development Vitaly  Savelyev. The company's management, the main creditors as well as the executives of the region where the enterprise is located took part in the meeting of the Commission.

As a result of the discussion the majority of the Commission members backed the decision to bail out the enterprise. To determine the most effective forms the Ministry of Economic Development has been directed to prepare corresponding proposals.

At the same time the Commission noted that the programme of restructuring and modernising the company was among the most promising programmes considered by the IGWG.

The Commission stressed that the analysis of the problems and the development of mechanisms to overcome crisis phenomena in such large industries as OAO GAZ were conducted in accordance with the directives given by Prime Minister Vladimir Putin.