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. Last Updated: 07/27/2016

Medvedev For Small Business

ELISTA, Kalmykia Republic — President Dmitry Medvedev called Tuesday for the country to tackle unemployment by financing small businesses, a key part of the country's drive to diversify its economy.

Unemployment hit an eight-month high of 5.71 million people, or 7.6 percent, in January. In December, Medvedev offered tax breaks estimated at 41 billion rubles ($1.42 billion) to the small business sector over two years.

"We give people a chance to start a new life and set up their own business, even if it is a small one," Medvedev told a group of residents who had recently used state subsidies to set up their own farming and transport businesses.