Russia will spend 3 trillion rubles ($90 billion) on measures to fight the economic crisis, including 1.4 trillion rubles ($42 billion) from the federal budget, the prime minister said on Monday.
"Anti-crisis measures stipulate 1.4 trillion rubles in funds. On the whole, taking into account the effects of tax cuts, Central Bank funds, the National Welfare Fund and other sources to fight the consequences of the crisis and help the economy rebound, a total of 3 trillion rubles has been allocated," Vladimir Putin said in his first annual report to the lower house of parliament, required under a change to the constitution adopted this year.
Finance Minister Alexei Kudrin earlier assessed the government`s anti-crisis spending at 3.7 trillion rubles ($110.75 billion), including 1.6 trillion rubles ($47.9 billion) in budget funds.
Putin said federal budget spending on the national economy would grow 70% this year to a record 1.7 trillion rubles ($52 billion) against last year`s 1 trillion rubles ($29.9 billion).
The premier also pledged large-scale government financial assistance to key defense companies, apart from the MiG aircraft building corporation, which has already received 15 billion rubles ($449 million), and the Khrunichev research and production space center, which has been given 8 billion rubles ($239.5 million).
"To protect the most important industries the government is ready to directly buy into companies` capital," Putin said in his landmark address to the State Duma.
He said a total of 70 billion rubles ($2 billion), or 170 billion rubles ($5 billion), taking into account loan guarantees, would be channeled into the defense sector this year
sections: Economics |
Russian News
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