Russia to cut defence spending, capital construction outlays, vows presidential aide

2018/03/1521271360.jpg
Read: 768     17:14     17 March 2018    

A portion of funds required to fulfil projects by President Vladimir Putin announced after the State of the Nation Address to the Federal Assembly will be obtained through a reduction in defence and capital construction expenditures, Russian President Aide Andrei Belousov told reporters on Friday.


"We have already mentioned that we would cut defence spending in line with GDP. This will be simply because we have passed the peak of saturating our defence forces with new types of armaments and military equipment. There is definitely room to boost the efficiency of budget expenditures in general and accordingly cut spending on capital construction. This is a huge sphere, worth about 600 bln rubles ($10.4 bln) annually, and savings can also be achieved there, amounting to tens of billions of rubles at the minimum," Belousov said.

Total costs to fulfil the Russian president’s assignments will be about 1.5% of the GDP in six years, with the greater portion to be covered through accelerated economic growth, he added.

No hikes in defence spending are planned, Russian Finance Minister Anton Siluanov said earlier.

TASS



Tags: Russia   Defence  



News Line

Russia to cut defence spending, capital construction outlays, vows presidential aide

2018/03/1521271360.jpg
Read: 769     17:14     17 March 2018    

A portion of funds required to fulfil projects by President Vladimir Putin announced after the State of the Nation Address to the Federal Assembly will be obtained through a reduction in defence and capital construction expenditures, Russian President Aide Andrei Belousov told reporters on Friday.


"We have already mentioned that we would cut defence spending in line with GDP. This will be simply because we have passed the peak of saturating our defence forces with new types of armaments and military equipment. There is definitely room to boost the efficiency of budget expenditures in general and accordingly cut spending on capital construction. This is a huge sphere, worth about 600 bln rubles ($10.4 bln) annually, and savings can also be achieved there, amounting to tens of billions of rubles at the minimum," Belousov said.

Total costs to fulfil the Russian president’s assignments will be about 1.5% of the GDP in six years, with the greater portion to be covered through accelerated economic growth, he added.

No hikes in defence spending are planned, Russian Finance Minister Anton Siluanov said earlier.

TASS



Tags: Russia   Defence