20 June 2004 17:18
RUSSIA: ARMS SPENDING TO TOP $6 BILLION IN 2005
Russia plans to boost spending on domestic arms purchases by a third in 2005 to US$6 billion to help the defence
sector recover from a post-Soviet slump, industry sources and media reports said. The arms industry -- the core of the
Soviet economy during the Cold War -- shrank in the 1990s. The sector started to pick up three years ago, but production
remains below Soviet levels. Total defense spending, including security and emergencies, will rise 146 billion rubles to
894 billion rubles ($30.8 billion) in 2005 -- or about 5 percent of the economy -- according to a draft budget. -
(EMEconomy.com)
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