State Guarantees for Military Industrial Complex
- The Moscow Times
- May. 27 2013 00:00
- Last edited 20:15
Prime Minister Dmitry Medvedev has signed a decree supplying guarantees worth 265 billion rubles (8.6 billion dollars) to Russia's military-industrial complex.
Twenty six companies will be able to make use of 40 state guarantees, allowing them access to credit during 2013, RBK reported Monday. The measures are designed to guarantee working capital and ensure that manufacturers are able to complete their order books.
"The completion of defense orders remains a task of national importance," Medvedev said during a meeting of deputy prime ministers on Monday. "The entire government is working on the issue, not just the defense block … What we put into this sector influences the whole industry. Put simply, defense will help boost other mixed sectors."
Though the effectiveness and transparency of spending is debated, the government is investing huge sums in the defense industry. An estimated 1.9 trillion rubles (60.6 billion dollars) of state cash is set to be spent in 2013 alone, according to BFM.ru.