Russia’s military spending in 2007 to rise 23% year-on-year

Posted by Matt in January 31st, 2007

MOSCOW, January 31 (RIA Novosti) - Russia’s Defense Ministry will spend over 860 billion rubles ($32.42 billion) of federal budget funds in 2007, 23% more than in 2006, a ministry official said Wednesday.

Military spending will account for 16% of overall federal budget expenditure. Under this year’s budget, signed into law by the president at the end of last year, total spending is set at 5,463.5 billion rubles ($206 billion).

“The sum of 860 billion rubles includes, besides National Defense provisions, other sums under budget provisions for: Education; Culture, Cinematography and Media; Health and Sports; Housing and Communal Services; State Policy Issues; Inter-budgetary transfers; and Social Policy,” Lyubov Kudelina, the head of ministry’s department for economy and finances, said.

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