Russian Government Drafts Rescue Plan For Defense Industry

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File image courtesy AFP.

by Staff Writers
Moscow (RIA Novosti) Dec 10, 2008
The Russian government has drafted a rescue package of 150 billion rubles ($5.4 billion) for the country's defense and industrial complex amid the ongoing global financial crisis.

According to Vedomosti, state-run hi-tech corporation Rostekhnologii and the United Aircraft Corporation are the main candidates for the government aid, with state companies receiving the funds through a rescue mechanism involving newly issued share purchases.

Russia's Finance Ministry will submit proposals to the government this week on reforming the country's defense and industrial complex, Deputy Finance Minister Anton Siluanov who heads the inter-governmental commission to support the sector told Vedomosti.

Deputy Industry and Trade Minister Denis Manturov told Vedomosti that the plan consists of five points: increasing advance payments, boosting funding for state defense orders and federal programs, subsidizing interest rates and providing state guarantees for loans, as well as preventing bankruptcies and issuing new shares and bonds in favor of the state.

Siluanov said that around 50 billion rubles ($1.8 billion) would be set aside to subsidize interest rates, increase company capitalization and prevent bankruptcies, while 100 billion rubles ($3.6 billion) would be used to guarantee loans.

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Russian, Chinese firms most likely to offer bribes: NGO

Berlin (AFP) Dec 9, 2008
Russian, Chinese, and Mexican firms are most likely to offer bribes when doing business abroad, the anti-graft watchdog Transparency International said in a report out Tuesday.

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