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Russia to increase defense spending by $2.6 billion

2006-08-10 Russia will raise military spending by 70 billion rubles ($2.6 billion) in 2007, the finance minister said Wednesday. "Defense spending will increase primarily to meet army equipment needs," Alexei Kudrin said during a meeting with President Vladimir Putin.

The 2006 defense budget allocated less than $20 billion for defense spending, a fraction of the Pentagon budget's of $447 billion. China plans to spend about $29.6 billion on defense this year.

Kudrin said the increase will also cover service pay, which will rise by 50%.

Reports

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Latest defense and aerospace alerts from India and other major regions delivered daily to your inbox

Focus

In-depth coverage with filtering of relevant and focused subject reports

Business Networking

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