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Russia plans $5 bn rescue
plan for defence industry
RIA Novosti
Moscow,
Dec 8 (RIA Novosti) The Russian government has drafted a rescue
package of 150 billion rubles ($5.4 billion) for the country's
defence industry amid the ongoing global financial crisis,
a Russian newspaper reported Monday.
State-run
technology company 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, Vedomosti
reported.
Russian
finance ministry will submit proposals to the government this
week on reforming the country's defence and industrial complex,
said deputy finance minister Anton Siluanov who heads the
inter-governmental commission to support the sector.
Deputy
industry and trade minister Denis Manturov said that the plan
consists of five elements: increasing advance payments, boosting
funding for state defence orders and federal programmes, subsidizing
interest rates and providing state guarantees for loans, as
well as preventing bankruptcies and issuing new shares and
bonds in favour 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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