The Russian Defence Ministry has submitted a $640.7bn arms procurement plan for 2011-2020 to the government, Deputy Prime Minister Sergei Ivanov has said.
The amount for 2011-2020 is three times the sum allocated for the existing 2007-2015 programme and includes the upgrade of up to 11% of military equipment annually, ha said.
The 2011-2020 programme will be presented to President Dmitry Medvedev for approval before the end of December.
The funding for 2011 state arms procurement contracts will total $48bn, up 33% from the current level, according to RIA Novosti.
The programme will also allow Russia to increase the proportion of weaponry in its inventory classed as “modern” to 70% by 2020.