Russia's Defense Ministry has submitted a 20 trillion ruble ($640.7 billion) arms procurement spending plan for 2011-2020 to the government, Deputy Prime Minister Sergei Ivanov said on Wednesday.
That sum is treble the amount for the existing 2007-2015 program, Ivanov said during a meeting of Russia's military and industry commission in Moscow.
The program will be presented to President Dmitry Medvedev for approval before the end of the month.
Funding for Russia's 2011 state arms procurement contract will total 1.5 trillion rubles ($48 billion), up 33% from the current level, Ivanov said.
The 2011-2020 program includes the upgrade of up to 11% of military equipment annually and will allow Russia to increase the proportion of weaponry in its inventory classed as modern to 70% by 2020.
MOSCOW, December 8 (RIA Novosti)