The government has approved Russian Railways' investment program and financial plan for 2009 and decided not to decrease it, Russian Transportation Minister Igor Levitin told journalists today according to RBC. He pointed out that the company had presented three separate development plans, depending on the market conditions, and the most pessimistic plan had been approved. According to the document, Russian Railways' revenue is expected to decrease RUB 75bn (approx. USD 2.73bn).
Meanwhile, the company's CEO Vladimir Yakunin indicated that Russian Prime Minister Vladimir Putin had already announced that additional funds had to be sought by the finance and transportation ministries to cover that loss. Earlier today, Russian Railways announced its investment program for 2009-2010 and a revised program for 2008. The document stipulates that this year's program be cut 20 percent to RUB 388bn (approx. USD 14.12bn). Meanwhile, next year's investment program is estimated at RUB 434.2bn (approx. USD 15.81bn). |
