MOSCOW, January 2 (RIA Novosti) - Russia will introduce a new executive body responsible for the procurement of weaponry and other equipment for all security-related agencies in the country on January 1, 2008.
The Federal Agency for the Procurement of Weaponry, Military and Special Equipment and Materiel will be a civilian governing body, and will supervise procurement of supplies for all security-related ministries and agencies in Russia.
The president held a meeting with the government Friday, at which the Cabinet submitted a draft of a presidential decree on setting up the new agency to Vladimir Putin for approval.
According to the draft, the agency will be primarily involved in concluding state contracts with companies for defense orders, financing state contracts, and ensuring their fulfillment. The agency will also be entrusted with forming a unified pricing policy for purchasing of military equipment.
"We have allocated substantial funds for the implementation of programs for the development of Russia's Armed Forces," Putin said at the meeting.
The Defense Ministry said in January that this year's spending on the procurement of new military hardware is estimated at over 300 billion rubles ($11.3 billion), 20% higher than in 2006.
