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Financing of Russian railroads requires substantial adjustment – Medvedev

August 05, 2012, 22:48 UTC+3
“We are able of preserving what we have. Yet we have no funds for elementary development,” Medvedev said, proposing to seek new financing sources
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OMSK-TOMSK, August 5 (Itar-Tass) —— Prime Minister Dmitry Medvedev says the financing of Russian railroads requires a substantial adjustment.

The opinion was expressed at the Sunday conference on the development of Russian railroads the premier chaired on a train carrying him from Omsk to Tomsk, the second leg of his tour of the Siberian Federal District.

“The development of Russian railroads requires serious adjustments. We are able of preserving what we have. Yet we have no funds for elementary development,” Medvedev said, proposing to seek new financing sources.

He ordered the Economic Development Ministry, the Transport Ministry and the Industry and Trade Ministry “to make an analysis and to evaluate investments the railroad sector needs to develop in the long-term prospect.” “If necessary, we should propose the adjustment of the Russian Railroads investment program for the period until 2020,” he said.

Medvedev ordered Vice-Premier Arkady Dvorkovich to coordinate and personally control that process.

He supported proposals of Russian Railroads CEO Vladimir Yakunin. “There are no high-speed railroad traffic projects and tasks linked with the World Soccer Cup 2018 in the investment budget,” he said. Yakunin said there was a shortage of funds, and the allocations were sufficient only for the preservation of the current status of railroads.

“The 7% indexation will provide the preservation of the current status of the infrastructure only,” he told Medvedev. He asked the premier for supporting infrastructural development of railroad.

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