Putin’s plan to overhaul Russian economy will cost $391 billion

Moscow, Feb 12: Russian President Vladimir Putin has always aimed to make his country great again, just like his American counterpart Donald Trump.

And though the former KGB agent hasn't started a formal slogan like the latter, his country has decided to spend 25.7 trillion rubles ($391 billion) to meet his promises made to overhaul the Russian economy by the end of his current and final term in office, the Moscow Times cited a new government estimate as saying.

Putin is serving in his current presidency since May 2018.

The 66-year-old Putin had laid down plans to spend at least eight trillion rubles on his country's infrastructure and social issues till 2024 when the term ends.

Some of the goals that he eyes in his 17-point executive order called the "May Decrees" include reducing poverty by half and making Russia into one of the world's top five economies.

Healthcare, education and infrastructure are the sectors that he eyes heavy investment in.

"The 13 national projects created to accomplish the president's goals will cost 25.7 trillion rubles over the next six years, according to a plan published on the government's website on Monday," the Moscow Times report said.

It was also learnt that non-energy infrastructure will form the most expensive project of the entire plan, costing a whopping 6.4 trillion rubles. The other plans include roads (4.8 trillion), ecology (4 trillion) and demography (3.1 trillion).

Regarding the budget allocation for the jumbo plan, it was said while 13.1 trillion rubles will be received from federal budget, nearly five trillion will come from regional budgets while 7.5 trillion will be met from "extra-budgetary sources", the report added.