August 3, 2007 (LPAC)--The Russian government has budgeted a special fund of 566 billion roubles (US $22.3 billion) for the development of the Far East and Transbaikal regions from now until 2013. The initial tranches of this fund will be disbursed as part of a three-year budget, which was approved and signed by President Vladimir Putin on July 30. This was "the first-ever three-year budget in the history of modern Russia," Putin said after signing the document, Interfax reported. "I am confident that it will create conditions for macroeconomic stability." For 2008, the Russian government expects 6.64 trillion roubles in revenues, and will spend 6.57 trillion; by 2010, the overall budget of 8.09 trillion roubles should be balanced.

The Far East development program includes a fund of $5.8 billion to modernize Vladivostok, Russia's most important Pacific port, before the APEC summit which Russia wants to host there in 2012, Kommersant reported today. According to Noopolis.ru, the plan also provides for rebuilding 22 airports and 13 seaports, while building a modern ferry terminal for traffic to Sakhalin Island, 6,500 km of roads, and expanded power and gas lines.

Vladivostok, like the entire region, has been rapidly losing population due to the collapse of work, energy and infrastructure since the demise of the Soviet Union. Putin has made the regeneration of the region a national priority. Russian Prime Minister Mikhail Fradkov, who carries overall responsibility for the vast region, has put Deputy Prime Minister Sergei Naryshkin in charge of the funds.