Speaking at a session of the State Duma’s Budget and Taxation Committee in April, Sergei Stepashin, chairman of the Audit Chamber, said supporting AvtoVAZ contradicts the officially adopted strategy for the development of the Russian economy.
Addressing the Russian autoindustry issues earlier this year, Prime Minister Putin promised to offer state support for AvtoVAZ. Specifically, the government pledged to offer R25bln to state-owned Russian Technologies Corp., the AvtoVAZ’s majority shareholder, which, in turn, will transfer the cash to the autogiant as an interest-free loan.
“The government is now before a dilemma, because supporting AutoVAZ today, to a certain degree, contradicts our strategic concept, and on the other hand, how does it support a company that needs to be overhauled or radically transformed after the crisis.”
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