Putin's plan to make Russia a top world economy will cost $391B, gov't says

Feb. 11 (UPI) -- Russian President Vladimir Putin plans to spend nearly $400 billion to overhaul Russia's economy, reduce poverty and repair aging infrastructure, the government said Monday.

When he won re-election last May, Putin detailed his intention to develop Russia into a top-five world economy that's invested in healthcare, education and infrastructure.

Monday, the Russian government issued a report detailing 12 phases of the plan, with a total cost of $391 billion.

Areas of focus include housing and urban development, ecology, science, safe and high quality roads and labor productivity. Social programs will also play a large role, as Putin promised to cut poverty in half and bridge the digital divide.

Work on these projects is aimed at providing "breakthrough scientific-technological and socio-economic development," increasing the standard of living and creating conditions and opportunities for personal fulfillment.

The majority of the funds will come from the federal budget, with a smaller amount coming from regional budgets and extraordinary sources.

Putin said he wants to accomplish the projects before his term ends in 2024. He's said the results "should be expressed not in figures and reports, but in real action and the people's perception of what was actually done."