Medvedev signs $150 bil bailout package to stabilise mkts

MOSCOW: Russian President Dmitry Medvedev on Monday signed a bailout package worth $150 billion to keep the former Communist nation's new capitalist financial sector running and enabling indebted companies to service their foreign loans.

"I signed a package of laws that had been prepared sufficiently quickly following my instruction, the government's instruction, and were adopted by the State Duma (parliament)," Medvedev said in a televised statement.

Earlier today the upper house - Federation Council passed the bailout package, which will enable the Central Bank and the national investment and development bank Vnesheconombank to infuse funds into the financial system to ease credit crunch.

"The government had to do everything possible to prevent harsh consequences of the crisis on the Russian financial markets," Medvedev stressed during a meeting with Kremlin economic aide Arkady Dvorkevich Medvedev.

The Russian President also noted that the government was starting to implement these measures in coordination with the president's administration.

Russia has unveiled several measures that are estimated at $150 billion to stabilise its financial markets, banks and stock markets.

In a separate statement Prime Minister Vladimir Putin declared that Vnesheconombank from tomorrow will give foreign currency loans to the Russian companies involved in 'real sector' (manufacturing) to service their debt to foreign entities.