After setbacks, Russia boosts space spending

After a series of problems that Prime Minister Dmitry Medvedev says has cost Russia prestige and money, the nation will spend $68 billion from 2013 to 2020 on developing its space industry.

MOSCOW — The country that oversaw the launch of the world's first artificial satellite hopes to regain some of its former glory with a big boost in space spending announced by Russia on Thursday after a series of failures.

Prime Minister Dmitry Medvedev approved a plan to spend $68 billion on developing Russia's space industry from 2013 to 2020, state-run RIA news agency reported.

"The program will enable our country to effectively participate in forward-looking projects, such as the International Space Station, the study of the moon, Mars and other celestial bodies in the solar system," Medvedev was quoted as saying.

Russia's space program has suffered a series of humiliating setbacks in the past year.

The failure of a workhorse Proton rocket after launch in August caused the multimillion-dollar loss of a satellite. A similar problem caused the loss of a $265 million communications satellite last year.

Medvedev criticized the state of the industry in August, saying problems were costing Russia prestige and money.

Russia budgeted about $3.3 billion for space programs annually in 2010 and 2011, far less than the yearly average of the amount Medvedev announced, but he said some of the money would come from outside the state budget.

Since the retirement of its space shuttle fleet last year, U.S. space agency NASA has been relying on Russia to take astronauts to the ISS at a cost of $60 million each, and plans to continue until its own new craft is developed in 2017.

(Reporting By Nastassia Astrasheuskaya)

MSN News on Facebook and Twitter

Stay up to date on breaking news and current events.

Friend us on Facebook:

Follow us on Twitter: