Cash-for-Clunkers Extended

By The Moscow Times

March 24, 2011

The government could spend an additional 5 billion rubles ($176 million) this year on its cash-for-clunkers program, the Finance Ministry said Thursday.

The government might earmark funds to provide incentives for purchases of 100,000 new cars, a ministry official said, declining to be identified in line with government policy. The decision may be made in the middle of next month, he said.

The government, which planned to halt the program next month, spent 25 billion rubles to help dispose of 500,000 aging vehicles during the past year, Alyona Shipilina, a trade and industry ministry spokeswoman, said Thursday.

(Bloomberg)

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