Russia's defence spending will increase 27 per cent in 2009, news agency Interfax quoted Prime Minister Vladimir Putin as saying on Tuesday.
"Nearly 2.4 trillion rubles (94.23 billion dollars) will be allocated for the needs of national defence and security," Putin was quoted as saying. "This is an increase of 27 per cent."
The announcement comes on the heels of Russia's crushing defeat of Georgian forces on the former Soviet satellite's soil last month.
President Dmitry Medvedev said last week that the five-days of fighting in Georgia showed the need for a full-blown modernization of the military and updating of hardware.
Putin hiked the defence budget during his eight-year presidency to match the country's resurgent economic might.
But defence analyst and military brass warn that internal reform and investment in research and development is also needed to stall the army's decline since the collapse of the Soviet Union.
Putin's statement also came as Russian stocks tumbled to more than three year lows owing to the drop in US markets and investor fears.
The Singapore Exchange Limited (SGX) Tuesday said its derivatives and Exchange Traded Funds (ETF) markets set new trading records last year with volume surging to 
When the Spirit rover landed on Mars five years ago, no one expected it or its sister rover Opportunity to make it to their first birthdays, let alone their fifth.
The San Antonio Spurs turned up their trademark defense down the stretch to turn back another opponent. 
Popular US talk show host Oprah Winfrey, 54, has vowed to battle her recent weight gain, blaming it on "food abuse."
After the Taipei Zoo received two giant pandas from China, another Taiwan zoo said Friday it is seeking to receive a pair of pandas from China.