As at 11 August 2009goda OAO AvtoVAZ has spent 24.32 billion rubles from 25 billion rubles allocated in the framework of state, said automakers.

The funds have been expended in the following areas:

1. Enforcement of obligations of the credit received from Sberbank and VTB in the total amount of 8.04 billion rubles., Including:

- performance of obligations to the contractors: 6.17 billion rubles.;

- payment of salaries to employees of OJSC AvtoVAZ: 1.63 billion rubles.;

- the execution of tax obligations: 0.2 billion rubles.;

- interest in the use of credit: 0.04 billion rubles.

2. Payment of wages to employees of OJSC AvtoVAZ: 1.87 billion rubles.;

3. Performance of obligations to the contractors: 14.02 billion rubles.;

4. Enforcement of tax: EUR 0.39 billion.

The remaining funds in the amount of 0.68 billion rubles will be used AvtoVAZ to implement the commitments taken on lines.

Consumption loan is carried out under the full detailed control by the State Corporation Rostehnologii agreed tranches from June to August 2009.

The allocation of state funds has allowed OAO AvtoVAZ almost 2-fold to reduce accounts payable from operating activities, while maintaining the current supply of inventory financing for the conveyor. More than 4-fold reduced amount of overdue payables in total for the plant and more than 7 times - on debt supply to the conveyor, while the latter is reduced to the level of cross-debt of suppliers to the JSC AvtoVAZ, said the company.

In order to stabilize and improve the situation in the Russian automotive industry, as well as taking into account the city and social functions, OAO AvtoVAZ, the Russian government decided in March of OJSC AvtoVAZ 25 billion rubles from the federal budget. AvtoVAZ reported on the use of state funds in connection with the increased public interest, notes the report.
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