Russia plans to boost annual defense spending by 59 percent to almost 3 trillion rubles ($97 billion) in 2015, up from $61 billion in 2012, the head of the State Duma’s Defense Committee told RIA Novosti on Wednesday.

“Targeted national defense spending as a percentage of GDP will amount to 3.2 percent in 2013, 3.4 percent in 2014 and 3.7 percent in 2015,” Defense Committee chairman Vladimir Komoedov is quoted as saying in the committee’s conclusion on the draft budget for 2013-2015.

The draft budget will come up for a first reading in the Duma on Friday.

The spending proposals provide financing to “re-equip units with new weapon systems, military and specialty equipment and provide housing and social safeguards for service members” among other issues, Komoedov said.