The joint statement of Sovmina and the Central Bank of Russia
Prospect of reception from the International currency fund of the credit in $3 mlrd on is unprecedented soft conditions has compelled the government and the Central bank of Russia to continue the cooperation begun by the agreement on restriction of credit issue. The memorandum defining substantive provisions of the financial policy of Russia in 1993 became their next joint step. Victor Gerashchenko has signed it yesterday late at night, and Victor Tchernomyrdin - the day before.
Thanks to this document possibility to receive by July, 1st of $1,5 mlrd ($1,5 mlrd Russia will receive the others in the autumn) for “ system transformations “ becomes real as the coordination of actions of the government and the Central Bank was the only stipulation from IMF. Impreparation of the Russian economy to perception of standard programs of IMF became the basis for application of the most liberal in practice of this organisation of conditions, according to Minister of Finance Boris Fedorova.
thus, the government receives in the order of $3 mlrd only under “ gentlemen`s “ the agreement from the Central Bank. Victor Gerashchenko, despite the sceptical relation to possibility to execute all agreement positions, has signed it, as the agreement to favourably Bank at any variant of succession of events. If the office reaches the declared purposes - will lower inflation to 10 % a month and stabilises the prices next year, - that Fedorovu should divide laurels of the creator of the Russian financial miracle with the chairman of the Central Bank. However, the variant at which the government cannot sustain a course on the rigid financial policy is more realistic. In this case possibilities of Gerashchenko on carrying out of own variant of a monetary policy will sharply increase, as it and openly opposes for a long time the Minister of Finance. In favour of the second variant tells also the offer of Ruslana Hasbulatova twice to reduce rates of the majority of taxes. In spite of the fact that participants of the agreement denied influence of this initiative on a course of negotiations, on realisations of the memorandum it will affect.
first of all the government will be compelled to operate under the threat of reduction of the basic source of incomes of the budget. And Sovmin should or reduce twice budget items of expenditure that is unreal, or to ask the Central Bank about additional issue. The last will allow Gerashchenko an occasion to accuse an office of agreement infringement. Justifying, the government will refer on VS, the driven office in the corner.
Thus even if the aims laid down by the agreement are executed and will not be, at the IMF, aspiring to support Boris Yeltsin, the occasion will continue financing of the Russian government.
NIKOLAY - PODLIPSKY