The government struggles with non-payments
the Basic attention current week the government has given to a solution of a problem of non-payments. Since Monday almost daily passed sessions of specially created commission on “ to elimination of the reasons of crisis of non-payments “. Yesterday there were first fruits of activity of this body - in official mailing two governmental orders on this theme have arrived. The first of them allows to spend to local authorities regional clearing of debts, and the second contains the promise shortly to let out exchequer obligations which can be used for repayment of public debts to the enterprises.
the History of methods of struggle practised by the Russian authorities with non-payments has three stages. The first has begun and has ended with summer of 1992 when the government has faced for the first time this problem. Victor Gerashchenko`s appointment to a post of the chairman of the Central Bank has accelerated the permission of the first crisis of non-payments unique then in the way - clearing of debts. Having paid for it high inflation, the government any more did not give in further to a temptation to extinguish growth of the next coil of non-payments by issue way. Instead between an office and the enterprises the private agreement has been entered into: the government does not undertake almost any steps for the decision of this problem, but thus shuts eyes to non-payment by the enterprises of taxes in the budget. It, actually, also has made an essence of the second stage.
the beginning of the third stage is marked by creation of special body with very ambitious name - “ the governmental commission on elimination of the reasons of crisis of non-payments “. Its first deputy of premieres - the minister Oleg Soskovets has headed. This commission and its working group last week sat almost every day. In an active at the commission - two left governmental orders and 4 decrees of the president who is at the final stage of working out.
yesterday`s decisions are devoted search of formally not issue ways of the permission of crisis of non-payments. But if the methods chosen by the government are applied simultaneously, they can appear not too effective. Making comments on the decision of the federal government on carrying out of regional clearings, the head of a commission of experts of Boris Yeltsin Alexander Livshits has declared: “ All is good that at least in small degree solves a problem of non-payments “.
For such reserved estimations there are all bases: from a total sum of the delayed debt receivable in 37,2 trln roubles (according to Goskomstat) the considerable part is necessary on inter-regional financial communications (for example, Lipetsk metallurgical industrial complex - VAZ). However the first deputy minister of the finance Andrey Vavilov not absolutely with it agrees. He believes that process observed today “ short circuits “ financial streams in regions will positively affect carrying out of clearings. In a choice of methods of clearing local administrations are absolutely free, though the government recommends to apply approved already in a current of year experience of the bill reference in Tatarstan.
except traditional ways of the permission of crisis of non-payments the government has decided to resort and to methods absolutely new to Russia. In the nearest two weeks the Ministry of Finance will start to repay public debts to the enterprises release of special exchequer obligations. This practice widespread all over the world as any governments, testing a temporary lack of means, resort to release of various promissory notes. But in Russia the government does not have not enough money chronically, and consequently any attempts “ not inflationary “ State debt repayments - no more than a myth. Sooner or later, but the Ministry of Finance will be compelled to pay the debts money, instead of receipts.
according to Andrey Vavilov, the approximate sum of state debts subject to repayment to the enterprises - nearby 5 trln roubles. Theoretically, repayment of 1 rouble of a public debt means liquidation of debts of the enterprises each other on 2 - 3 roubles. Practically it does not occur, as money, as a rule, do not fall below the second level of cooperation communications. In this sense use of exchequer obligations can correct a situation a little. The enterprise, having received them, against the will will try to pay the debts before suppliers also the governmental obligations - provided that banks will not be especially interested in buying up of exchequer obligations.
the sum of the first releases of new securities will much less than 5 trln rbl. Besides, yet other important parametres of obligations are defined also. However it is known that the first series will have, most likely, term of the reference 72 days, and the interest rate on them will be below the rate of state credit obligations. Further, according to Andrey Vavilov, it is supposed to increase period of validity of obligations.
VLADISLAV - BORODULIN