IMF: It is time to reflect on turning of anti-recessionary programsto the States while early to turn off anti-recessionary programs of stimulation of economy, however already now it is necessary to begin preparation for the gradual and co-ordinated termination of stimulus. (IMF) is told about it in the new publication of the International currency fund.
Zakachav in economy unprecedented volumes of liquidity, the government should develop now the plan how to get rid from received instead of actives and to reduce risks for themselves, considerably increased in connection with the spent state injections, specifies IMF.
“ guarantees can demand the payment, the declared credit programs can be used, loans can be not returned, and actives - to lose the cost “ - it is told in fund materials. If these risks are materialised, the final price of state intervention for tax bearers can appear unpredictable, marks IMF.
In fund materials it is underlined that uniform, approaching for all states “ exit strategy “ does not exist - each country should define own plan how to dispose of actives and the obligations taken in crisis. However the IMF urges the states to be guided by the general checked up principles. Superfluous and inefficient mechanisms of support of economy should be curtailed first of all. Economic stimulus should be withdrawn stage by stage.
Access to the state help should become all less attractive to participants of the market, risks should move gradually from public sector to the private. At last, the governments should adjust accurate and transparent communications with all economic players, including in financial sector that those have been assured of the expectations.
however, earlier in IMF have warned against excessive euphoria concerning rates of economic restoration. So, “ bad “ Debts on balances of banks and problems in the markets sekjuritizatsii on - former bear risks for a financial system, therefore the central banks and the governments should not stop anti-recessionary measures at the given stage.
the same point of view adhere both Ministers of Finance and heads of the Central Banks of countries G20 who in the beginning of September have supported continuation of programs of stimulation of economic growth. Though “ the financial markets are stabilised, and the world economy condition improves “ prospects of economic growth and employment still remain uncertain, ministers in the joint communique have noted following the results of a two-day meeting in London. Therefore it is necessary to continue measures of fiscal and monetary stimulation until world economy restoration will be provided, it is told in the statement “ the financial twenty “.