The magic of the stabfond

Debt is red with payment.
Early

The issue of Russia's debts to international creditors, the largest of which - the International Monetary Fund, London and Parisian clubs - became one of the key to the post -Soviet economy. I remember that in the fall of 1996, one of the deputy prime minists of the Russian government answered the question of the purpose of his visit to the IMF session in Washington: "If in one word, we go for money. If two-for great money." After which, no longer stinged in words, he explained to the press how the external loans are needed and how beneficial for the reforming country. I remember at the same time one of the assistants of that deputy prime minister “Not for Record” explained to reporters the advantages of the IMF loans: “You can not give them ... no, well, not in the sense that just throw people with money, but in the fact that we will not be sick. After all, strictly following the recommendations of the fund, clearly fulfilling our obligations, we will not put ourselves in a difficult situation ... that is, they and we are also money They will give, and tell you how to pay with them correctly. ”

Such a policy of "unjustified borrowings" and opponents who loved to speculate about the "debt bondage", prepared by future generations. They carefully calculated how much every citizen-even if he had just been born-should “personally” should “personally” (not particularly bothering himself with the thought that the government, not the population), etc. The introduction of a moratorium on external payments in August 1998 became another argument for supporters of such views: well, they jumped up, now Russian property will be described abroad. By the way, at such moments, the infamous Noga, "captured" the next Russian ship or plane ...

Who could have imagined at that time that already at the beginning of 2005, the Russian Ministry of Finance reports to repay all debts to the fund. Moreover, with the advice of the schedule for three years. It impresses that the question of "bondage", i.e. The image issue was decisive here. Although there were, of course, the interests of economic (and not so much external, as internal) and political ...

And what will we say to the descendants?

At one of the first (if not at the first) press conference, after re-election of the current president for the second term, the head of the Effective Policy Fund noted that the question of his further employment will be one of the most important issues of the second and last four years of the presidency of Vladimir Putin. Not so much about where to shift the work book, how much he will leave with what, what memory will leave about himself ...

In this regard, the idea of ​​doubling GDP looked like a very catchy: the president outlined a breakthrough ... But the first pancake failed that now, a year after its baking, almost all economists admit. So, you need to come up with something new.

The idea of ​​early repayment of debts to the West seemed more realized. So the Minister of Finance, Alexei Kudrin, as if by chance, said last week that recently Russia paid ahead of schedule on debts with the IMF, transferring the noticing $ 3.3 billion to the fund. According to the schedule, this was required until 2008, but the Ministry of Finance was able to do this earlier, saving $ 204 million on this, which now, according to Mr. Kudrin, will go for other goals, including "in socio-economic policy". When asked where the money was taken from, the minister explained: they were allocated from the funds of the stabilization fund.

The stabilization fund is a kind of heir to the “bins of the Motherland”: no one felt with his hands, but everyone believes that he (they) exist. And this is easier ... Seriously, the Stabfond created relatively recently has already managed to become a very noticeable person involved in a variety of matters. Say, not accustomed to joke, the chairman of the board of directors of Yukos, Viktor Gerashchenko, once suggested that they took money from the stab fund for the purchase of Yuganskneftegaz. Prime Minister Fradkov repeatedly indicated the feasibility of raising a stab fund to solve social problems, but the head of the Ministry of Finance stubbornly stands on his own: the funds of the stabilization fund can be exposed exclusively for the calculation of external debts.

But it cannot continue so forever; Once Kudrin can be broken, so the Ministry of Finance decided not to pull the rubber and today in London the issue of early repayment of Russian debts before the Parisian club of creditors will be discussed.

Apparently, on the side of Kudrin - for now, in any case - the head of state himself. For the first time, Vladimir Putin announced the thought of early repayment the other day at a meeting with the President of the World Bank James Wolfenson. At the same time, the president emphasized that Russia will take such a step only if it is beneficial economically.

However, in addition to the external and intra-economic reasons, this step has a very important political subtext. Alexei Kudrin received serious support as the "director-administrator" of Stabfond. And he will surely hurry to use it. And Vladimir Putin will have a chance to go down in history as the head of state, who solved the problem of external debt burden for Russia ...

But what else can there be enough funds from the stab fund (and is there enough of them to fully pay for external debts) - the question is open ...