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ensure the representation of state interests at the largest and most important joint stock companies by the state officials, who should work in this sphere full time and whose activities should be annually determined by the RF Government;

improve and gradually broaden practices of the use of trust management mechanism pertaining to the federally owned blocks of shares in non-strategic enterprises;

differentiate the approach to the evaluation of state representatives efficiency depending on the size of the state owned block of shares and the capacity to influence the decision making process.

The human resource policy pursued by the state becomes especially important in the process of the management of state owned property. At this time, alongside with a better training of managers, the issues of human resources selection and decisive prevention of abuses become especially important. Leaving aside the possibility to use the stipulations pertaining to the civil and criminal law (although not excluding the introduction of special amendments aimed at the ensuring state interests in the case of abuses on the part of professional state representatives), there may be recommended a number of rather apparent measures aimed at the solving of these problems:

introduce a stipulation requiring that the persons earlier dismissed because of the abuses of their responsibilities (setting forth a detailed description of the nature of such abuses and due sanctions) should not be allowed to engage in the management of state owned property in the future and set up a database of the persons who at any time represented state interests pertaining to the management of property (directors of SUE, state representatives at stock companies, trust managers);

introduce a stipulation requiring that the directors of unitary enterprises and state representatives at joint stock companies should inform the authorities about their incomes and property.

G. Malginov Investment in the Real Sector The recovery of outpacing rates of investment in fixed assets in comparison with the GDP dynamics and final consumption was a specific feature of 2003. According to the preliminary estimates for 2003 published by the Ministry of Economic Development and Trade, the increase in investment in fixed assets will make 11.2 per cent, while GDP will increase by 6.6 per cent as compared with 2.6 per cent and 4.3 per cent respectively registered in the preceding year.

1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 -----GDP Final consumption Investment in fixed assets Figure Changes in GDP dynamics, final consumption, and investment in fixed assets in 1991 through 2003, in % of the figures registered in the preceding year.

The acceleration of the rates of investment demand was caused by an extremely favorable combination of internal and external factors of economic growth. On the one hand, a growth in the revenues of the economy facilitated by positive changes in the business situation on the world market guaranteed the prompt repayment and servicing of the foreign public debt and enabled the state to meet its social obligations; on the other hand, it cumulatively affected the nature and efficiency of functioning of the investment and related sectors of the economy. The recovering activity of Russias businesses resulted in an increase in the balanced financial result in the economy at large 1.58 times, and 1.55 times in industry as compared with the figures registered in January through August of 2002, what permitted enterprises and organizations increase their investment expenditures.

The recovery growth observed in 1999 through 2003 is characterized by the formation of a rather stable trend towards a decrease in the share of enterprises own funds in the structure of the sources of financing of investment expenditures. In 1999 through 2003, the share of own funds in the structure of the sources of financing of investment in fixed assets decreased from 52.4 per cent to 46.2 per cent.

The trend towards an increase in investment activity was also supported by the formation of the large potential of private investment. In 2003, a source of support of investment activity was the expansion of crediting of the real sector on the part of the banking system. The reduction of the refinancing rate by the Bank of Russia from 25 per cent in March of 2002 to 18 per cent in February and 16 per cent in June of has increased the attractiveness of investment in the real sector of the economy. The low real cost of credit resources allowed enterprises to attract significant borrowings for financing of investment projects. In 2003, at the background of diminishing share of own funds in investment in fixed assets by 1.6 p. p. in comparison with the figures registered in January through September of 2002, there was observed a trend towards an increase in the share of bank credits by 0.9 p. p. and borrowings of enterprises by 2.7 p. p.

A positive factor of the investment process in 2003 was the growing share of credits extended by foreign banks in the financing of investment (by 0.3 p. p. in comparison with the figures registered in the preceding year. In the first six months of 2003, for the first time since the beginning of reforms, there was registered a net inflow of capital in the Russias economy. While high rates of economic growth persisted in 2003, there was observed the recovery of positive dynamics of growth in foreign direct investment in the Russias economy. In January through September of 2003, the increase in foreign investment made 61.9 per cent in comparison with the figures registered in the respective period of 2002, while foreign direct investment grew by 77.3 per cent.

The decrease in the share of budget resources in financing of investment expenditures by 0.9 p. p. was accompanied in changes in proportions of the federal budget and the budgets of RF subjects. It should be noted that while over the last five years the gradual decrease in the share of budget resources in financing of investment occurred at the background of increasing share of funds provided by RF subjects, in January through September of 2003, on the contrary, exactly expenditures of the federal budget significantly affected the dynamics of investment activity. According to the data presented by the RF Finance Ministry, the amount of funds from the federal budget allotted for financing of state capital investment increased by Rub. 9.billion in comparison with the figures registered in January through October of 2002. in January through September of 2003, Rub. 51.5 billion, or 88.5 per cent of the year limit, was used for financing of the Federal targeted investment program. In January through September of 2003, the amount of financing of the Federal targeted investment program increased by Rub. 10.1 billion as compared with the figures registered in the respective period of the preceding year.

Table Structure of investment in fixed assets across sources of financing in January through September of 2002 through 2003, in % of the total Jan. Sep., 2002 Jan. Sep., Rub. billion in % the Rub. billion in % the total total Investment in fixed assets 882,6 100,0 1128,3 100, Including:

Own funds 429,1 48,6 520,8 46,Of which:

Profits at the disposal of organizations 176,3 20,0 194,1 17,Borrowed funds 453,5 51,4 607,5 53,Of which:

Bank credits 38,2 4,3 58,5 5,Including credits of foreign banks 4,2 0,5 8,8 0, Borrowings from other organizations 51,6 5,9 96,7 8, Budget resources 175,6 19,9 212,2 18,Including:

Federal budget 49,2 5,6 73,8 6,Budgets of RF subjects 115,6 13,1 130,0 11,Extra-budgetary funds 21,3 2,4 11,3 1,Source: RF Goskomstat The growth in earnings of enterprises and organizations, household savings, and growing activity of the banking sector have positively affected the nature of development observed in 2003 and permitted to overcome the decline in investment activities formed in 2001 through 2002. However, In spite of the accelerating rates of growth in investment demand, there is still a significant potential for growth: the gap between gross savings and accumulation in fixed assets does not diminish and makes more than 10 per cent of GDP. According to the preliminary results of 2003, the share of investment in fixed assets in GDP will remain at the level registered in 2002 and will make 16.2 per cent, while the preliminary estimates published by the Ministry of Economic Development and Trade indicate that in 2004 these indicators will be in the interval from 16.7 per cent to 17.0 per cent.

O. Izryadnova Foreign investment in the Russia's economy As on October 1, 2003, the accumulated foreign capital in the Russias economy, including the investment from CIS member countries, made about US $ 53.6 billion. The total amount of foreign investment in the non-financial sector of the Russian economy (not taking into account the monetary and credit regulating authorities, commercial and savings banks, and including Ruble denominated investment in US $ equivalent made US $ 20.9 million in the nine months of 2003.

Table The structure of foreign investment in the Russia's economy in January through September of 1999 through Total, US $ mil. In % of the preceding year Total Direct Portfolio Other Total Direct Portfolio Other 3 1999 6 467 9 3 326 -30,4 55,5 21,3 times less -53,2000 7 888 3 154 4 675 22,0 0,7 6,6 times more 40,9 721 2 920 2001 6 509 23,2 -7,4 4,9 times more 39,12 905 2 631 2002 10 050 32,8 -9,9 -23,3 54,2003 20 899 4 665 81 16 153 61,9 77,3 2,8 times less 60,Source: RF Goskomstat Foreign investment in Russia and Russias investment abroad in 2000 through 2,2 1,1,1,1,0,0,0,0,0 Foreign investment in RF, US $ million RF investment abroad, US $ million Ratio between foreign investment in RF and RF investment abroad Source: RF Goskomstat Over the first nine months of 2003, the investment in the Russias economy exceeded outflow of capital by US $ 4.55 billion. In the preceding years, there were observed opposite developments. For instance, in the first nine months of 2002, the amount of capital outflows from Russia exceeded investment by US $ 3.billion. The respective indicators registered in the first nine months of 2001 and 2000 made US $ 3.7 billion and 4.2 billion respectively.

The growth in foreign direct investment observed in the first nine months of 2003 was an indication of improving investment climate and increasing confidence of foreign investors in the Russias economy. Over the last few years, in the period from January till September there has been observed a decline in foreign direct investment. As concerns the results of the period from January till September of 2003, the rates of growth in foreign direct investment outpaced the respective indicator of aggregate foreign investment, what resulted in an increase in the specific weight of direct investment in the total investment up to 22.3 per cent (20.4 per cent in the first nine months of 2002).

2 .1 . 3 . 4 . 1 . 2 . 3 . 4 . 1 . 2 . 3 . 4 . 1 . 2 . 3 . The structure of foreign investment in the Russias economy in January through September of 90% 4% 80% 3% 70% 3% 60% 2% 50% 40% 2% 30% 1% 20% 1% 10% 0% 0% 1999 2000 2001 2002 Direct investment Other investment Portfolio investment Source: RF Goskomstat Because of the outpacing rates of growth in foreign investment in the sphere of trade and public catering (+ 69.1 per cent in January through September of 2003 as compared with the figures registered in January through September of 2002), transport and communications (+ 106.6 per cent), as well as general commercial activities relating to market servicing (+ 72.9 per cent) in comparison with the rates of increase in investment in the sphere of production (+ 53.2 per cent), the share of the latter in the total amount of foreign investment in the Russias economy declined to 36.3 per cent over the first nine months of 2003.

Table Sectoral structure of foreign investment in the Russias economy in January through September of 2001 through Change in comparison with US $ mil. In % of the total preceding year, % 2001 2002 2003 2001 2002 2003 2001 2002 Industry 3 755 4 950 7 581 13,0 31,8 53,2 38,6 38,4 36,Transport and communications 1 011 427 882 -28,7 -57,8 106,6 10,4 3,3 4,Trade and public catering 3 413 5 292 8 948 114,5 55,1 69,1 35,1 41,0 42,Commercial activities relating 617 1 131 1 956 262,9 83,3 72,9 6,3 8,8 9,to market servicing Finance, credit, insurance, 115 105 226 -55,3 -8,7 115,2 1,2 0,8 1,pensions Other sectors 810 1 000 1 306 -28,2 23,5 30,6 8,3 7,7 6,Source: RF Goskomstat In January through September of 2003, the largest share of the total amount of investment in production (36.8 per cent or US $ 2.77 billion) was directed to the development of the fuel and energy complex (25.per cent or US $ 1.34 billion in January through September of 2002). The positive fact was that foreign direct investment accounted for 44 per cent of the total investment in this sector (35.1 per cent in the first nine months of 2002).

Over the same period, the share of mechanical engineering, the development of which determines the formation of the active portion of fixed assets, in the aggregate amount of investment in this sector increased to 7.8 per cent (6.1 per cent in January through September of 2002). At the same time, in absolute terms the foreign investment in mechanical engineering made US $ 588 million, what was by 93.4 per cent above the level registered in January through September of 2002.

Portfolio investment As concerns base industries, in 2003 a 6.3 per cent decline in the amounts of investment in comparison with the figures registered in 2002 was observed in the food industry.

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