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The RF Ministry of Economic Development, the State University the Higher School of Economics, Institute for the Economy in Transition55 designed the above variants. Each of the latter grants a public organization with a broader range of powers versus public institu tion, while at the same time, discharge a part of obligations from the state with regard to the economic provision of its operations.

In spring 2004, on the basis of earlier drafts, the Center of Private Law designed the following bills:

On autonomous institutions;

On public (municipal) non profit organizations;

On setting the procedure, conditions and criteria of reorganization of public and mu nicipal institutions in the form of transformation;

on amendments to the Civil and Budget Codes of RF, the Federal Law On non profit organizations.

Since summer the revision of these bills has been conducted under the aegis of the RF Ministry of Economic Development. These draft laws envisage a special kind of the right for operative property management, which the founder of the public (municipal) autono mous institution fixes with that. By contrast to the existing institutional form, the owner does not bear subsidiary responsibility for the autonomous institutions obligations. As concerns the autonomous institution itself, it is liable by all its obligations with the property it has under its operative control, except for real estate and particularly valuable movables.

The power to identify particularly valuable movables falls under the RF Governments com petence.

The autonomous institution independently controls other property (including real es tate) that it purchased for revenues from its operations.

The noted revenues are subject to the institutions independent control and are used to fulfill its principal mission.

The owner of the autonomous institution has a right to assign tasks to autonomous institutions, the fulfillment of which he is bound to finance. While granting a broader inde pendence to the autonomous institution, the state should have more transparent mecha nisms of control over its operations. A form of control alternative to the administrative con trol over the organization on the part of a superior government agency is the establishment of the board of trustees with the autonomous institution. It should comprise individuals ap pointed by the founder, albeit not employed and receiving compensations for their contri bution to the boards activity. The board will oversee the consistency of the organizations operations to its mission as per its Charter, particularly, review its plans and reports, ap prove of large deals, etc.

The form of a public (municipal) autonomous non profit organization suggests that its property, particularly, that the founder transfer to it upon its establishment belongs to the organization in question. Should the public (municipal) autonomous non profit organi zation have any revenues and spend those particularly to acquire any property, the said revenues and property become subject to its independent control.

Povysheniye effektivnosti bjudgetnogo finansirovaniya gosudarstvennykh uchrejdeniy i upravleniya gosudarstvennymi uni tarnymi predpriyatiyami . I. .: IET, 2003. . 151250.

Section 3.

The real sector The government maintains control over operations of such an organization by means of the board of trustees, established in a manner analogous to the board of trustees of the autonomous institution. But this particular case this collective board is granted with both supervisory powers and the rights to make certain decision: approval of organizations an nual financial plans and the respective reports; consideration of the organizations finan cial performance over shorter periods of time (half year, quarter); making decisions as to whether or not these or those kinds of its commercial operations other than the principal ones are in consistency with its statutory objectives.

It is suggested that these forms should complement, rather than replace, the current form of the institution. While some existing public budgetary organizations are going to re main in their current form, the others will be transformed into new forms. Economic condi tions of various kinds of operations of social institutions, the correlation between their vari ous revenue sources, the extent to which the institutions find themselves dependable on budget appropriations appear substantially different across the sectors of the social sphere and within single sectors.

Decision making with respect to the appropriateness of the transformation of the in stitutions into new forms should be exercised with account of economic conditions of their operations (revenue and expenditure structure, presence of an actual and potential com petition, etc.).

Transformation from the current form of an institution into the one of the autonomous institution poses an urgent challenge to pre school institutions and schools in medium size towns and big cities as well as most public vocational education organizations, and urban outpatient policlinic and hospital institutions. As their operations combine the provi sion of free and paid services to consumers, or insurers pay for these services, the con sumers or insurers have a right to exert economic influence on their operations.

Some public vocational education and health care organizations find themselves un der an intense competition and pressure on the part of consumers. This primarily concerns economic, law, linguistic universities, computer and communication training centers, pri mary and secondary vocational training institutions, medical institutions of the same profile located in the same city, among others. These organizations face an urgent challenge of transformation into public autonomous non profit organizations.

However, the coordination of the above bills with the agencies concerned has been delayed. The property regime proposed for an autonomous institution has formed the ma jor sticking point. While the RF Ministry of Economic Development and Trade advocate the stand formulated by the Center of Private Law: that is, the property regime in question is a kind of the right for operative control, the stance of the Chief Legal Department of the presidential Administration is that the respective volume of powers falls beyond the opera tive control framework, which is why it may not be considered as a kind of it.

In November 2004, the debate on the bills in question gained a new hue. More spe cifically, the leadership of the All Russia Theatre Union speculated that the above propos als were an attempt to impose an administrative control over Russian theatres creative and economic operations. They undertook a number of actions highlighted by the national media. The numerous appeals to the government cited the collapse of the Russian reper toire theatre, should theatres be transformed into the aforementioned new forms and de manded to protect the national treasure. In reality, however, theatre directors propone the existing practice, which grants them with an uncontrollable right to manage the property fixed with the theatre and the respective revenues, along with a minimum economic re sponsibility for their independent economic performance.

RUSSIAN ECONOMY in trends and outlooks 3.7. Foreign Economic Activity 3.7.1. Main Trends in Russias Foreign Trade Growth rates of the world economy were boosted in 2004 to account for 4%, accord ing to the World Bank. The general global economic situation was animated mainly by a substantial growth in Chinese economy (8%) as well as improved economic situation in Japan and the United States. GDP growth rates in these countries exceeded 4%. The US economic growth was caused mainly by increased investments and consumer spendings.

European countries showed slower economic growth rates. Economic growth in Western Europe and Japan was caused mainly by export growth due to increased demand in devel oping countries.

According to the World Bank, the world trade volume increased by 10.2% in due to a rapid growth in industrial output. China accounted for over 20% of the world trade volume of goods. Considerable growth in foreign trade turnover in China was caused by a positive impact from its accession to the World Trade Organization, as well as high growth in investments and consumer demand.

Raw goods trade demonstrated the fastest growth rates due to a great demand in such goods, which served as a material incentive for expanding commercial business at a variety of developing countries. In addition, investment goods trade was growing rapidly thus promoting export expansion in Germany and Japan which are specializing in manu facturing machinery and equipment.

In 2005, production growth is expected to slow down due to a price rise of fuel and raw materials. Export volumes have been declining. According to the forecast of the World Bank, the world economic growth is estimated to drop to 3.2%, and the world trade is ex pected to decline to 8.5% in 2005. World trade flows will be governed by, besides prices of raw goods, the size of budget deficit in the United States affecting the USD exchange rate, as well as a likelihood of economic decline in China.

In 2003, the Russian Federation was ranked 17th in the world on export volumes with a share accounting for 1.8% in the world export. Russia may come 15th on goods export volumes according to the results achieved in 2004. Last year, the Russian Federation was ranked 23rd in import volume in the world with a share accounting for nearly 1% of the total world import. Russia is included in the list of top forty leading countries in terms of sales turnover.

Russian growth rates in foreign trade turnover is by more than 4 times ahead of its economic growth rates. In 2004, sales turnover grew by 31.1%, and GDP by 7.1%.

At the same time, Russia is falling behind in service trade. For example, it is 29th in the world in terms of service trade with a share accounting for less than 1% of the world vol ume. Russia comes 22nd in the world in terms of service import, its share accounting for slightly more than 1%.

In regard to foreign trade, in 2004 the Russian Federation showed record breaking growth ever achieved over the last 15 years in terms of monetary volumes of both export and import of goods, with export supply growing faster thus promoting together with for eign trade turnover growth a substantial growth in positive trade balance.

Favorable world market situation for Russian exporters, RUR strengthening, as well as expanding domestic consumer and investment demand had a basic positive impact on foreign trade turnover growth in the Russian Federation in 2004.

In 2004, the Russian foreign trade turnover amounted to $278,0 billion as calculated by using the method of balance of payments, which exceeds by 31.1% that of the previous Section 3.

The real sector year (Fig. 71). Sales turnover with CIS countries grew faster to reach $49,99 billion, which is by 37.2% higher than that in 2003. Russian sales turnover with foreign countries other than CIS countries increased by 29.9% to amount to $228,03 billion.

300,250,200,150,100,50,0,1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 Export outside CIS Export CIS Import outside CIS Import CIS Source: the RF Central Bank.

Fig. 71. Russian Foreign Trade Turnover (USD billion) It was primarily the price factor that had an impact on import growth of Russian goods in 2004 (Table 71). According to the Bank of Russia, incremental growth of world prices of basic Russian export goods accounted for 20% on the average in 2004 as com pared to 2003, while volume export index was 111.1% (correspondingly 114.6 and 110.5% in 2003).

Table Average Annual Prices 1996 1997 1998 1999 2000 2001 2002 2003 Oil (Brent), 21.33 17.4 14.1 15.9 28.19 24.84 25.02 28.83 37.USD per barrel Natural gas, USD/1 million. 1.9642 2.5469 2.1876 4.3442 3.9764 3.3857 5.461 5.BTU Gas, USD per 0.71 0.615 0.511 0.529 0.887 0.7922 0.755 0.891 1.gallon Copper, USD 2574.9 2369.7 1775.3 1539.9 1863.9 1613.6 1592.9 1785.6 2808.per ton Aluminum, USD 1590.2 1554.0 1413.5 1318.0 1550.0 1444.7 1350.7 1424.7 1693.per ton Nikel, USD per 8053.9 7312.4 5352.5 5239.5 8624.0 5966.0 6175.1 9580.8 13756.ton Source: calculated on the basis of the data of London Metal Exchange (Great Britain, London), International Oil Stock Exchange (London).

RUSSIAN ECONOMY in trends and outlooks World oil prices were maintained at a record level in 2004, which was caused by slightly increased demand for oil over the last 24 year at the background of geopolitical in stability in oil producing countries. For example, the average world price of Urals oil was $ 28,86 per barrel in January, $ 38,11 per barrel (growth by 32.1%) in September, and $ 42,26 per barrel in October (growth by 46.4% as compared to January and by 10.9% as compared to September 2004).

Average monthly oil price of the same oil in 2004 was $ 34,4 per barrel (growth by 25.9% as compared to 2003). In October 2004, oil prices at the New York Stock Exchange reached $55 per barrel.

The OPEC decreased substantially oil production in accordance with the decision approved at its meeting held in September: from 27,69 million barrels daily in September to 30,61 million barrels daily in October, which reduced tension in the world oil market along with oil prices. However, OPECs oil production reached its maximum over the last 25 years. Saudi Arabia showed the highest oil production as compared to other oil produc ers, and it still has reserves to further increase its capacity. Other OPEC countries are very close to reach their full oil production capacity.

Natural gas prices in Europe increased by 9.7% against the previous year, gasoline prices grew by 34.3%, diesel fuel increased by 26.6%, fuel oil by 2.8%. The average price of energy resources increased by 15% and non energy goods by 23% in 2004.

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