Indebtedness of the RF Central Bank for the credit resources ofthe former Sberbank
Indebtedness to thePension Fund
* Including the indebtedness for financingof the expenditures on formation of the mobilization reserve(Rbl. 1960 bn).
** Including the indebtedness for the centralized credits and charged interests of theagro-industrial complex organizations carrying out the “Northern import”(Rbl. 25 trln.).
Source: RF Ministry of finance.
Their experience confirms that, aftersolution of the initial problems of the macro-economic stabilization, theGovernment inevitably finds itself in a situation of the budgetary crisis beingdeprived of such well tested mechanism of solution of its problems as theinflational tax. Moreover, for Russia this quite natural situation wascomplicated by the two additional factors. The first one was the delayedstabilization resulting in the four-year period of high inflation, became oneof important factors of degradation of the fiscal sphere; hence, the sharpdecrease of the taxes collection. The second one was the electoral populismhaving shown itself in both the income and expenditure parts of the Budget andhaving become the additional factor of growth of the social and economictension.
1.5. Economic Policy after PresidentialElections
The victory of B. Yeltsin having ensured thesuccession of the economic policy created the conditions for beginning ofinflow of foreign investments and repatriation of the exported domesticcapital. This should have incited the reduction of the demand for hard currencyand, at the same time, the growth of its offer, thus leading to the new (afterthe middle of 1995) dedollarization of the Russian economy. Yet, the worsenedhealth of the President led to additional political incertitude hindering theseprocesses. The crucial budgetary crisis was the other (background) factor ofthe post-elections evolution of the country.
Execution ofthe Russian consolidated Budget for 1996 (in % of the GDP)
VAT, special tax,excise tax
Tax on foreign tradeand foreign economy transactions
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