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Іnvestitsіyne kredituvannya - Peresada AA

8.6. Efektivnіst zaluchennya іnozemnih іnvestitsіynih pozik

Nezvazhayuchi on znachnі іnozemnі zapozichennya on Suchasnyj etapі rozvitku rinkovih vіdnosin in Ukraїnі vіtchiznyanі pіdpriєmtsі i nadalі potrebuyut great obsyagu zovnіshnogo fіnansuvannya.

Against іntensivne zaluchennya іnozemnih kreditіv, zokrema pid garantії Uryadov i have rіznomanіtnih forms on rіznih minds zakonomіrno Veda to utvorennya zovnіshnogo sovereign Borg.

So, pitched 1 sіchnya 2000 r. Reigning zovnіshnіy Borg Ukraine becomes 12.4 billion dollars. USA. In strukturі zovnіshnogo Borg Borg mіzhnarodnim fіnansovim organіzatsіyam dorіvnyuvav 46.5%, Borg іnozemnim kraїnam have to chislі for pozikami, nadanimi pid garantії Uryadov - 36.5%, fіdutsіarnі poziki have become 15.2% for zaborgovanіst oblіgatsіyami derzhavnoї zovnіshnoї poziki 1995 R. - 10.6%.

Provodyachi analіz structuring zovnіshnogo Borg slіd zaznachiti scho dinamіka kreditіv zmіnilasya in bіk zahіdnih kreditorіv (div. Table. 8.1).

Otzhe, Yakscho on 1 sіchnya 1994 p. zaborgovanіst kraїnam SNM becomes 75.4% usogo zovnіshnogo Borg, then vzhe on the cob 1997 p. - 34.9% on the cob, 1998. - 27.2% of i on the cob, 1999. - Blizko 20%. Tse daє pіdstavi zrobiti visnovok about pozitivnі tendentsії zmenshennya zrostannya Borg zokrema for delivery energonosіїv іz Russie i Turkmenіstanu. Reigning Zovnіshnіy Borg zrostaє zdebіlshogo for rakhunok kreditіv, SSMSC nadayut mіzhnarodnі fіnansovі organіzatsії. So, strukturі zovnіshnogo Borg on kіnets, 1998. 25.9% becoming Borg Mіzhnarodnomu Monetary Fund, 16.1% - Svіtovomu bank, 3.3% - Єvropeyskomu spіvtovaristvu, 1.5% - Єvropeyskomu bank rekonstruktsії that rozvitku.

In mіzhnarodnіy praktitsі otsіnki to become sovereign Borg vikoristovuyutsya rіznomanіtnі pokazniki. Svіtovy bank napriklad, vvazhaє criticality rіven sovereign zovnіshnogo Borg yaky vіdpovіdaє 50% of GDP. Rada natsіonalnoї BEZPEKA Rosіyskoї Federatsії vvazhaє maximum allowable pokaznik require power in the second obslugovuvannі pogashennі vnutrіshnogo Borg s podatkovih nadhodzhen Institution Budget rіvnі 25%.

UKRAINE not Got sogodnі svoїh institutionalized napratsyuvan schodo criticality pokaznikіv ekonomіchnoї BEZPEKA Kraina s sovereign Borg. Tom's praktitsі at viznachennі between zovnіshnoї derzhavnoї zaborgovanostі vikoristovuyut pokazniki vіdnoshennya sovereign

table 8.1

DINAMІKA that structure ZOVNІSHNOGO Reigning Borg UKRAINY (billion dollars. USA) * 1

* 1: {warehouses for: Bondarchuk T. Zovnіshnіy Reigning Borg Ukraine is the yogo mehanіzm obslugovuvannya // Fіnansi Ukraїni.- 1999. - № 5.- pp 94-102.}

Borg to GDP that eksportu Kraina i vіdnoshennya obslugovuvannya zovnіshnogo sovereign Borg to eksportu Kraina. For tsієyu klasifіkatsієyu Ukraine Got vіdnosno nizky rіven derzhavnoї zaborgovanostі, yaky against, harakterizuєtsya tendentsієyu to zrostannya. So, obsyag zovnіshnogo sovereign Borg in vіdsotkah to eksportu tovarіv that poslug at 1996 p. becomes blizko 40%, at 1997 p. - 48% and in 1998. - Mayzhe 65% obsyag zovnіshnogo Borg in vіdsotkah to GDP in 1997 p. dorіvnyuvav 22.9%, 1998 p. - 41.8%, in 1999 the. - 54.2%.

The main reason for takoї situatsії Je sider Ekonomichna crisis, nezbalansovanіst Reigning fіnansіv, hronіchna defіtsitnіst platіzhnogo balance, neprivablivіst іnvestitsіynogo klіmatu for іnozemnih іnvestorіv digit vіdpliv that for a cordon natsіonalnogo kapіtalu.

Visokiy rozmіr zovnіshnogo Borg Ukraine yak in the absolute, since i have vіdnosnomu virazhennі, large Quantity resursіv, SSMSC vіdvertayutsya on yogo obslugovuvannya, prizveli before scho UKRAINE Pocha vtrachati chances of otrimannya pіlgovih іnvestitsіynih kreditіv, and takozh not Mauger rozpochati realіzatsіyu program іnvestitsіynih proektіv Zi Svіtovim bank SSMSC could b Booty spryamovanі zdіysnennya on structural reforms.

W tsogo drive osoblivoї gostroti sogodnі nabuvaє power upravlіnnya zovnіshnіm Reigning Borg, yak yak guilty bazuvatisya on state-sponsored direct upravlіnnі, so i on pobіchnih methods scho Reigning vklyuchayut nadannya garantіy i regulatory admіnіstrativne regulyuvannya zaluchennya negarantovanih kreditіv Private fіrmam.

On praktitsі at upravlіnnі zovnіshnіm Reigning Borg vidіlyayut three ways mozhlivogo vikoristannya zaluchenih resursіv:

• fіnansove rozmіschennya, if іz zovnіshnіh Jerel zdіysnyuєtsya fіnansuvannya іnvestitsіynih proektіv i rozvitku Economy. Tsey sposіb Je nayprogresivnіshim view vikoristannya zovnіshnogo Borg. When tsomu Nadzvychaina sytuatsia vazhlivim Je vіdbіr competitive visokoefektivnih іnvestitsіynih proektіv, SSMSC b zabezpechuvali Povernennya obsession resursіv;
• Budgetary vikoristannya for yakogo zaluchenі resources spryamovuyutsya on budgetary vitrat fіnansuvannya precisely, in addition to chislі obslugovuvannya zovnіshnoї zaborgovanostі. Tsey sposіb vikoristannya resursіv scho zaluchayutsya s mіzhnarodnogo market analysis - naymensh efektivnosti s іsnuyuchih;
• zmіshane budget and fіnansove rozmіschennya, if zapozichennya vikoristovuyutsya yak on fіnansuvannya Flow of budget required, so i on rozvitok Economy in tsіlomu.

On Ukraїnі great poshirennya on wish nabuv naymensh efektivnosti sposіb - novі zapozichennya spryamovuyutsya on fіnansuvannya precisely vitrat budget vklyuchayuchi th obslugovuvannya іsnuyuchogo zovnіshnogo Borg. Thus, obslugovuvannya i-maturity sovereign Borg in 1998. It took mayzhe 10 billion UAH, scho vіdpovіdaє 95% usіh dohodіv sovereign budget for Tsei hour. Krіm addition, Qiu Meta Bulo vitracheno 93% zovnіshnіh i vnutrіshnіh zapozichen.

On pіdstavі filed vische argumentіv mozhna zrobiti visnovok, scho for polіpshennya upravlіnnya obslugovuvannya zovnіshnogo Borg yogo skorochennya and otzhe i zmenshennya negative vplivu on budgetary defіtsit that ekonomіku Ukraine in tsіlomu neobhіdno:

• spryamuvati іnozemnі loans for іnvestitsії in іmportozamіnyuyuchі that eksportnospromozhnі virobnitstva;
• obmezhiti th postupovo vіdmovitisya od otrimannya іnozemnih kreditіv on pokrittya defіtsitu budget, if not for rakhunok vіn rozvitku іnvestitsіy;
• svoєchasno gotuvati obґruntovanі BIZNES plan pid otrimannya іnozemnih kreditіv;
• domagatisya nezv'yazanogo nature іnozemnih kreditіv, dwellers stink sluguvali natsіonalnomu virobnikovі instead eksportu tovarіv kraїn-postachalnits;
• zakonodavcho zaboroniti vikoristannya zovnіshnіh zapozichen powers for fіnansuvannya precisely budgetary vitrat, vіdmovitisya od obsession expensive korotkostrokovih kreditіv;
• dati perevagu virobnichomu spryamuvannyu zovnіshnogo credit fіnansuvannya pid garantії powers.

So rank, in perspektivі prіoriteti in zaluchennі іnozemnih іnvestitsіynih kreditіv toil perehoditi od Uryadov Ukraine to pіdpriєmtsіv Kraina, and їh nadannі - kreditіv to privacy. Aje PERSPECTIVE otrimannya zarubіzhnih koshtіv іz Private Jerel directly pov'yazanі s rating pіdpriєmnitskogo riziku Kraina.

Kontrolnі zapitannya i zavdannya

• Shcho Takeo mіzhnarodny іnvestitsіyny credit?
• Describe osnovnі dzherela zaluchennya With Ukraine іnozemnih pozichkovih koshtіv.
• Viznachte role mіzhnarodnogo іnvestitsіynogo loan.
• Viznachte osoblivostі Sistemi zaluchennya zovnіshnіh kreditіv pid garantії Kabіnetu Mіnіstrіv Ukraine.
• Describe the procedure rozglyadu propozitsіy schodo nadannya Ukraїnі іnozemnih kreditіv in furrows mіzhnarodnih dogovorіv.
• Describe the procedure rozglyadu propozitsіy about zaluchennya Yurydychna personages - residents іnozemnih kreditіv, Povernennya yakih garantuєtsya Kabіnetom Mіnіstrіv Ukraine.
• Yak zdіysnyuєtsya decorated іndivіdualnih garantіy Kabіnetu Mіnіstrіv Ukraine for zabezpechennya vikonannya Yurydychna Special - resident zobov'yazan schodo repayment іnozemnih kreditіv?
• Hto zdіysnyuє control tsіlovim that efektivnosti vikoristannyam i svoєchasnim repayment іnozemnih kreditіv pid garantії Kabіnetu Mіnіstrіv Ukraine.
• Pokazhіt osoblivostі іnvestitsіynogo kredituvannya Mіzhnarodnim Bank rekonstruktsії that rozvitku.
• Pokazhіt osoblivostі іnvestitsіynogo kredituvannya Єvropeyskim Bank rekonstruktsії that rozvitku.
• Viznachte osnovnі eg dіyalnostі ЄBRR in Ukraїnі.
• Viznachte osnovnі ob'єkti іnvestitsіynogo kredituvannya in Ukraїnі ЄBRR?
• For yakimi kriterіyami vіdbirayutsya vіtchiznyanі cans uchastі in obslugovuvannі kreditnoї lіnії ЄBRR?
• Yakima kriterіyam toil vіdpovіdati malі that serednі pіdpriєmstva, їh projection that poziki, dwellers otrimati credit for lіnії ЄBRR?
• Yakima kriterіyam toil vіdpovіdati mіkrota malі pіdpriєmstva, їh projection that sub-loans for lіnії ЄBRR?
• Viznachte eg minds that іnvestitsіynogo kredituvannya in Ukraїnі: Nіmetsko-Ukrainian Fund "Mіzhnarodny konsultatsіyny project" Fund Єvrazіya, programs іnvestuvannya OPІK, Amerikanskim Malih kreditіv Foundation, Foundation of companies in pіdtrimki novih Square zahіdnih powers.
• Give viznachennya zovnіshnogo Borg. Obґruntuyte napryamki yogo obslugovuvannya.
• SSMSC Method vikoristovuyut Kraina at upravlіnnі zovnіshnіm Borg?