The Russian government has decided it is expedient to continue co-operation with international financial organisations, but intends to change its routine, Russian First Deputy Minister for Economic Development and Trade Andrei Sharonov announced Thursday after the governmental session devoted to the matter.
The changes are due to an improved financial situation in Russia, he explained.
Thus, the government considers it necessary to increase the share of budget co-financing in projects carried out together with international organisations. As an example Sharonov named China, where projects involving the World Bank were carried out provided the share of the Chinese budget in them was no less than 50%.
Russia and China are the only partners of the World Bank that are continuing to take foreign loans despite their budget surpluses, the ministry's representative recalled.
The Russian government considers it expedient to introduce floating shares in project co-financing. The country is launching large infrastructure projects means for a long time and the government would like to vary the shares of the government and international financial organisations for every year depending on the situation in the country, the deputy minister explained. The World Bank has already given its preliminary consent to it, he added.
Russian authorities also intend to expand possibilities for cooperation with international organisations for the country's regions, Sharonov announced. At present such cooperation is complicated as regions do not have a credit history and many of them are debtors of the federal budget.
The government believes that cooperation with international financial organisations should gradually shift towards commercial loans without state guarantees. In the prospect loans should be attracted by commercial structures under common banking procedures, while state guarantees should be given only on the most important infrastructure projects. Among the priorities the Russian deputy minister named development of automobile and railway transportation and ports, as well as education and healthcare projects.
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