Give Growth and Macroeconomic Stability in Russia a Chance: Harden Budgets by Eliminating Nonpayments

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World Bank, 2000 - Budget - 26 pages
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In Russia, implicit subsidies amounting to 10 percent of GDP per year in the form of nonpayments have stifled growth, contributed to the August 1998 macroeconomic crisis through their impact on public debt, and made at best a questionable contribution to equity. Hardening budgets requires that these nonpayments - or mutual arrears and noncash settlements among the government, the energy monopolies, and manufacturing firms - be eliminated with energy bills, taxes and budgetary spending settled on time and in cash.

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