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No debt, no development

Ни госдолга, ни развития

What the state is all right with money, of course, good, but what’s the point if it does not come out in the welfare of citizens, said economist Igor Nikolayev.

From mid-2019, the national debt of Russia was lower than all the combined liquid assets of the “extended government”, i.e. the Federal authorities, regions and extrabudgetary state funds. About it reported RBC, based on data of the Ministry of Finance and the Central Bank.

This means that if the Russian government suddenly decided to pay off all your debts, both external and internal, this could be done by only one of the deposits of public authorities in Central and commercial banks.
“What has been done in macroeconomics Russia from 2014 to 2019, just get in the textbooks,” stated with pride on this occasion, the Minister of economic development Maxim Oreshkin. On August 1, 2019 liquid assets of the state in the accounts of the Central Bank and other banks in rubles and foreign currency amounted to $ 17.6 trillion, while national debt is 16.2 trillion.

Thus we see economic stagnation in the country, the growth of arrears to banks and the very low incomes of the majority of Russian citizens. Recall that according to Rosstat, the median salary of employees of large and medium-sized enterprises in Russia in April 2019 amounted to 34.3 thousand rubles a month. This means that half of the working population receives a salary and below.

However, we note that in the report of Rosstat did not include the small and microenterprise, where wages are traditionally lower than in large and medium-sized companies. Therefore, if they were taken into account in official statistics, the median salary in the country would be even lower.

That means the fact that Russia remained a “clean” debt and why the well-being of Russian citizens does not grow from this, columnist for “the guardian spoke with the Director of the Institute of strategic analysis Igor Nikolayev.

— How are you regarded the information that government debt in Russia has almost disappeared?

Well, not that he’s disappeared, just talking about the fact that money is enough for the whole of our national debt that is about $ 500 billion had been repaid. That is really resulting in a net debt we have now, no. However, don’t overestimate the value of this indicator. We must look primarily at what is happening with the Russian economy is growing or not, with revenues of citizens.

Life shows that this figure (a state debt) is not always correlated with the state of the economy. To take note of it is possible, but should not be overestimated.

Despite such remarkable progress in reducing debt, we actually now have economic stagnation and growing debt of the population to banks…

Yes, real incomes are not growing. Even the forecasts of the Ministry, which officially can’t predict the decline in real disposable incomes, it turns out that this year, we looked forward to their “increased” 0.1 per cent. That is, in 2014, incomes fall, and even according to official forecasts, as we see, practically will not grow.

Accordingly, the question arises: what is the population from the fact that there will be a public debt? People are rightly concerned about what is in their pockets, what happens to their income. And the fact that the state is good with money is good, but if it does not come out in the welfare of the citizens, then what good does that do?

Head of the Ministry Maxim Oreshkin said that what’s been done in macroeconomics in the country from 2014 to 2019 will appear in textbooks, however, is not very clear with what sign, plus or minus… May be instead to reduce the national debt to negative values and to put public funds in “pods”, it should increase the wages of our citizens, to invest in infrastructure projects in the industry? This, as I understand it, we are not going to do…

— No, they are going, and judging by the forecasts (the government), everything is fine. After all, the growth of investment in fixed assets in the next year we have planned just a blast. It should be 7.6 percent. Given the fact that at the end of the first half of 2019, investment in fixed capital in Russia is now about 0,5-0,7%, it is a very sharp increase. That is, the plans, the projections, there is, but in the case something does not work…

Why?

— This is understandable. Because of this growth we have planned in the hope that the increased investment in fixed capital is not only the state that is going to make it through the projects, but also private business. And he really is not invested. Therefore, the development and, so, we stagniruet. This, of course, not the only reason, but one of the main.

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