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somehow very quickly resigned, and even got used to the fact that a month now lives (and at least another couple of months is doomed to live) without the approval of the law of state estimates. Moreover, and reasons for concern seems to be no special: Payments go and gosmashina somehow works. In truth, the current situation the lack of budget - a very convenient thing for the government: not as such budget revenue and expenditure (payment schedule), and all sorts of meticulous experts can not calculate the actual deficit of state budget.

That and the Ministry of Finance on January 27 issued a very optimistic statistics. As it turned out, for January-December 2009 state budget deficit is made with less than 20 billion UAH. (19,865.6 million), while the planned annual targets have been much worse - 31,6 billion UAH. So where is cause for concern?

They appear, if a bit deeper look at the Finance Ministry published indices. As soon becomes apparent that, despite more than 12 percent annual inflation (12.3%), the tax revenues to state treasury over the last year have decreased, and also more than 12% (from 168 billion UAH. Up to 149 billion). Emerged almost $ 20 billion hole had to be compensated ... right through loans. Borrowing state treasury last year exceeded $ 97 billion UAH. (of which at maturity accounted for about 31.3 billion). For comparison: in 2008, both figures were more than five times more modest (17.7 and 6 billion UAH., Respectively). It is unfortunate that in this year"s trend of rapid expansion of national debt will inevitably gather momentum.

The fact that the money in the treasury sorely lacking, it is very hard to hide. According to former Finance Minister, an indicative amount of the budget deficit in 2010 will be about 150 billion UAH. (including funds provided to recapitalize troubled banks). Pinzenyk believes that the real deficit will be even higher, as in the election campaign the Government has not dared to raise gas prices.

obvious that in such circumstances the Government will not be too fussy in the search for additional sources fill the budget hole. Vivid examples: the decision of the Ministry of Finance of the truncated compensation of VAT to exporters, as well as attempts to deprive the Cabinet of the National Bank of reserves to replenish the treasury bills. But if discrimination exporters entirely in the hands of the government, the question of "development" natsbankovskih reserves Yulia Tymoshenko hurriedly not solved. Despite the formal resolution of the IMF to reduce the foreign exchange reserves of the NBU to $ 2 billion, the National Bank refused to transfer these funds to the government accounts, as well as direct lending to the budget he is prohibited by law profile.

It would seem, yet another scandal and recriminations NBU Head Volodymyr Stelmakh and Prime Minister Yulia Tymoshenko is inevitable. However, several days passed, but no drastic steps on both sides and not followed. Moreover, according to sources, "ZN" at the National Bank, this week was even held an expanded meeting of the Board of the NBU, which was attended by the prime minister and representatives of virtually all major banks with the Ukrainian and foreign capital (except for Privat).

At the meeting of bankers were asked to look very strongly, how attractive is government bonds, giving the yield over 20% per annum, even for three-and six-month securities. A case, you see, is that in the course of 12, 19 and 26 January auctions, the Ministry of Finance managed to attract only about 400 million UAH. even at rates 22-26% of securities from three months to three years. According to the PN one of the participants of the meeting, Yulia Tymoshenko suggested the bankers to buy Government Bonds amounting to 4.6 billion UAH. And the state budget deficit in January-February is projected at about $ 7 billion UAH.

not to say that the financiers were very tractable, but where to go, if you"re at the same time persuade the prime minister and head of the National Bank: Bankers have agreed to buy six months of Government Bonds with a yield of 21% over $ 2 billion UAH.

In this case, however, because of doubts in the reliability of bankers minfinovskih obligations as a guarantor of their National Bank had to act. He already seems to be even ruled government, which pledged to buy Government Bonds from the banks for five days prior to maturity. "It will then be dealt with financial problems between the Cabinet and National Bank of Ukraine, Vladimir Stelmach did not say, - said our interlocutor. - But I think that this debt will be transformed into a more long bonds. Click to continue »