Kommersant : state guarantees to attract loans may get cheaper
fee for the provision of the Cabinet of Ministers of the guarantor on loans for investment projects will fall by half - to 1% per annum of the amount of the guarantee. This is stated in released yesterday at the Ministry of Economy draft decree On the attraction of loans guaranteed by the Cabinet and the provision of government guarantees for the implementation of investment projects. We have differentiated fee: 0,5% - if the loan will be serviced by the state budget, 2% - extrabudgetary funds (decree № 787/2001).
This year, the Government has ten orders granting the state guarantees on foreign loans for investment projects - three guarantees to 1.435 billion euros, and six - for $ 1.5 billion in these projects are related to the purchase of medical and agricultural equipment.
overall limit on the issuance of guarantees for 2009, including support for NAK Naftogaz Ukraine ($ 2.005 billion), in the state budget is set at 37 billion UAH. Among the major safeguards - an opportunity for local authorities to take loans to pay off the debt in housing and utilities at 3.8 billion UAH, and the right of the State investment and financial lending institutions to attract loans for investment projects for 8 billion UAH.
President Viktor Yushchenko accused the Cabinet of exceeding this level - guarantees issued for 52.2 billion UAH - and challenged in the Constitutional Court to provide guarantees for loans amounting to 20.4 billion UAH. The draft budget for 2010 is planned issuance of guarantees for a further 43.5 billion UAH. Thus, the state budget would wipe up to be 522 million UAH for loans under the state guarantees this year, and before 435 million UAH - on planned for 2010.
Channel in one of the departments of the Ministry of Economy said that the decision systematizing the selection of credit projects applying for government guarantees. In this regard, we proposed to adopt a single rate for the guarantee to put candidates on an equal footing, - said the source. Neither the Ministry of Economy or the Ministry of Finance failed to call the bet that the company paid for the right to obtain credits in the current year.
Deputy Director of the Ukrainian Center for Foreign Investment (InvestUkraine) Maxim Ivanov believes that the rate reduction will attract loans for projects not of interest to investors. They include infrastructure and energy efficiency projects. Even though the state guarantees, such projects are not in demand. At the very least, a limit on the guarantee for the current year of $ 8 billion UAH, as far as we know, is far from exhausted, - he said. However, the deputy head of the Verkhovna Rada Committee on Economic Policy Alexei Plotnikov sure cheaper guarantees devalue them: Reducing the cost of state guarantees makes them more accessible and leads to the devaluation of them: first, drops the cost of obtaining, and then - the confidence of investors in low-cost guarantees.
Yuri Panchenko
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