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УRosagroleasingФ is not interested in the efficient use of received funds: the corporation gets allocations not specifically for leasing operations but for the enlargement of its authorized capital conditioned by conducting of leasing operations. The scope of these operations is expectedly not fixed in the documents.

ItТs also not clear what pedigree cattle will be bought - will these be dairy or meat breeds So far, one speaks of dairy breeds. The pedigree renovation of dairy herd is targeted at a sharp increase of milk production. Given limited capacity of the domestic milk market this will lead to the slaughter of less productive animals. The result will be a short-term leap of meat production. Such a trend could be recently observed in the sector even without the additional import of pedigree livestock. But since there is no large-scale meat cattle production industry in the country, the decline of cattle inventories (going in line with higher milk productivity) will soon lead to smaller domestic production of beef.

Since the agrarian establishment is not ready to admit the thought of Russia being a net importer of beef, mass import of meat pedigree cattle is most likely to follow. And this is an all the more risky project that has not once been attempted in different regions and has failed almost everywhere. Not denying a possibility of successful private projects of developing intensive meat cattle production in Russia, we find that mass home production of beef capable to cover domestic demand within optimal financial framework is unattainable. So, even in case the import of pedigree dairy cattle within the National project is efficient, it will bring about non-efficient purchase of pedigree meat cattle.

The National project envisages subsidizing of interest on investment credits for construction and modernization of livestock complexes for the term up to 8 years. So far, the state has not compensated interest on such long-term credits. At the same time, the National projectТs duration is only 2 years engendering very high risks for producers wishing to participate in the subsidizing program - the state gives no signals whether compensation of interest on 8-year-term credits will continue after the two years of National projectТs implementation are over. Due to this uncertainty the demand for subsidized investment credits will be lower than envisaged in the project.

Small-scale farming is to be supported through subsidizing of interest rates. Such a program is currently underway but is not specifically targeted at small producers. The National project is supposed to provide better access to credit for this particular group of farmers. The subsidizing of interest on credits to small producers will amount to 100% of the RF Central BankТs discount rate (95% will be funded from the federal budget and 5% - from budgets of the FederationТs members). Such a subsidy actually means a negative interest on bank credits. Agricultural producers could enjoy similar superbeneficial credit terms in 1992 (then individual private farmers got credits at 8% per annum while average bank interests were as high as 120%). This resulted in an intense criminalization of the sector13, mass violations, dissipation of resources and finally - in the bankruptcy of Agroprombank. The advocates of this measure proceed from good intention to provide small producers access to bank credit but disregard the threat that given so beneficial credit terms (that make it actually not a credit but a way of direct receipt of budget funds) hundreds and thousands of newly created pseudo-entities will pretend to be small agricultural producers. This is all the more possible as household farms are also defined as small agricultural producers, and to comply with this definition itТs enough to buy a house in a village and to plant 0.01 ha of potatoes.

Similar to its first part, the second part of the National project is also inconsistent. It envisages support to cooperatives collecting milk from households. The authorities still think that rural residents can earn money for decent living by selling milk of 1-2 cows. WhatТs the logic then On the one hand, we assist development of large-scale production by importing highly productive pedigree livestock for large commodity corporate farms and, on the other hand, we support old women with their tiny milking business. But these are competing sectors. Supporting milk collecting cooperatives we create competitors for large commodity enterprises that will buy imported highly productive dairy cattle. Rural population urgently needs help in the form of providing alternative income sources (the more so in case the first part of the project succeeds - then rural employment will further fall since handling of productive cows at farms with advanced technology requires 3-4 less workers than today) but why should it be solely milk production There is one more problem that can have long-term negative effects. The major measure targeted at the development of cooperatives in the framework of the National project is the enlargement of УRosselkhozbankТsФ (Russian Agricultural BankТs) authorized capital by 9.4 billion rubles within years. УRosagroleasingТsФ authorized capital is also to be enlarged by 8 billion rubles in order to implement such measures as import of pedigree animals and renovation of fixed capital in livestock production (Picture 3). So, the implementation of the National project is largely (56% of envisaged expenditures) confined to the transfer of budget funds to by-state organizations-monopolists. The intended monopolization of input and financial markets in agriculture hinders their normal development and affects farm producersТ access to these resources.

At approximately the same time farmers were allowed to keep weapons. In the federal center and in regions several criminal proceedings were initiated against abuses in the process of distributing soft credits.

6.63 billion rubles Additional funds to subsidize interest on investment credits for (in addition to 7.Better access construction and modernization of livestock complexes. The billion rubles to credit term of eligible credits is extended to 8 years.

already projected for 2006-2007), Development 8 billion rubles of leasing of Purchase of advanced equipment for creating 130 thousand (enlargement of machinery, stalls and of 100 thousand pedigree animals and their leasing to УRosagroleasingФ agricultural producers equipment and authorized capital) pedigree livestock Quotas:

Improvement 2006 - 2069.7 thous.

Abolition of import customs duties on technological equipment of customs tons incl. 1130.0 thous.

for livestock production that has no domestic analogues.

tariff tons of poultry Quotas and customs duties on import of meat till 2007 - 2124.3 thous.

regulation introduced by the Government Resolution.

tons incl. 1171.2 thous.

tons of poultry Source: 1. Measures to facilitate accelerated growth of livestock production Development of Развитие е Enlargement of УRosselkhozbankТsФ authorized rural credit coopeсельско кред У tal: збанк:

capiвеличение УК ОАО Россельхо ration system на развитие системы сельской кредитной коопеации for development of млрд руб;

rural credit cooperation system - кооперации - на 2 billion rubles;

на развитие системы земельно -ипотечного 9,4 млрд. руб of crediting Development of for development на 1,3 млрд. руsystem based on land 9.4 billion rubles кредитования - б;

на формирование и расширение мощностей mortgage - 1.3 billion rubles;

land mortgage Enlargement of На увеличение переработки сельхозпродукции, производимой for building of new and extension of existing ОАО УRosselkhozbankФ ЛПХ и КФХ - на 4,1 млрд руб;

capacities processing farm products produced by Россельхбанк з authorized capital Development of Развити на с оздание и модернизаци ю инфраструктуры household and individual private farms - 4.1 billion заготовитеных обслуживания потребностей мелких сельских purchase, ь, supply, rubles;

производителей - на 2 млрд руб, снабжнческ- and marketing for creating and modernizing service infrastructure сбытовыи processing for small farm producers - 2 billion rubles.

перерабатывающ cooperatives 6,57 млрд. руб Better access to 6.57 rubles Additional funds for subsidizing interest on credits for (доп. bln.

Расширени Дополнительные средства на субсидирование процентных credit for developing production at household and individual КФХ финансирование private Additional funds ставок по кредитам на развитие производства ЛПХ, доступност субсидирования household and farms and supporting of farm consumer cooperatives for subsidizing и созда ваемых ими сельскохозяйственными кредиа дляЛПХ процентных created by them individual потребительскими кооперативами interest rate ставок) private farms Source: 2. Measures to facilitate small-scale farming Subsidizing of interest on credits for developing livestock production Subsidizing of interest on credits for developing small-scale farming Enlargement of "Rosagroleasing's" authorized capital Enlargement of "Rosselkhozbank's" authorized capital Source: 3. Financing of the National project УDevelopment of the agrifood sectorФ, % Serova E.V., Shick O.V.

Issues Considered at the Session of the RF Government on January 19 and At the sessions of the RF Government in January 2006 there were considered (among other things) the draft resolution of the RF government on the volumes of issuance of the government securities in 2006 (report of the deputy of the RF minister of finance, Storchak S.A.), as well as the draft resolution of the RF Government (represented by the deputy of the RF minister of finance, Golikova T.A.) УOn Measures for Implementation of the Federal Law УOn Federal Budget for 2006Ф, aimed at implementation of the provision of the aforementioned federal law, which do not require adoption of individual legal acts of the RF Governments.

* * * According to the report УOn Volumes of Issuance of the Government Securities in 2006Ф the MinFin of Russia plans to conduct in 2006 the policy of borrowings aimed at substitution in the mid-term perspective the government foreign debt by domestic borrowings, development of the national market of government securities.

According to the Program of government domestic borrowings of the Russian Federation for (hereinafter - Program) it is planned to concurrently develop two segments of the government securities market:

- GKO-OFZ market - GSB (government savings bonds) market, ensuring investment of the part of pension accruals in the government savings bonds.

The Program provides for attraction (due to placement of government securities on the domestic market) of Rb 238.198 bn under redemption of the government securities to the amount of Rb 68.bn. Thus, in 2006, УnetФ attraction of the government securities will make Rb 169.767 bn.

The MinFin of Russia plans that in 2006 borrowings on the domestic market will be, basically, of mid-term and long-term nature. The short-term zero coupon bonds will not be issued, as the demand for short-term instruments, in the case of increased demand for them, may be provided by operations of the Bank of Russia with its portfolio of government bonds (conducting REPO operation), or by placement of the bonds of the Bank of Russia.

To raise liquidity of the market of government securities, the MinFin of Russia will continue to place in 2006 the government bonds with the standard circulation periods (3,5, 10 and 15 years). The three- and five-year federal loan bonds will have a constant coupon yield, and their volume by late 2006 will reach Rb 40.0 bn each. The MinFin of Russia will place the long-term ten- and fifteen-year federal loan bonds with amortization of debt (which issue the MinFin of Russia conducted for the first time in 2005) in 2006-2007. It is planned to bring the volume of their issuance to Rb 80-100 bn each.

For further increase of the circulation periods of state bonds and optimization of the payment schedule on servicing and redemption of domestic public debt of Russia, the MinFin of Russia plans to start placement, in 2006, the federal loan bonds with the circulation period up to 30 years and the volume of circulated funds by the late 2006 - around Rb 30 bn.

In accordance with the report, taking into account considerable growth of the volume of pension accruals that will be invested in the government securities in the years to come, investing of such funds only in the circulated government securities will influence negatively on the GKO-OFZ market because of concentration of the government securities of УpassiveФ investors and decline in the market liquidity. In this context, the MinFin of Russia plans to form in 2006 a new segment of the government securities market oriented to УpassiveФ investors by way of issuance of the government savings bonds (GSB).

Under the planned yield by the short-term instruments (up to 1 year) up to 6,0% and by mid-term and long-term instruments - 7,0% and 8,5%, respectfully, the MinFin of Russia plans to placeб in 2006б at face value the federal loan bonds to the amount of Rb 186.0 bn, the government savings bonds - Rb 65.0 bn (including Rb 10.0 bn - with the repayment period up to 1 year). Thus, in 2006, around 96 % of the planned volume of domestic borrowings fall on mid- and long-term borrowings.

At the session of January 26 the RF Government adopted the draft resolution УOn Measures for Implementation of the Federal law "On Federal Budget for 2006".

According to the data of the report, presented at this session by the deputy of the RF minister of finance Golikova T.A. on December 20, 2005 the budgetary list and limits of the budgetary obligations had been approved, which, in accordance with the applicable procedure were brought to notice of the main administrators of funds of the federal budget. In the approved consolidated budgetary list the quarterly distribution of budgetary appropriations with regard to non-interest expenditures was as follows: 1st quarter - 26,9%; 2d quarter - 26,3%; 3d quarter - 24,4%; 4th quarter - 22,4%.

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