Efficiency of using financial-crediting resources in agriculture | Эффективность использования финансово-кредитных ресурсов в сельском хозяйстве
2010
Maslova, V.V., All-Russia Research and Development Inst. of Agricultural Economics, Moscow (Russian Federation)
The mechanism of providing agricultural producers with crediting resources (CR) includes an analysis of supply and demand in the CR market and the role of state in this process. Of importance is an analysis of trends of using borrowed funs – for current or investment purposes. In 2009 attracting CR increased by 10% compared to the preceding year and was 412 billion rub, of which 73% fell on short-term credits, 27% - on investment credits. For developing small businesses in 2009 41.8 billion rub were attracted. More than 50% of the total sum of credits fell on agricultural producers, 45% - on processing AIC organizations. The main mechanism of increasing the accessibility of credits is subsidizing a part of the rate of interest. There is a contradiction in the organizational and economical crediting mechanism. On the one hand, increasing the accessibility of long-term borrowed funds can accelerate the process of modernization of agriculture, on the other hand – attracting such a considerable volume of credit resources requires by agricultural producers the removal from business of enormous funds for repaying the interests on credit, and in consequence of the credit itself, actually thereby nullifying a possibility of expanded reproduction for most agricultural organizations. It is concluded that the ratio of credits to subsides being 70:30 is advisable. In this case the volumes of subsidizing the rate of interest on credit should be reduced by 20-25%. These funds can be reoriented for directly subsidizing agriculture
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