Investment in Russia and Eastern Europe Message Board

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Strategies & Market Trends : Investment in Russia and Eastern Europe

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To: Real Man who wrote ()	7/27/1998 8:07:00 PM
From: Real Man	Read Replies (1) of 1301

I'm afraid there are reasons for pessimism. From Kiriyenko's speech (July, 1) - some numbers Real GDP for 5 months - 1998: - dropped 0.2% from the same period in 1997; exports dropped 7.5%; investment dropped 6%. There is internal non-payment crisis. The total amount > 1 trln. roubles (160 bln $). For 9 years there is budget deficit. The Gross state debt is almost 44% of GDP. 378,9 bln r. ($60.4 bln) is in GKO, which mature in 1998. Half of this amount has to be paid. They have to pay 31-32 bln r a month ($5.1 bln); they collect only 2/3 of this amount in taxes. The salary arrears are 70 bln r.(11.2 bln USD), pension arrrears 11 bln r. (1.75 bln USD) -Vi

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