Who will pay for the fruits of Yeltsin’s “economic diplomacy”

And how it all began cheerfully. Once upon a time, officialdom from all economic forums was saying that Russia, it seems, has approached a state where, in relations with Western creditors, it is not only possible, but also necessary to negotiate without deviating from one’s own interests.

Even somewhere at one time there was a statement by the government and the Central Bank of the Russian Federation, which reported on the obligations assumed by Russia to our benefactors from the NATO countries.

Our economy has long subsided under NATO

Who would doubt it, but nevertheless, even in our economic “liberal” spheres, it was recognized that the requirements of the International Monetary Fund prescribe us a super-tight financial policy.

We naturally considered that this threatened a budget crisis and an increase in non-payments due to a lack of funds in the Russian economy. Words about the real scale of the GDP of our pocket economists will be attributed to the evil one. Soon the default struck, and everything fell into place. Caesar’s is Caesar’s, and oil and gas is also Caesar’s.

Deposits in someone’s accounts grew, but so did the interest on the loans we borrowed from the IMF. Some of our economists knocked on the door of the government many years ago, arguing that all IMF measures, which, in particular, affect the oil and gas complex, coupled with the electric power industry (raising prices, excises), will only lead to our costs, turning Russian products into uncompetitive foreign market.

I will not list all the obligations of the new Russia to the IMF, there are many of them. But the requirement that our Central Bank must keep its foreign exchange reserves in the United States and closely monitor the volume of foreign currency borrowing by Russian residents has already pushed Russia back to the level of third-rate countries. And after all, ours accepted these conditions …

As rightly noted, today it has become a reality. The United States pays its costs with our loans.

“Russian reserves in the US – US contribution to the IMF – Russia’s loan to the IMF.”

Well, nothing has changed in 30 years!

The IMF has closely followed and is following Russia’s policy. Somewhere they will turn a blind eye to violations of “recommendations”, and then they will exact in full. Though depending where. At one time in Ukraine, IMF violations were more than enough. Russia in this case could be an example. Nevertheless, they threatened Kyiv with a finger, but the 1.5 billion tranche was not suspended. Let me remind you, not now, but a hundred years ago. Now Kyiv is buying weapons with IMF loans.

If the oligarchs of the whole country chipped in

Very funny is our relationship with the IMF in terms of wine and vodka products. Although our government, at first glance, balked at the IMF’s demand to lift the “quantitative restriction on the import of alcoholic beverages.” But then he agreed. But how to limit it, when the production of vodka in the country is no longer monopolized and all and sundry people make all kinds of poison.

Of course, they can say who just does not climb into the bondage of the IMF. Let the US or China. But the IMF has never written any recommendations to Beijing, and for some reason, our government promises to transfer Russian citizens to Chinese cars, and not to domestic ones, in the light of sanctions. Bravura reports about the restoration of the brand of the once buried “Moskvich” somehow came to naught.

In the meantime, according to average data, although they say from officialdom that Russia is successfully servicing its external debt, despite the sanctions imposed on it by the West, according to the Bank of Russia, we owe about 500 billion US dollars. Who will pay when wages in the country fluctuate between 20,000 and 30,000 rubles?

Of course, we have oligarchs (for 30 years the citizens of Russia have not been explained where they came from after the collapse of the Soviet Union), who together will be able to more than pay off our debt. But they live in NATO countries. And it’s sad.

Why is the Russian economy going to end soon? What to do?

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