Project finance senheyo yehutano hunobudirira hwekutsvaga

Mune hupfumi hwemazuva ano reRussia, nyaya yekuda kwekushanda kwezvikwereti muzvikwereti mumusangano wekutsinhanisa kwekutsvaga kuburikidza nekushandiswa kwekubhadhara mari yebhangi uye kubhadhara mari iri kuwedzera kuwedzera. Panguva imwecheteyo, kuvapo kwehutano hwepamusoro huri pamwe chete nemishonga yekugadzira mari kumativi ose muRussia ndechimwe chezvinhu zvakakosha zvinokonzerwa nekubatanidzwa kwezvikwereti mune zvikwereti mumabasa ekutsvaga, uye zvinodawo kukurudzirwa kwemaitiro ekutonga kwavo.

Basa rekubhadhara nekushandiswa kwemapurojekiti ekutsvaga kwekugadzirisa kwemazuva ano ehupfumi hwemari yehupfumi hwekugadzirwa kwezvinhu, yave ichionekwa senzira yekugadzirisa dambudziko, kubvira muchikamu chechipiri cha 2008. Kuchengeta kuongororwa kwenyika yekusimudza basa muRussian Federation, iyo yebhangi, pamwe nekubhadhara mari yebhangi yemapurojekiti ekutsvaga mari muna 2007-2011, zvinogona kutaurwa kuti zvikwereti zvemabhengi emumba zviri pamatunhu akakwana.

Mukugadzirisa kwemazvikwereti, mabhengi 'emari chikwereti 10,4%. Semuenzaniso, kubhadhara mari yebhangi yekukwezva mari yakagamuchira kubva kubhadharo yehurumende, uyezve, kubva kune zvinyorwa zvepamusoro masangano akanyorwa ari patafura semamwe, asi, pasinei neizvi, zvikwereti zvebhangi zvichiri kutungamirira kukura kwehupfumi. Kana uchitarisa humwe hutano hwakanaka hwokukweretesa, tinofanira kutarisa kuti mari yakagoverwa mari yekugadzirisa basa inonyanya kunangwa.

Paunenge uchitarisa mashoko pamusoro pezvizhinji zvemarenda emakore akawanda akawedzerwa nemahombekombe eRussia yehurumende kumabhizimisi nemasangano, zvinogona kutaurwa kuti pane kushaikwa kwenguva refu yezvigadzirwa zvekutsvaga kwekutsvaga mari kubhengi, sezvo chikamu chezvikwereti chakapiwa kwemakore anopfuura 3 chete 33.0% chete.

Pakupera kwa2008, nekuda kwekutsigirwa kwehurumende, mari yakawanda yehupfumi yakapiwa kwenguva yakareba kune mabhanga anotungamirira eRussia Federation (VTB Bank, Sberbank, Gazprombank, VEB), uye yakava iyo inonyanya kugadzirisa matambudziko ezvehupfumi. Izvozvi zvikwereti zvinopa zvikamu zvinenge hafu yezvose zvikwereti zvezvikwereti kumabhizimisi uye emabhizimisi emabhizimisi. Maererano nemari yakapiwa, kuumbwa kwebasa rekusununguka kwenguva refu mumabhangi akachengetwa kwakaonekwa, asi kubva mabhengi ehurumende, mamwe masangano emarikiti akaramba achiwana matambudziko mune zvisiri izvo zvino, uyewo anotambura nekushayikwa kwematambudziko emakore akawanda.

Dambudziko renyika rakaratidza matambudziko emagetsi ezuva ranhasi uye semumwe wavo vanoona nezvematongerwo enyika vanoshevedza mafungiro ehutano hwekutengesa ngozi. Kubvira muna 2008, mari yekugadzirisa mari muRussia yakaderera nokuti njodzi dzekubhadhara zvikwereti muzvikwata zvekutsvaga kwekutsvaga yakawedzera mapepa akawanda. Zvinhu zvisina kunaka zvakakonzera kuwedzera mune zvikwereti zvinopfuura. Mabhizimisi emabhizimisi mumamiriro ezvinhu ehupfumi iye zvino akatanga kushandura mitemo yavo yechikwereti, kusimbisa zvinodiwa kune vakwereta kuvandudza hutano hwemafotfoliyo. Panguva imwe chete, pamabhengi, basa guru raiva yekuchengetedza njodzi dzekubhadhara mari uye huripo huripo hutongwa hwekutsvaga, izvo zvirongwa zvinorwisana nematambudziko zvakagadzirwa.

Chiitiko chezvikwereti zvikwereti mumunda wekutambudzika kunofanira kubatsira kusimbisa nzira itsva dzekudzikisa njodzi mukushandiswa kwemapurojekiti ezvekutsvaga, zvinowanzowedzera kuwedzera kwekubhadhara mari.

Sangano rekubhadhara, pamwe nekutsvakurudza nezvezvinetso zvebhangi uye zvinetso zvekutarisana zvinosangana naro, nguva dzose zvinongoronga, nekuda kwekuwedzera kuwedzera kwehutano hwepanyama uye sarudzo dzezvipingamupinyi zvinowanikwa mukushanda kwebasa rekukweretesa, uye kusanganisa kwezvigadzirwa nemabasa.