The state offers direct financial support to non-commodity exporters. According to the Ministry of Economic Development, in 2015 the amount of financial support that Vnesheconombank and ROSEXIMBANK made available to high-tech exporters reached RUB 152 billion, while EXIAR offered USD 6.57 billion worth of export insurance coverage. The Rossiyskaya Gazeta decided to find out whether these funds are enough to develop the non-commodity export and wean the country off the “oil needle”.
Estimating the demand for financial support among exporters is no easy task
Compared to the leading economies of the world the amounts are rather small, but at this point it is pretty difficult to estimate the demand for financial support among exporters so it is impossible to tell with certainty whether it is a lot or a little, the Analytical Center's expert Grigoriy Mikryukov explained to the newspaper. “There are a lot of exporters that could qualify for financial support but do not bother with getting it,” the expert explained. “To some extent this happens because of the lack of information or fears that the formalities to get the money will be too complicated.”
The expert believes that a more important issue is not how much funds are made available but how efficient the various support mechanisms are and what kind of impact each one of them has on the economy. However, detailed analysis is needed to answer those questions, Mr. Mikryukov believes.
One way or another, the halving of the ruble’s value has reduced the amount of loans, insurance and state guarantees that exporters can potentially count on, Mr. Mikryukov noted.