External Borrowing in the Baltics, Russia, and Other States of the Former Soviet Union: The Transition to a Market Economy

John Odling-Smee and Basil Zavoiceo

No 1998/005, IMF Policy Discussion Papers from International Monetary Fund

Abstract: The external debt of many countries of the Baltics, Russia, and the former Soviet Union has been growing rapidly in recent years and has played an important part in the transition process. However, it is vital to strike a balance between financing transition and ensuring that the external debt is not used to finance wasteful expenditures or delay the transition process. This is especially important since the rising stock of external debt makes the borrowing countries increasingly vulnerable to changes in perceived creditworthiness. Accordingly, countries must adopt policies, including pressing ahead with structural reforms, to ensure that the borrowing is used to promote sound growth.

Keywords: PDP; BRO country; country; BRO; government; debt; Russia; Baltics; CIS; external financing; external debt; export ratio; country rating; BRO government; BRO region; a number of country; Structural reforms; Budget planning and preparation; Government debt management (search for similar items in EconPapers)
Pages: 14
Date: 1998-05-01
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