Making Markets: Economic Transformation in Eastern Europe and the Post-Soviet States

By Shafiqul Islam; Michael Mandelbaum | Go to book overview

Appendix to Chapter 4:
A Note on G-7 Assistance Extended to the Soviet Union

In the recent past the Soviet Union received substantial assistance, mostly in the form of credits and guarantees from export credit agencies, particularly Hermes (Federal Republic of Germany). Nonetheless, considerable and understandable confusion surrounds the actual extent of assistance, and in public debate, opponents of assistance to Russia have tended to magnify the flows that have already gone to the former Soviet Union. 30 By 1990 and 1991, inflows of credits and grants barely exceeded outflows of debt servicing (amortization and interest payments).

According to preliminary and partial data collected by the EC during 1990 and 1991, the Soviet Union received commitments of assistance of $52.6 billion -- $2.3 billion in grants, $7.6 billion in untied loans, and $42.7 billion in tied loans. 31 In addition, Germany extended approximately $11 billion in assistance for the withdrawal of Soviet troops from the former East Germany. About two-thirds of these commitments ($28.1 billion) were actually disbursed. Only $1.7 billion of the disbursements came in the form of grants; the rest came as credits (of which $7.6 billion were untied, and $18.8 billion were tied). Russia's share of the overall disbursements was roughly 6 percent (approximately the share of the Russian economy in the Soviet Union), or about $17 billion over 1990 and 1991. Germany provided about half of the total disbursements ($14.6 billion). A large part of the German contribution involved credits to East German industrial

-176-

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Making Markets: Economic Transformation in Eastern Europe and the Post-Soviet States
Table of contents

Table of contents

  • Title Page iii
  • Council On Foreign Relations Books iv
  • Contents v
  • Foreword vii
  • Acknowledgments ix
  • Introduction 1
  • 1 - From Central Planning to a Market Economy 16
  • Notes 49
  • 2 - Economic Transformation in Central and Eastern Europe 53
  • Notes 97
  • 3 - Economic Reform in the USSR and Its Successor States 99
  • Notes 138
  • 4 - Western Financial Assistance and Russia's Reforms 143
  • Appendix to Chapter 4 - A Note on G-7 Assistance Extended to the Soviet Union 176
  • Notes 178
  • Conclusion - Problems of Planning a Market Economy 182
  • Notes 212
  • Appendix 216
  • Index 218
  • Glossary of Abbreviations and Acronyms 235
  • About the Authors 236
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