CAPITAL OUTFLOW FROM RUSSIA INCREASES IN PRIVATE SECTOR

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MOSCOW, August 3 (RIA Novosti) - The Russian Ministry of Economic Development and Trade (MEDT) notes the increasing capital outflow from the country in the private sector, reads the monitoring report published on the MEDT web site on Tuesday.

The private sector's capital export was much more intensive than in the first half of 2003, the experts point out. "All in all, the net capital outflow in the private sector amounted to $5.5 billion, while the first half of 2003 witnessed net import of financial resources in the amount of $3.8 billion", says the MEDT survey.

The country's negative balance in the financial account is estimated at $6.9 billion. It proves the fact that the residents' investments in foreign assets still exceeded the volume of foreign capital attracted to the country, note the experts.

According to the MEDT, the total volume of loans attracted by the state administration sector amounted to $400 million. Primarily used were the assets of the International Bank for Reconstruction and Development and the European Bank for Reconstruction and Development within the framework of the effective credit lines.

Commercial banks' debt retained the level of the beginning of the year, while that of non-financial enterprises grew by $4.3 billion over six months.

The economy's overall debt over the period of January-March grew by approximately $2.7 billion reaching $186.9 billion.

At the same time, the government liabilities, including the International Monetary Fund's credit, were redeemed by $4.8 billion, including $3.4 billion of Russia's new debt and $1.4 billion of the former USSR debt.

As a result of settling debt relations with some crediting countries, and with regard to restructuring the debt of the former USSR, the country's overdue debt reduced by $2.9 billion.

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