ЗНАЧЕНИЕ КРЕДИТНЫХ РЕСУРСОВ В СОЦИАЛЬНО-ЭКОНОМИЧЕСКОМ РАЗВИТИИ РЕСПУБЛИКИ БЕЛАРУСЬ

Open Access

Abstract

Статья обнаруживает проблему необходимости диверсификации источников финансирования государственных программ социально-экономического развития в РБ. Проведенный анализ позволяет оценить современное положение по достижению важнейших приоритетных задач развития страны за счет бюджетных ресурсов и сделать вывод об ограничительных факторах их использования. Статья выявляет недостатки механизма финансирования государственных программ и посвящена вопросу повышения роли банковского кредитования на современном этапе как одного из возможных вариантов перспективных направлений его совершенствования. ; The article reveals the need for diversification of the sources of financing for public social and economic development programs in the Republic of Belarus. More attention should be paid to mobilizing alternative sources of financing such as internal funds of organizations, bank loans, etc. The conducted analysis provides an assessment of the current state of affairs in achieving the following key national development objectives: human resources development, innovative economic development approaches, modernization of all the economic sectors, creation of new knowledge-intensive production sectors, promotion of entrepreneurship and business initiatives, etc. Besides, the factors that restrict effective use of budget resources in these areas are determined. In spite of the fact that government funding of public programs has become a frequent practice, government resources are objectively constrained in accordance with variations in the budget income basis, and the resources allocated for public programs have a tendency to decrease over time. Since, achieving a balanced budget implies optimization of budget expenditures. The article also reveals the following downsides of the mechanism of financing public programs: 1. Inability to provide sufficient funding for all the programs and actions through budget financing while maintaining a balanced state budget; 2. Limitations of using organizations'' internal funds to implement the programs due to the low rate of return; 3. The increasing role of bank loans as an accessible source of funding, given that interest rates preferences are provided by the government. The author emphasizes the need for enhancing the role of bank lending in financing public programs as one of the possible ways of improving it. This includes the development and involvement of new participants such as non-bank credit and financial institutions, cooperative credit institutions, etc. into the system of government financing programs in order to encourage competition in the credit market, which may lead to a reduction in interest rates. The other promising options for the development of the mechanism of financing public programs in the Republic of Belarus are as follows: using budgetary funds for the implementation of social projects to optimize public expenditures; encouraging the development of debt financing by means of issuing corporate bonds as an alternative instrument of financing, which is not currently utilized by organizations; efficient using consumer bank lending opportunities and the multiplier effect on the social and economic development of the country. It is obvious that a combined system of implementing social and economic development programs has evolved in the Republic of Belarus. The peculiarity of the system is that the role of credit resources as a source of financing public programs is currently getting more and more significant. With this in mind, the mechanism of financing public programs requires an optimization to ensure that the scheduled actions and measures will be effectively put into practice within the frameworks of the key national development objectives.