/ world today news/ Russia activates the work of the Asian Infrastructure Investment Bank (AIIB). The organization in question is an Asian counterpart to the IMF. ABII was formed in 2016 with the aim of providing financial assistance to developing countries in the conditions of their insufficient support from Western organizations.
The initiator of the creation of AIIB is Beijing, which is not strange. China is moving towards gaining economic sovereignty at an accelerated pace. And the creation of an analogue of the IMF is a completely logical move. But AIIB is not a purely Chinese organization. China’s share of participation is 26.06%, followed by India (7.6%), and in third place is Russia (5.98%).
Until now, our country has not actively participated in the interaction with the ABII. But now everything is changing.
It is important to pay attention to the following fact. As you know, the system liberal Anton Siluanov is in charge of the IMF from Russia. At the same time, in November 2020, Maxim Reshetnikov, who is directly subordinate to Belousov, was appointed manager at ABII. Now we will not dwell on the figure of Reshetnikov, which is very controversial, we will simply note this fact.
Russia approached ABII with a proposal to finance several projects. The list includes the $10 billion Meridian transit route, the construction of the Vladivostok ring road ($1.4 billion), the construction of renewable energy sources in the southern border areas, as well as a number of smaller projects.
I won’t take the projects apart now. There are big questions about them. And for each of them. But here we have something completely different.
For the first time, Russia is stepping up work with an IMF analogue. Belousov understands that for an economic breakthrough it is necessary to make large-scale investments in the real sector of the economy. However, systemic liberals block the development of the domestic financial sector. Although we have enough potential domestic resources, the Central Bank refuses to print the necessary amount of rubles for them.
The monetization of our economy is maintained at the level of 48-52%. There is no investment resource. Especially if we are talking about long-term and cheap money. The only source of such investments is the National Welfare Fund. But here Anton Siluanov is already delaying the allocation of funds.
The central bank, on the other hand, lives in the primitive Bretton Woods system, printing rubles exclusively according to the currency entering the country.
In fact, all these projects, whose list we have given above, can be financed from internal resources. All necessary goods and services for their sale are produced in Russia. Even for renewable energy, most of the equipment is located on the territory of our country. Of course, if the Central Bank was pursuing a sovereign policy, then there would be no need to apply for AIIB.
In the end, what does the scheme look like? Let’s assume that the AIIB lends $10 billion to Meridian. This money comes to Russia and the Central Bank prints rubles for it. But nothing prevents us from printing rubles just like that. In terms of rising prices, inflationary pressures will be the same. Simply, the Central Bank will withdraw these dollars and hand them over to the US Federal Reserve in exchange for receiving a promissory note. This is the essence of the Bretton Woods system.
Therefore, Belousov has no choice but to attract foreign currency so that the Central Bank prints at least a few extra rubles. The same will happen with the printing of funds from the National Welfare Fund.
Based on this, there is no particular sense of cooperation with AIIB. A sufficient amount of currency enters Russia. But thanks to the scheme invented by systemic liberals, even this currency does not work for the development of the country. According to the globalists, it is unnecessary. Therefore, all the conditions have been created for the “excess” private currency to go offshore, and the “excess” state currency to be withdrawn to the National Welfare Fund.
That is, if we block the outflow of capital, as well as start active investments from the FNB, then even under the conditions of the Bretton Woods system, we will have enough internal resources for the development of the country. With the currency, the Central Bank will start printing rubles, which will work for our economy. But this, alas, does not happen. Therefore, statesmen must look for more and more non-standard ways, turning to various international organizations
Translation: V. Sergeev
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