Mediafax (Mediafax)
Markets  |  September 26, 2012 21:30:05

Government withdrew from the meeting point of guarantee on the loan is secured by the CNB for the International Monetary Fund


PRAGUE (MEDIAFAX) - Cabinet Petr Necas (ODS) withdrew from their meeting point for the provision of state guarantees to secure loans of the Czech National Bank (CNB) for the International Monetary Fund (IMF). Mediafax agency on Wednesday informed source confirmed.

The purpose of the loan for the IMF to be according to the Ministry of Finance of the rapid increase in liquidity during the ongoing crisis. The Ministry has proposed to provide a loan of 1.5 billion euros (37.41 billion dollars) from the CNB's international reserves. She agreed with the provision in the case of a state guarantee. Meanwhile, the CNB also demanded closure of the payment of compensation for loss of income. The government agreed to the terms.

Czech National Bank also requires that issued the guarantee and a loan of 1.03 billion euros (25.68 billion dollars) provided by the International Monetary Fund already in 2010.The total amount of guarantees will amount to 2.53 billion euros (63.09 billion dollars).

Czech National Bank is planning a new loan agreement with the IMF concluded an "Agreement to provide bilateral loans" and the Ministry of Finance "Agreement on reimbursement of costs incurred by the CNB in ??connection with the conclusion and fulfillment." State guarantee will cover the principal and interest associated with the loan.

Exposure alone does not guarantee a new state according to the Ministry of Finance have a direct impact on public budgets. However, the loan will have a direct impact on the state budget expenditures with respect to the compensation required by the Czech National Bank (opportunity costs, transaction costs, costs of exchange rate risk).

To compensate for the loan has been granted in the years 2010 and 2011 paid 47 million crowns. The expenditure side of the budget also would be burdened if the CNB repay the IMF loan and the guarantee will be implemented for the benefit of CNB from the state budget. "It should be noted that such a fact in the history of the IMF is not yet," warned the Ministry of Finance.

Jan Soukup, soukupj@mediafax.cz

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