System kredytowania dewizowego inwestycji na zasadzie samospłaty

Abstract

The strategy of Poland 's economic development in the period following 1970, which was called a strategy of accelerated socio economic development, was characterized with a desire to ensure an active participation for Poland in the international division of labour, rapid "external opening up" of the economy, and utilization of extern al factors of growth. The system of extending hard-currency credits to finance in vestment projects based on the self-repayment principle i . e . repayment of obtained credits by selling the effects of commissioned investment projects became an instrument in accomplishment of the strategy conceived in this way. As a result, the self-repayment principle became synonymous with subjecting import of investment goods from capitalist countries to an obligation of repaying its costs with exports to the markets of these countries . The self-repayment principle W3S to accomplish two basic goals in the Polish economy: 1) create conditions securing implementation of an accelerated economic development, 2 ) stimulate growth of profitable export striving in this way for an equilibrium in the payments balance . Within the framework of hard-currency credits for investments, there were financed the following types of projects : - planned investment projects (economic complexes), - planned purchases of ships , - construction of tourist facilities and hotels , - investment projects bringing fast returns . The main items to be purchased by means of hard -currency credits for these projects ware machines and equipment, know-how, raw materials , elements turned out on cooperation basis as well as complete turn-key projects and ships. The system of hard-currency credits underwent a tremendous evolution , which is reflected in verification of the elaborated programme of credits for complex projects and liberalization of principles according to which the utilized credits were to be repaid. All in all , the total value of credits extended over the years 1971-1900 amounted to 13.5 billion foreign exchange zlotys with 13.2 billion foreign exchange zlotys having been utilized. The financial obligations to be repaid as a result of these credits amount to 19.4 billion foreign exchange zlotys . The biggest share of all credits fell to complex investment projects . The remaining part of obtained credits was used for investment projects with fast returns (17.5%), tourist facilities and hotels (9 % ) and ships (8 .5 % ). The above data reveal that the investment projects put on stream owing to hard-currency credits held an important place in the investment policy of Poland in the seventies ; they exerted a huge Impact on modernization of industrial production but simultaneously, their influence on the payments balance was, to a big extent, negative.