{"id":675657,"date":"2024-05-18T08:54:31","date_gmt":"2024-05-18T06:54:31","guid":{"rendered":"https:\/\/www.hashtag.al\/?p=675657"},"modified":"2024-05-18T08:54:31","modified_gmt":"2024-05-18T06:54:31","slug":"a-mund-ta-zgjidhe-fmn-ja-krizen-e-borxhit-te-vendeve-te-varfra","status":"publish","type":"post","link":"https:\/\/www.hashtag.al\/index.php\/2024\/05\/18\/a-mund-ta-zgjidhe-fmn-ja-krizen-e-borxhit-te-vendeve-te-varfra\/","title":{"rendered":"A mund ta zgjidh\u00eb FMN-ja kriz\u00ebn e borxhit t\u00eb vendeve t\u00eb varfra?","gt_translate_keys":[{"key":"rendered","format":"text"}]},"content":{"rendered":"

\"\"<\/span><\/p>\n

Tashm\u00eb jan\u00eb b\u00ebr\u00eb kat\u00ebr vjet q\u00eb kur nj\u00eb num\u00ebr shtetesh t\u00eb varfra shpall\u00ebn falimentimin p\u00ebr shkak t\u00eb shpenzimeve t\u00eb m\u00ebdha p\u00ebr Covid-19 dhe investitor\u00ebve q\u00eb t\u00ebrhoq\u00ebn kapitalin nga tregjet me rrezik.<\/span><\/p>\n

Kan\u00eb kaluar dy vjet q\u00eb kur normat e larta t\u00eb interesit n\u00eb vendet e pasura, filluan t\u00eb ushtrojn\u00eb edhe m\u00eb shum\u00eb trysni mbi qeverit\u00eb me para t\u00eb kufizuara.<\/span><\/p>\n

Por n\u00eb takimet pranverore t\u00eb FMN-s\u00eb dhe Bank\u00ebs Bot\u00ebrore, t\u00eb mbajtura s\u00eb fundmi n\u00eb Uashington, shum\u00eb prej politik\u00ebb\u00ebr\u00ebsve bot\u00ebror\u00eb po silleshin sikur kjo kriz\u00eb borxhi, m\u00eb e keqja q\u00eb nga vitet 1980 p\u00ebr nga pjesa e popullsis\u00eb s\u00eb prekur, po shkonte drejt p\u00ebrfundimit.<\/span><\/p>\n

N\u00eb fund t\u00eb fundit, shtetet m\u00eb t\u00eb varfra n\u00eb bot\u00eb pat\u00ebn nj\u00eb rritje t\u00eb mir\u00eb prej 4% vitin e kaluar. Disa t\u00eb tjer\u00eb, si Kenia, po marrin s\u00ebrish hua nga tregjet nd\u00ebrkomb\u00ebtare. N\u00eb t\u00eb v\u00ebrtet\u00eb, kriza vazhdon. Qeverit\u00eb q\u00eb nuk shlyen dot detyrimet, nuk kan\u00eb arritur ende t\u00eb ristrukturojn\u00eb borxhet dhe t\u00eb dalin nga falimentimi.Prandaj, duket se kan\u00eb ngecur n\u00eb nj\u00eb rrug\u00eb pa krye. Me kalimin e koh\u00ebs, k\u00ebtij grupi mund t\u2019i bashkohen shtete t\u00eb tjera, madje edhe t\u00eb m\u00ebdha.<\/span><\/p>\n

K\u00ebshtu, pas takimeve t\u00eb shumta t\u00eb ambasador\u00ebve dhe ekspert\u00ebve, m\u00eb n\u00eb fund, bordi i FMN-s\u00eb njoftoi nj\u00eb hap t\u00eb ri radikal p\u00ebr t\u2019u marr\u00eb me k\u00ebt\u00eb problem. V\u00ebshtir\u00ebsia kryesore n\u00eb zgjidhjen e krizave t\u00eb borxhit ka t\u00eb b\u00ebj\u00eb me faktin se n\u00eb krahasim me t\u00eb kaluar\u00ebn, ka m\u00eb shum\u00eb kreditor\u00eb me m\u00eb pak t\u00eb p\u00ebrbashk\u00ebta. Gjat\u00eb 70 viteve me ristrukturime t\u00eb borxhit, shtetet per\u00ebndimore dhe bankat filluan t\u00eb m\u00ebsoheshin duke i b\u00ebr\u00eb gj\u00ebrat n\u00eb nj\u00eb m\u00ebnyr\u00eb t\u00eb caktuar.<\/span><\/p>\n

Tani vendimet k\u00ebrkojn\u00eb miratimin e nj\u00eb grupi t\u00eb ri huadh\u00ebn\u00ebsish, disa prej t\u00eb cil\u00ebve nuk shohin arsye p\u00ebr t\u2019u pajtuar. K\u00ebshtu, \u00e7do pjes\u00eb e procesit, mund t\u2019i n\u00ebnshtrohet nj\u00eb bisedimi t\u00eb zgjatur. Nd\u00ebr huadh\u00ebn\u00ebsit e rinj, m\u00eb kryesori \u00ebsht\u00eb Kina. Edhe pse ky vend tani \u00ebsht\u00eb kreditori m\u00eb i madh dypal\u00ebsh n\u00eb bot\u00eb, ai ende nuk ka zhvler\u00ebsuar nj\u00eb hua t\u00eb vetme.<\/span><\/p>\n

India ka dyfishuar huadh\u00ebnien vjetore t\u00eb jashtme midis viteve 2012 dhe 2022; ajo d\u00ebrgoi 3.3 miliard\u00eb dollar\u00eb n\u00eb Sri Lanka, menj\u00ebher\u00eb pasi vendi u zhyt n\u00eb kriz\u00eb. Emiratet e Bashkuara Arabe dhe Arabia Saudite jan\u00eb gjithashtu pjes\u00eb e k\u00ebtij grupi. Ata s\u00eb bashku i kan\u00eb dh\u00ebn\u00eb m\u00eb shum\u00eb se 30 miliard\u00eb dollar\u00eb hua Egjiptit.<\/span><\/p>\n

Metoda e parap\u00eblqyer e kreditor\u00ebve t\u00eb Gjirit Persik \u00ebsht\u00eb depozitimi i dollar\u00ebve n\u00eb bank\u00ebn qendrore t\u00eb shtetit marr\u00ebs. Kjo \u00ebsht\u00eb nj\u00eb form\u00eb huadh\u00ebnieje aq e re, sa q\u00eb nuk i \u00ebsht\u00eb n\u00ebnshtruar kurr\u00eb m\u00eb par\u00eb nj\u00eb ristrukturimi borxhi.<\/span><\/p>\n

Pasojat<\/strong><\/span><\/p>\n

P\u00ebr rrjedhoj\u00eb, shtat\u00eb shtetet q\u00eb kan\u00eb k\u00ebrkuar ristrukturim t\u00eb borxhit q\u00eb nga fillimi i pandemis\u00eb Covid-19 nuk kan\u00eb qen\u00eb n\u00eb gjendje t\u00eb arrijn\u00eb nj\u00eb marr\u00ebveshje p\u00ebr t\u00eb pak\u00ebsuar borxhin. Vet\u00ebm dy shtete t\u00eb vogla kan\u00eb b\u00ebr\u00eb p\u00ebrparim: k\u00ebta jan\u00eb \u00c7adi, i cili n\u00eb fakt m\u00eb tep\u00ebr i riprogramoi borxhet sesa i uli ato, dhe Surinami, q\u00eb arriti nj\u00eb marr\u00ebveshje me t\u00eb gjith\u00eb kreditor\u00ebt, p\u00ebrve\u00e7 Kin\u00ebs, kreditorit m\u00eb t\u00eb madh.<\/span><\/p>\n

Zambia ka pritur kat\u00ebr vjet p\u00ebr nj\u00eb marr\u00ebveshje. Meqen\u00ebse asnj\u00eb kreditor nuk d\u00ebshiron nj\u00eb pazar m\u00eb t\u00eb keq se t\u00eb tjer\u00ebt, nuk ka pasur pothuajse asnj\u00eb leht\u00ebsim t\u00eb borxhit kryesor, gjat\u00eb kriz\u00ebs m\u00eb t\u00eb keqe t\u00eb borxhit n\u00eb kat\u00ebr dekada. Kat\u00ebr vite m\u00eb par\u00eb, vendet e G20-\u00ebs n\u00ebnshkruan Korniz\u00ebn e P\u00ebrbashk\u00ebt, nj\u00eb marr\u00ebveshje p\u00ebr t\u00eb p\u00ebrfituar shkurtime t\u00eb barabarta n\u00eb ristrukturime borxhesh, por kreditor\u00ebt nuk pajtohen n\u00eb lidhje me shkall\u00ebn e bujaris\u00eb q\u00eb nevojitet.<\/span><\/p>\n

FMN-ja, q\u00eb zakonisht nuk ka pranuar t\u2019u jap\u00eb hua vendeve me borxhe t\u00eb larta dhe t\u00eb paq\u00ebndrueshme nuk ka qen\u00eb n\u00eb gjendje t\u00eb b\u00ebj\u00eb shum\u00eb p\u00ebr t\u00eb ndihmuar. Megjithat\u00eb, m\u00eb 16 prill, b\u00ebri nj\u00eb l\u00ebvizje.<\/span><\/p>\n

Tha se do t\u2019u jap\u00eb hua vendeve q\u00eb kan\u00eb d\u00ebshtuar n\u00eb shlyerje, por q\u00eb nuk kan\u00eb biseduar nj\u00eb marr\u00ebveshje p\u00ebr t\u00eb ristrukturuar t\u00eb gjitha borxhet. Kjo politik\u00eb njihet si \u201chuadh\u00ebnie me detyrime t\u00eb prapambetura\u201d. N\u00eb t\u00eb kaluar\u00ebn, fondi, duke qen\u00eb i shqet\u00ebsuar p\u00ebr kthimin e parave t\u00eb huazuara, ka dh\u00ebn\u00eb hua me kursim dhe vet\u00ebm me lejen e kreditor\u00ebve q\u00eb ende grinden p\u00ebr ristrukturimin.<\/span><\/p>\n

Tani gjith\u00e7ka q\u00eb k\u00ebrkon, \u00ebsht\u00eb nj\u00eb premtim nga vendet huamarr\u00ebse dhe kreditor\u00ebt bashk\u00ebpunues, se transfertat e parave t\u00eb fondit nuk do t\u00eb p\u00ebrdoren p\u00ebr t\u00eb shlyer detyrimet e prapambetura. Ekonomist\u00ebt e FMN-s\u00eb prej koh\u00ebsh kan\u00eb pasur frik\u00eb se nj\u00eb hap i till\u00eb do t\u00eb armiq\u00ebsonte kreditor\u00ebt problematik\u00eb, t\u00eb cil\u00ebt jan\u00eb gjithashtu vende q\u00eb kan\u00eb aksione n\u00eb FMN. Sidoqoft\u00eb, duket se fondit i ka sosur durimi: zyrtar\u00ebt duan t\u00eb v\u00ebn\u00eb n\u00eb l\u00ebvizje ristrukturimin e borxhit.<\/span><\/p>\n

Politika e re<\/strong><\/span><\/p>\n

Politika e re mund t\u00eb imponoj\u00eb disiplin\u00eb mbi borxhet e prapambetura. N\u00eb teori, ristrukturimet funksionojn\u00eb sepse leht\u00ebsimi i barr\u00ebs mbi huamarr\u00ebsit maksimizon shanset e kreditor\u00ebve p\u00ebr t\u00eb marr\u00eb nj\u00eb pjes\u00eb t\u00eb parave t\u00eb tyre (apo edhe shumic\u00ebn).<\/span><\/p>\n

Kur fondi jep hua p\u00ebr raste detyrimesh t\u00eb prapambetura, kjo krijon nxitjen p\u00ebr t\u00eb pasur pajtim, sepse huadh\u00ebn\u00ebsit q\u00eb pengojn\u00eb bisedimet, p\u00ebrballen me mund\u00ebsin\u00eb p\u00ebr t\u00eb ngelur me gisht n\u00eb goj\u00eb. Ata do t\u00eb mbeteshin n\u00eb nj\u00eb udh\u00eb pa krye, nd\u00ebrsa gjith\u00eb t\u00eb tjer\u00ebt do t\u00eb arrinin nj\u00eb marr\u00ebveshje dhe do t\u00eb p\u00ebrparonin. Kjo politik\u00eb e FMN-s\u00eb gjithashtu forcon pozit\u00ebn e debitor\u00ebve. N\u00eb t\u00eb kaluar\u00ebn, ata mund t\u00eb ken\u00eb pasur frik\u00eb t\u00eb heqin dor\u00eb nga borxhet, p\u00ebr shembull kundrejt Kin\u00ebs, q\u00eb \u00ebsht\u00eb nj\u00eb burim i leht\u00eb parash n\u00eb rast urgjence, edhe kur b\u00ebhet fjal\u00eb p\u00ebr falimentim.<\/span><\/p>\n

Tani, n\u00ebse d\u00ebshirojn\u00eb ta b\u00ebjn\u00eb k\u00ebt\u00eb, do t\u00eb ken\u00eb nj\u00eb huadh\u00ebn\u00ebs alternativ, n\u00eb form\u00ebn e FMN-s\u00eb. Sigurimi i vijim\u00ebsis\u00eb s\u00eb prurjeve t\u00eb parave do t\u00eb ishte edhe n\u00eb t\u00eb mir\u00eb t\u00eb popullsis\u00eb s\u00eb vendeve t\u00eb trazuara.<\/span><\/p>\n

P\u00ebr m\u00eb tep\u00ebr, kjo do t\u00eb garantonte q\u00eb FMN-ja t\u00eb ishte e ndershme. Analizat e fondit mbi q\u00ebndrueshm\u00ebrin\u00eb e borxhit p\u00ebrdoren si nj\u00eb pik\u00eb referimi p\u00ebr ristrukturimet dhe institucioni mund t\u00eb ket\u00eb prirjen p\u00ebr t\u00eb qen\u00eb tep\u00ebr optimist n\u00eb lidhje me q\u00ebndrueshm\u00ebrin\u00eb e borxhit, p\u00ebr t\u00eb shmangur q\u00eb nj\u00eb huamarr\u00ebs t\u00eb shtyhet n\u00eb udh\u00ebn e ristrukturimit t\u00eb borxhit.<\/span><\/p>\n

Duke pasur kujdes q\u00eb t\u00eb mos n\u00ebnvler\u00ebsoj\u00eb problemet e vendeve t\u00eb varfra n\u00eb m\u00ebnyr\u00eb q\u00eb t\u00eb shmangen ristrukturimet e pamundura, fondi ndoshta do t\u00eb b\u00ebhet nj\u00eb nd\u00ebrmjet\u00ebs m\u00eb i mir\u00eb, duke b\u00ebr\u00eb dallimin midis vendeve q\u00eb kan\u00eb nevoj\u00eb p\u00ebr zhvler\u00ebsimin e borxhit dhe atyre q\u00eb thjesht kan\u00eb nevoj\u00eb p\u00ebr pak m\u00eb shum\u00eb likuiditet p\u00ebr t\u00eb kryer pages\u00ebn e radh\u00ebs.<\/span><\/p>\n

Problemi me detyrimet e prapambetura<\/strong><\/span><\/p>\n

Pyetja \u00ebsht\u00eb n\u00ebse FMN-ja mund t\u00eb p\u00ebrballoj\u00eb kostot. K\u00ebrc\u00ebnimet e saj mund t\u00eb funksionojn\u00eb me kreditor\u00ebt vet\u00ebm n\u00ebse fondi zgjedh t\u00eb p\u00ebrdor\u00eb fuqit\u00eb e reja q\u00eb ka n\u00eb dispozicion. Por n\u00eb Uashington, zyrtar\u00ebt ende shqet\u00ebsohen se mos acarojn\u00eb kreditor\u00ebt e rinj, n\u00eb ve\u00e7anti Kin\u00ebn, marr\u00ebdh\u00ebniet me t\u00eb cil\u00ebn fondi i vler\u00ebson shum\u00eb. Kreditor\u00ebt mund t\u2019u kthejn\u00eb shpin\u00ebn t\u00ebr\u00ebsisht ristrukturimeve bashk\u00ebpunuese t\u00eb borxhit. Disa huamarr\u00ebs mund t\u00eb largohen nga FMN-ja dhe t\u00eb marrin ndihm\u00eb gjetiu.<\/span><\/p>\n

Sidoqoft\u00eb, n\u00eb fund, fondi mund t\u00eb ket\u00eb pak zgjedhje. Shum\u00eb shtete jan\u00eb n\u00eb kriz\u00eb borxhi. Disa vende n\u00eb zhvillim, q\u00eb kan\u00eb shmangur falimentimin, po i afrohen m\u00eb shum\u00eb se kurr\u00eb pragut t\u00eb humner\u00ebs.<\/span>
\nP\u00ebr t\u00eb shmangur nj\u00eb katastrof\u00eb p\u00ebr qindra miliona njer\u00ebz, financuesit nd\u00ebrkomb\u00ebtar\u00eb duhet t\u00eb gjejn\u00eb nj\u00eb m\u00ebnyr\u00eb p\u00ebr t\u2019i nxjerr\u00eb qeverit\u00eb nga falimentimi, p\u00ebrpara se t\u00eb falimentoj\u00eb ndonj\u00eb shtet m\u00eb i r\u00ebnd\u00ebsish\u00ebm, si Egjipti apo Pakistani. Huadh\u00ebnia me detyrime t\u00eb prapambetura \u00ebsht\u00eb mjeti m\u00eb i mir\u00eb i disponuesh\u00ebm.\u00a0\/Monitor\/<\/a><\/strong><\/span><\/span><\/p>\n","protected":false,"gt_translate_keys":[{"key":"rendered","format":"html"}]},"excerpt":{"rendered":"

Tashm\u00eb jan\u00eb b\u00ebr\u00eb kat\u00ebr vjet q\u00eb kur nj\u00eb num\u00ebr shtetesh t\u00eb varfra shpall\u00ebn falimentimin p\u00ebr shkak t\u00eb shpenzimeve t\u00eb m\u00ebdha p\u00ebr Covid-19 dhe investitor\u00ebve q\u00eb t\u00ebrhoq\u00ebn kapitalin nga tregjet me rrezik. Kan\u00eb kaluar dy vjet q\u00eb kur normat e larta t\u00eb interesit n\u00eb vendet e pasura, filluan t\u00eb ushtrojn\u00eb edhe m\u00eb shum\u00eb trysni mbi qeverit\u00eb […]<\/p>\n","protected":false,"gt_translate_keys":[{"key":"rendered","format":"html"}]},"author":4,"featured_media":675658,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"class_list":["post-675657","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-nderkombetare"],"gt_translate_keys":[{"key":"link","format":"url"}],"_links":{"self":[{"href":"https:\/\/www.hashtag.al\/index.php\/wp-json\/wp\/v2\/posts\/675657","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.hashtag.al\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.hashtag.al\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.hashtag.al\/index.php\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/www.hashtag.al\/index.php\/wp-json\/wp\/v2\/comments?post=675657"}],"version-history":[{"count":0,"href":"https:\/\/www.hashtag.al\/index.php\/wp-json\/wp\/v2\/posts\/675657\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.hashtag.al\/index.php\/wp-json\/wp\/v2\/media\/675658"}],"wp:attachment":[{"href":"https:\/\/www.hashtag.al\/index.php\/wp-json\/wp\/v2\/media?parent=675657"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.hashtag.al\/index.php\/wp-json\/wp\/v2\/categories?post=675657"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.hashtag.al\/index.php\/wp-json\/wp\/v2\/tags?post=675657"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}