The servicing of the state debt of the Russian Federation is financed from funds. Internal debt service. U.S. government debt

State debt - this is the amount of the country's debt to its own and (or) foreign legal entities, individuals, governments of other countries. It consists of the total accumulated amount of budget deficits (minus budget surpluses) and the amount of financial liabilities to foreign creditors (minus the part that went to cover the budget deficit) at a certain date. In developed countries, government debt is also defined as the total amount of outstanding government bonds. Distinguish between internal debt and external. Domestic debt - this is the debt of the state to the population, business entities of their country. It is generated by budget deficits and their debt financing. Most economists argue that the growth of domestic debt cannot lead to the bankruptcy of the nation, since it is a debt to ourselves. In addition, the state always has the opportunity to finance it by increasing tax rates, issue of money, refinancing. External debt - this is debt to individuals, legal entities, governments of other countries. Under servicing the state (municipal) debt are understood financial operations on the payment of income on state and municipal debt obligations in the form of interest on them or a discount, carried out at the expense of the corresponding budget. Debt obligations of the Russian Federation are serviced by the Bank of Russia, a credit institution or other specialized financial institution. Public Debt Service Measures The main ones include:

· Payments to creditors;

· Provision of guarantees;

· Repayment of internal / external loans;

· Determination of conditions for the issue and placement of new obligations, etc.

The effectiveness of these measures depends on the validity decisions taken... It, in turn, is based on a thorough analysis of the structure and volume of public debt, an objective assessment of the current state of borrowing.

The cost of servicing the state debt of the entity or municipal borrowing is planned annually. The estimate is approved by the law on the corresponding budget. The maximum volume of expenditures for servicing the public debt according to the indicators of the report on the execution of income and expenditure items of the budget for reporting period cannot be higher than 15% of the volume of the corresponding budget. This does not take into account the costs incurred through subventions

Public debt service is based on: Unconditions... It involves ensuring the accurate and timely repayment of obligations to investors and creditors without setting additional conditions. Consistency. It assumes the maximum harmonization of the interests of the lender and the borrower. Unity of accounting... In the course of managing and servicing the state debt, all types of securities issued (issued) by state authorities, regional structures and municipalities should be taken into account. Unity of credit policy... It presupposes the application of a unified approach in the implementation of debt management and servicing activities on the part of the center in relation to the MO and the regions. Reducing risks... Financial policy should include all the necessary measures to help reduce the risks of creditors and investors, and the debtor himself. Glasnost. All interested users should receive complete and accurate information about loans in a timely manner.

Optimality... A system of government loans should be formed in which their repayment will be carried out with minimal risks... At the same time, operations should have the least negative impact on the economy.

State budget balancing concept. The stabilization fund and its macroeconomic implications.

There are three concepts.

1) The first concept is based on the fact that the budget should be balanced annually. The same budget: The annually balanced budget deepens the fluctuations in the economic cycle. For example, suppose the economy is facing a long period of unemployment. Population incomes are falling. Tax revenues to the budget are automatically reduced. In an effort to balance the budget, the government must either raise tax rates or cut government spending or use a combination of the two. However, the consequence of all these measures will be an even greater reduction in aggregate demand. Another example can be shown how the desire to balance the budget annually can stimulate inflation. In conditions of inflation, with an increase cash income tax revenues are automatically increased. To prevent future revenues over spending, the government must take the following measures: either lower tax rates, or increase government spending, or use a combination of the two. It is clear that the consequence of these measures will be an increase in inflationary pressures in the economy. 2) The second concept is based on the fact that the budget should be balanced during the economic cycle, and not every year. For example, inflation sets in, the government increases taxes and government spending. The resulting budget surplus can be used to cover the debt that arose during the recession. Thus, the government pursues a positive countercyclical policy and at the same time balances the budget, but not on an annual basis, but over a period of several years. But in this concept of the budget, there is a key problem, which is that recessions and ups in the economic cycle can be unequal in depth and duration.

3) The third concept is related to the idea of ​​so-called functional finance. According to this idea, the issue of balancing the budget - on an annual or cyclical basis - is secondary. The primary goal of federal finance is to provide non-inflationary full employment, that is, to balance the economy, not the budget.

Stabilization Fund- this is a surplus (excess) of the state budget; excess of his income over expenses. In essence, he is of labor origin. Outwardly, in some countries the stabilization fund acts in the form of revenues from oil and gas exports (Russia), in others - revenues from oil exports (Venezuela, Norway), in others (Chile) - revenues from copper exports. practice. The genesis of the stabilization fund refers to the practice of some foreign countries in the last quarter of the twentieth century. used:

As an instrument of medium-term, and in many countries long-term financial policy and depends on the current prices for natural resources;

As a tool for the formation of the state's strategy in the implementation of the problems of future generations;

In order to form external assets of states by replenishing funds from interest income.

1. The stabilization fund allows the state to fulfill payments on its external and internal obligations on time.

2.The size of the Stabilization Fund contributes to the growth of sovereign credit rating country, and, as a consequence, an increase in the investment attractiveness of the country, which in turn may lead to an influx of direct foreign investment to the country.

3. The creation of a fund for future generations will have a beneficial effect on the social aspect of state policy, and will help reduce social tension in society and the population's uncertainty about the future.

4. The impressive size of the stabilization fund increases the degree of economic independence of the state, which also affects foreign policy the state.

In addition to the above advantages, there are certain disadvantages, risks and other problems associated with the creation and operation of stabilization funds. The most important thing is, of course, the issue of preserving the funds of the funds and increasing them. If there is no effective investment of these funds, a legitimate question arises: why withdraw from the economy a significant part of its financial resources (if it is not an urgent need to fight inflation).

In the world economics and practice, there are two main approaches regarding the creation of stabilization (reserve) financial funds:

1) one group of economists believes that stabilization funds, in principle, are not needed and their creation is harmful to the economy, since financial resources"taken out" from the reproductive process, leading to their irrational use;

2) another group of specialists is of the opinion that the economy needs a so-called "safety cushion" in the form of stabilization (reserve) funds, which will smooth out the influence of factors that have a negative impact on the economy.

From the point of view of theoretical foundations, the stabilization fund performs the following functions:

1) accumulative;

2) distribution;

The Bank of Russia and its institutions are servicing the state internal debt of the Russian Federation through the implementation of transactions for the placement of debt obligations of the Russian Federation, their repayment and payment of income in the form of interest on them or in another form.
The performance by the Bank of Russia of the functions of the general agent of the Government of the Russian Federation for the placement of debt obligations, their repayment and payment of income in the form of interest on them is carried out on the basis of special agreements concluded with the federal executive body authorized by the Government of the Russian Federation to perform the functions of an issuer of state valuable papers.
The Bank of Russia performs the functions of the general agent for servicing the state internal debt free of charge.
Payment for the services of agents for the placement and servicing of the state debt is carried out at the expense of the federal budget allocated for servicing the state debt.
Servicing of the state internal debt of a constituent entity of the Russian Federation, municipal debt is carried out in accordance with federal laws, laws of the constituent entity of the Russian Federation and legal acts of local governments.
Information on debt obligations is entered by the authorized bodies into the State Debt Book of the Russian Federation, the state debt book of a constituent entity of the Russian Federation or a municipal debt book within a period not exceeding 3 days from the moment the obligation arises.
The information entered in the municipal debt book is subject to mandatory transfer to the body maintaining the state debt book of the corresponding constituent entity of the Russian Federation, then this information is transferred to the body maintaining the State debt book of the Russian Federation in the manner and within the time frame established by this body. The State Debt Book of the Russian Federation contains information about the volume of debt obligations of the Russian Federation, the date of occurrence of obligations, the forms of securing obligations, the fulfillment of these obligations in whole or in part, and other information.
The state debt book of a constituent entity of the Russian Federation contains information on the volume of debt obligations of a constituent entity of the Russian Federation for all state borrowings of a constituent entity of the Russian Federation, on the date of borrowing, forms of securing obligations, on the fulfillment of these obligations in whole or in part, as well as other information, the composition of which is established by the executive authority of the constituent entity RF.
The municipal debt book contains information on the volume of debt obligations of municipalities, on the date of borrowing, forms of securing obligations, on the fulfillment of these obligations in whole or in part, as well as other information, the composition of which is established representative body local government.

State / municipal debt is the result of borrowings carried out to cover the budget deficit. It is formed by the sum of the deficits for previous years minus the surplus. Let's take a closer look at how

General information

TO To the state debt of the Russian Federation include obligations to:

1. Legal entities and individuals (including foreign ones).
2. Subjects of the Russian Federation.
3. International financial institutions, other entities international law.
4. Foreign states.

Public debt is also formed by obligations:

• on state guarantees provided by the Russian Federation;
• arising as a result of the adoption of laws on the classification of third-party debt to the public debt.

Nuances of terminology

In accordance with the provisions of the legislation, national and public debt is allocated. The first concept is considered broader. The national debt consists not only of the obligations of the government of the Russian Federation, but also of the governing structures of the republics included in the country, as well as self-government bodies.

Security

It is carried out at the expense of federal property that forms the country's treasury. Despite the fact that the provision of credit relations is carried out by the treasury, the federal budget funds are used to pay off debts (

Budget code contains an imperative instruction for federal government structures to exercise all powers to raise revenues to pay off obligations.

Composition

State debt of the Russian Federation- a direct consequence of the credit policy of the country's authorities. The composition is determined by the form of the loan - a way to attract free (temporarily) funds at the disposal of the authorities.

As stated in Article 98 of the BC, the amount of public debt includes:

• the amount of the principal debt on loans;
• the nominal amount for government securities;
• obligations under the issued guarantees.

The structure of the debt does not include the payment of interest, as well as non-interest income from government borrowings. According to the BC, they act as an independent form of federal budget expenditures.

Public Debt Management and Servicing Methods

The national debt appears when the state's expenditures exceed the receipts of funds, that is, a budget deficit is formed. It is covered by government borrowings. The situation is similar with municipal debt. The only difference is that borrowing is carried out at the local or regional level.

Public debt management is one of the directions of the financial policy of the state. It is a set of activities related to servicing public debt, its repayment, issue, placement of loans. Management also includes regulation of the state credit market.

Management methods include:

1. Refinancing. It represents the repayment of old debt through the issuance of new loans, involving the replacement of obligations, the maturity of which expires, with new bonds, or short-term debt long-term.
2. Conversion. It represents an adjustment to the original terms of a previously issued loan. In particular, the yield changes (the percentage goes down or up).
3. Consolidation. It involves the extension of the term of the loan by combining several obligations into one long-term. At the same time, as a rule, the loan interest rate changes.
4. Unification. In this case, several loans are also combined, however, the previously issued bonds are exchanged for new ones. The aim of the method is to reduce the number of types of securities, which, in turn, optimizes work with them and reduces costs. In some cases, a regressive exchange may be performed. This means that several bonds issued earlier are equated to one. Such an exchange, for example, was carried out after the war to withdraw military bonds from circulation. The ratio was 3: 1 (three old ones to one new one).
5. Deferral of repayment. It represents the postponement and termination of payments for a certain time.
6. Cancellation. It involves a complete disclaimer. This can happen for various reasons: financial insolvency, the coming to power of persons who refuse to recognize the obligations of the past government, etc.
7. Restructuring. It involves revising the term for the payment of interest or repayment of the principal debt, lowering the rate, writing off a certain part of the debt. As a rule, this method is used when the solvency deteriorates in the presence of signs of bankruptcy. According to Article 105 of the BC, restructuring is the termination of the obligations of the state with their replacement with other obligations that imply different conditions. servicing public debt and its repayment.
8. Ransom. On secondary market financial instruments, the debtor country can redeem its obligations.

Public Debt Service Activities

The main ones include:

• payments to creditors;
• provision of guarantees;
• repayment of internal / external loans;
• determination of conditions for the issue and placement of new obligations, etc.

The effectiveness of these measures depends on the validity of the decisions made. It, in turn, is based on a thorough analysis of the structure and volume of public debt, an objective assessment of the current state of borrowing.

Normative base

The provisions governing the servicing of public debt and municipal borrowing are enshrined in Article 119 of the BC.

It is understood as a set of operations for the payment of income in the form of interest or discount. O servicing state (municipal) debt carried out from the budget of the corresponding level.

In clause 2 of this article, it is established that the Central Bank, a credit structure or other specialized financial organization perform the tasks of an agent of the Government for the implementation of these operations, as well as for the placement, exchange, redemption, and repayment of obligations. This activity is carried out in accordance with agency agreements concluded with the general agent, the Central Bank performs free of charge.

According to Article 119 of the BC, payment for the activities of agents for the implementation of the tasks enshrined in the agreements signed with the Ministry of Finance is made from the federal budget.

The implementation by a credit structure or other specialized organization of the functions of an agent of the executive body of state power in the region of the Russian Federation is carried out in accordance with agreements concluded with the executive institution of power of the subject carrying out borrowings.

Agreements can also be signed with the local administration (when servicing municipal debt). In this case, payment for agency services is carried out from the local budget.

Service costs

They are referred to in Art. 111 BC.

Public debt service costs subject or municipal borrowings are planned annually. The estimate is approved by the law on the corresponding budget.

Public debt service ceiling according to the indicators of the report on the execution of income and expenditure items of the budget for the reporting period, it cannot be more than 15% of the volume of expenses of the corresponding budget. This does not take into account the costs incurred through subventions.

Key principles

Public debt service is based on:

1. Unconditionalities. It involves ensuring the accurate and timely repayment of obligations to investors and creditors without setting additional conditions.
2. Consistency. It assumes the maximum harmonization of the interests of the lender and the borrower.
3. Unity of accounting. In the course of managing and servicing the state debt, all types of securities issued (issued) by state authorities, regional structures and municipalities should be taken into account.
4. Unity of credit policy. It presupposes the application of a unified approach in the implementation of debt management and servicing activities on the part of the center in relation to the MO and the regions.
5. Reducing risks. Financial policy should include all the necessary measures to help reduce the risks of creditors and investors, and the debtor himself.
6. Glasnost. All interested users should receive complete and accurate information about loans in a timely manner.
7. Optimality. A system of government loans should be formed in which their repayment will be carried out with minimal risks. At the same time, operations should have the least negative impact on the economy.

Authorized entities

In accordance with Article 101 of the BC, management:

• the state debt of the Russian Federation is carried out by the Government or the Ministry of Finance, authorized by it;
• the state debt of the region - the supreme executive institution of power or financial structure authorized in accordance with regional legislation;
• municipal obligations - the executive and administrative body of the MO (local administration), authorized by the charter of the municipality.

Conclusion

The size of the public debt determines the effectiveness of all lending operations performed by the state. The absolute indicator of borrowing, their dynamics, the rate of change characterize the state of the country's finances and economy, the efficiency of financial organizations.

During a downturn, according to the classical approach to debt management, it is advisable to reduce the amount of public debt. Otherwise, the debt will negatively affect both the financial condition of the country and its economy.

An alternative approach is based on the opposite concept. In accordance with it, with a decrease in business activity, the amount of loans should be reduced. In this case, the public debt will perform the functions financial mechanism, contributing to the acceleration of economic development.

Government borrowing can only be useful during a period of sustainable economic growth. During periods of recession, the budget deficit can significantly worsen the financial condition of the country, increase the threat of a debt crisis and lower the country's reliability rating. This, in turn, leads to a deterioration in the general economic condition. The growth of public debt leads to real negative consequences for the financial, economic and social sectors.

11. Public debt service

11.1. The economic content of public debt

In the Budget Code of the Russian Federation (Art. 97) the following definition is given: the state debt of the Russian Federation is the debt obligations of the Russian Federation to individuals and legal entities, foreign states, international organizations and other subjects of international law.

From the above definition it follows that it is necessary to distinguish not only the state internal and external debt, but also a national debt (the debt of the Russian Federation and municipalities).

State and municipal debt is the total amount of debt of the Russian Federation and municipalities on outstanding loans and unpaid interest on them.

The economic purpose of the public debt, formed from the financial borrowings of the state, is to ensure the financing of government expenditures in the event of a lack of budgetary funds.

The main form of government borrowing is a government loan, which is a collection of credit relations in which the state acts as the borrower, and individuals and legal entities are the lenders.

Taking into account the sphere of placement of loans, the debt is divided into internal and external, state and municipal.

In accordance with the Law of the Russian Federation "On the State Internal Debt of the Russian Federation" dated November 13, 1992 No. 3877-1, the state internal debt of the Russian Federation is the debt obligations of the Government of the Russian Federation, denominated in the currency of the Russian Federation.

Debt obligations of the Russian Federation can be in the form:

A) government loans carried out through the issue of securities on behalf of the Government of the Russian Federation;

B) loans received by the Government of the Russian Federation;

C) other debt obligations guaranteed by the Government of the Russian Federation.

Public debt - the total amount of government debt on outstanding loans and unpaid interest on them.

Government loans as a form of government credit are characterized by the fact that temporarily free funds of individuals (population) and legal entities (organizations and enterprises) are attracted to finance government spending. Attraction temporarily free funds in the form of a government loan is carried out by issuing and selling bonds, treasury obligations and other types of government securities.

Domestic public debt is the amount of debt on issued and outstanding government securities placed on the territory of the Russian Federation, including the cost of repayment and payment of large income.

Bonds are the most common type of securities. It represents a government debt obligation and entitles its owner, after a certain period of time, to receive back the amount of the debt with interest.

Bonds are debt obligations of the state, local governments and organizations, usually issued in large quantities. They are evidence that the issuing authority is a debtor and undertakes to pay the owner of the bond within a certain time interest on it, and upon maturity, to repay its debt to the owner of the bond. In any case, the bond is debt and the holder is the creditor (and not the co-owner as a shareholder). According to Russian legislation, a bond is an equity security that secures the right of the holder of this security to receive from the issuer a bond within the prescribed period of its par value and the percentage of this value fixed in it.

Debt on government loans, in which the government is the borrower, is included in the amount of government debt of the country.

According to the method of placement, government loans are divided into groups: freely tradable bonds, placed by subscription.

Bonds freely placed on the loan capital market are usually freely placed through a system of commercial banks (savings and joint-stock).

Organizations, special funds, banks, insurance companies are the main subscribers of government bonds.

The securities used to mobilize monetary resources include, in addition to bonds, other securities that are provided for by the RF Law "On the State Internal Debt of the Russian Federation".

Article 75 of the Constitution of the Russian Federation emphasizes that state loans are issued in the manner determined by the Federal Law, and are placed on a voluntary basis.

V last years in the securities market, the main role is assigned to government bonds, the issuer of which is a government body - the Ministry of Finance of the Russian Federation.

The most common types of government bonds are:

First, government short-term zero-coupon bonds (GKO). The decision to issue T-bills is taken by the RF Ministry of Finance. When making a decision on issuing T-bills, the maximum volume, the period of its placement and potential owners are determined. The Central Bank of Russia is the agent of the Government of the Russian Federation for servicing the issue of GKOs and guarantees the timeliness of their cancellation.

Bonds (GKO) are purchased by the Bank of Russia from the Ministry of Finance of the Russian Federation within the limit determined by the Federal Law on the State Budget.

The Central Bank of Russia purchases bonds on the primary market from the Ministry of Finance of the Russian Federation:

1) when providing the Ministry of Finance of the Russian Federation with a direct short-term loan in the form of buying bonds;

2) when providing a loan to cover cash gaps arising in the process of selling and redeeming bonds.

On behalf of the Ministry of Finance of the Russian Federation, the Central Bank of Russia sells government bonds on the primary market through commercial banks, buying and selling bonds on the secondary market in my own name, as well as operations to redeem bonds.

The conclusion of transactions for the purchase and sale of bonds in the primary market is organized at the Moscow Interbank Currency Exchange (MICEX) on the basis of an agreement between The central bank Russia and the MICEX. The sale of these bonds on the MICEX is carried out through auctions (on the primary market) or trades (on the secondary market) of bonds.

Government short-term bonds are not produced in the form of paper forms. Each issue is issued with a certificate stored in the Central Bank of Russia. The redemption of these bonds is carried out in non-cash form by transferring to the bondholders their par value at the time of redemption. Doho-house for T-bills is the difference between the nominal price at the time of maturity and the purchase price.

Secondly, the bonds of the RF State Savings Loan. The issuer of this type of bonds is the RF Ministry of Finance. Bonds are issued for one year to bearer. Each bond has 4 coupons of 3 months. The interest income on the coupon is determined by the RF Ministry of Finance. The sale of bonds is carried out by commercial banks at market prices.

When the bonds are redeemed, the owners are paid the par value of the bond and the interest income on the last coupon. The buyer of a bond acts as a lender, since the issue of bonds is a form of borrowing money. However, a loan provided by purchasing bonds differs from a bank loan in the following circumstances:

1) when issuing a bonded loan commercial Bank acts not as a creditor, but, as a rule, only as an intermediary acting on behalf of another legal entity;

2) a significant number of legal and individuals rather than one client.

The government attracts a bond loan mainly for two purposes:

1) to finance the current budget deficit;

2) for the repayment of bonds previously issued by the government.

Third, in order to attract borrowed money the state can issue lottery-type bonds. Lottery bond income is paid in the form of winnings on individual bonds when drawing winnings.

Bond loans in the form of a lottery type are issued by both state federal bodies and bodies of the constituent entities of the Federation and local self-government bodies.

Fourth, to attract funds, the state can issue treasury bonds of the Russian Federation (CO). Unlike bonds, they are subject to sale only among the population. KO is an interest-bearing government security, the rate of return is set by the Government of the Russian Federation.

Along with state loans, the state attracts in the form of a loan part of the population's deposits in the Savings Bank on the basis of an agreement.

In 1991, bonds of the State Republican internal loan RSFSR for a period of 30 years (from July 1, 1991 to June 30, 2021) at 5% per annum. Bonds were sold only among legal entities. The loan was issued as freely tradable, bonds could be resold through the institutions of the Bank of Russia. The entire loan was purchased by the Central Bank of Russia. As of December 1, 1990, the state debt on this loan was formed in the amount of 30 billion rubles. In the 90s, part of the loan debt was repaid from the budget.

In 1993, the RF Ministry of Finance issued gold certificates. The denomination of the certificate was 10 kg of gold with a fineness of 0.9999. The amount of gold certificates issued was determined in an amount equivalent to the cost of 100 tons of gold. The conversion of the cost of the certificate into rubles was carried out at the rate of the Bank of Russia. The gold certificates were bought by commercial banks, which had the right to sell certificates.

External (international) public credit is a loan in which the state acts as a borrower in the world market.

The amount of received external borrowings with accrued interest is included in the national debt of the country.

The main creditors of Russia are foreign the developed countries, international financial organizations - International Monetary Fund (IMF), International Bank for Reconstruction and Development (IBRD), European Bank for Reconstruction and Development (EBRD).

There is such a tendency: the worse the economic situation in industry and agriculture, so more state borrows funds, increasing the volume of public debt, growing debt obligations in various forms.

The debt of government bodies to the holders of government securities accumulates and turns into government debt. It has to be paid with interest.

Public debt in different countries growing at different rates. The excess of government debt over GDP is considered to be potentially dangerous for sustainable monetary circulation. A more conservative estimate is the ratio of these two indicators as 0.6: 1.

In 1998, the public debt in relation to GDP was: in the USA - 62%, in Germany - 62, in France - 59, in the UK - 52%.

In Russia, the public debt is estimated at 60%.

^ 11.2. Forms of debt obligations

By Russian legislation debt obligations of the Russian Federation may exist in the form:

♦ credit agreements and contracts concluded on behalf of the Russian Federation with credit institutions, foreign states and international financial organizations, in favor of these creditors;

♦ government securities issued on behalf of the Russian Federation;

♦ agreements on the provision of state guarantees of the Russian Federation, agreements of surety of the Russian Federation to ensure the fulfillment of obligations by third parties;

♦ re-registration of debt obligations of third parties into the state debt of the Russian Federation on the basis of the adopted federal laws;

♦ agreements and treaties, including international ones, concluded on behalf of the Russian Federation, on the prolongation and restructuring of the debt obligations of the Russian Federation of previous years.

In terms of validity, debt obligations of the Russian Federation can be short-term (up to one year), medium-term (from one year to five years) and long-term (from 5 to 30 years).

Debt obligations of the Russian Federation are repaid within a period that is determined by the specific terms of the loan and cannot exceed 30 years. Changes in the conditions of the state loan issued into circulation, including the terms of payment and the amount of interest payments, the circulation period, are not allowed.

The volume of the state internal debt of the Russian Federation includes:

♦ principal nominal amount of debt on government securities of the Russian Federation;

♦ the amount of debt on loans received by Russia;

♦ the amount of the principal debt on budget loans and budget loans received by the RF from the budgets of other levels;

♦ the amount of obligations under state guarantees provided by Russia.

Debt obligations of a constituent entity of the Federation can exist in the form (Art. 99 of the RF BC):

♦ credit agreements and contracts concluded on behalf of the constituent entity of the Russian Federation with individuals and legal entities, credit institutions, foreign states, international financial organizations, in favor of these creditors;

♦ government loans of the constituent entities of the Federation, carried out by issuing securities of the constituent entity of the Federation;

♦ agreements on the submission of state guarantees of the constituent entity of the Federation, contracts of suretyship of the constituent entity of the Federation to ensure the fulfillment of obligations by third parties;

♦ re-registration of debt obligations of third parties into the state debt of the constituent entity of the Federation on the basis of the adopted laws of the constituent entity of the Federation;

♦ agreements and treaties, including international ones, concluded on behalf of a constituent entity of the Federation, on the prolongation and restructuring of debt obligations of constituent entities of the Federation of previous years.

Debt obligations of a constituent entity of the Federation are repaid within a period that is determined by the terms of borrowing and cannot exceed 30 years.

Municipal debt is a set of debt obligations of a municipality.

Debt obligations of the municipality can exist in the form:

♦ credit agreements and contracts concluded by the municipality;

♦ loans of the municipality (municipal loans), carried out by issuing securities on behalf of the municipality;

♦ agreements on the provision of municipal guarantees, agreements on surety of a municipal entity to ensure the fulfillment of obligations by third parties;

♦ Debt obligations of legal entities reorganized into municipal debt on the basis of legal acts of local government bodies.

Local governments use all their powers to generate local budget revenues to pay off their debt obligations and service debt.

Debt obligations of the municipality are repaid within the terms that are determined by the terms of borrowing and cannot exceed 10 years.

^ 11.3. Budget expenditures for servicing and repaying public debt

The excessive enthusiasm of the Government of Russia for credits began to negatively affect the budget, and, consequently, the financing of the sectors of the economy and the social sphere.

The rapid increase in budget expenditures associated with servicing the internal and external public debt indicates that the public debt did not begin to decrease and even increased in some years.

Paying interest on a debt and gradually paying off the principal is called debt service.

In the total expenditures of the federal budget in 2000, expenditures related to servicing the state debt accounted for 25.7%.

The expenditures for servicing the state debt in the federal budget in 2001 amounted to a huge amount - 239.8 billion rubles, including for servicing the state internal debt - 56.6 billion rubles. and public external debt - 183.2 billion rubles.

The federal budget of Russia for 2003 provides for the cost of servicing the state and municipal debt of 277.5 billion rubles, including 57.4 billion rubles for servicing the internal debt. and public external debt - 220.1 billion rubles.

The servicing of the state internal debt of the Russian Federation is carried out by the Bank of Russia and its institutions, unless otherwise provided by the Government of the Russian Federation, by performing operations for the placement of debt obligations of Russia, their repayment and payment of debts in the form of interest on them or in another form.

The fulfillment by the Bank of Russia and another specialized financial institution of the functions of the general agent of the Government of the Russian Federation for the placement of debt obligations of the Russian Federation, their repayment and payment of income in the form of interest on them is carried out on the basis of special agreements concluded with the federal executive body authorized by the Government of the Russian Federation to perform functions of the agent.

When analyzing the cost of servicing the public debt in the 90s, such a trend is observed.

With a lack of tax and non-tax funds to generate budget revenues, the state uses its capabilities to attract additional financial resources by borrowing funds, accumulating debt, which leads to an increase in public debt.

The worse the situation is with state budget, the greater its deficit, the greater the volume of borrowings, the increase in the volume of public debt. Than deeper financial crisis in the country, the higher is the share of public debt service costs in budget expenditures.

The more Russia pays on foreign debts, the less money remains with the state for social policy, education, medical care, and defense orders. It is no longer possible to ignore the problem of the debt burden. Today, Russia's internal and external public debt hovers around $ 150 billion. In the 90s, the government borrowed money without taking into account debts and the possibility of their return.

In the 90s, Russia's public debt increased, reaching more than $ 70 billion in 2000 (domestic debt). External public debt by 2000 exceeded $ 150 billion. The due payments on the external debt in 2001 amount to $ 14.2 billion.

During the discussion of the federal budget for 2002 in the State Duma, the Ministry of Finance named the following figures for our country's payments on external debts:

2001 - $ 14.2 billion;

In 2002 - $ 14.2 billion;

2003 - $ 19.6 billion;

In 2004 - $ 16.0 billion;

2005 - $ 18.0 billion;

Total for 5 years - $ 82.0 billion.

This is a huge amount of accumulated debt. Let us recall that the entire budget of Russia in terms of revenues is only 60 billion dollars, that is, for a five-year period the country has to work only for repayment of loans from previous years.

Russia's debt is decreasing too slowly. If Russia pays debts every year without delays, then the process of paying debts will drag on until 3030 and, moreover, it will be necessary to return 250 billion dollars (including interest).

To solve the problem of debts more successfully, it is necessary to manage this process more effectively, to use reserves for reducing external debt.

^ 11.4. State and municipal debt management

Management is inherent in all spheres of human activity, including financial. Under control is understood as a conscious and purposeful impact on the control object using a set of techniques and methods to achieve a certain result. Management is based on knowledge of the objective laws of the development of nature and society. At the same time, the management big influence provided by the state in the person of the relevant structures, as well as legislative acts.

An important area of ​​management activity is public debt management.

The management of the state debt of the Russian Federation is carried out by the Government of the Russian Federation, which can apply managerial actions within the powers established by the Federal Assembly of the Russian Federation.

The management of the state debt of the constituent entity of the Federation is carried out by the executive authority of the constituent entity of the Federation.

Municipal debt management is carried out by the authorized body of local self-government.

The right to carry out state external borrowings of the Russian Federation and conclude agreements on the provision of state guarantees, agreements of guarantee by another borrower to attract external credits (loans) belongs to the Federation. On behalf of the Federation, external borrowing can be carried out by the Government of the Russian Federation or a responsible person authorized by the Government of the Russian Federation federal body executive power.

The constituent entities of the Federation, whose budgets do not receive financial assistance to equalize the level of budgetary provision, have the right to carry out state external borrowings in accordance with the legislation of the Russian Federation.

Federal Assembly of the Russian Federation with the Law on the federal budget for the next fiscal year approves the maximum volumes of the state internal debt and the state external debt, the limits of external borrowings of the Federation.

So, for example, in the federal budget for 2001, the upper limit of the state internal debt of the Russian Federation as of January 1, 2002 is provided for debt and target obligations of the Russian Federation in the amount of 640.7 billion rubles, and the upper limit of the state external debt of the Russian Federation - in the amount 148.2 billion US dollars, the maximum size of state external borrowing for 2001 - 4.0 billion US dollars.

The maximum volume of state external borrowings of the RF should not exceed the annual volume of payments for servicing the state external debt of the RF.

The Government of the Russian Federation has the right to borrow in excess of the statutory limit on public debt instead of external borrowing, if this reduces the cost of servicing public debt within the statutory public debt. The Government of the Russian Federation also has the right to carry out external borrowings in excess of the legal limit for the volume of borrowings, if at the same time the Government carries out such a restructuring of the state external debt, which leads to a decrease in the cost of servicing it, within the established limit volume of state - free external debt.

Usually, debtor countries take all possible measures to avoid falling into the position of hopeless debtors. The traditional measure is to pay off debts at the expense of gold and foreign exchange reserves. But if these reserves are exhausted or limited, there are other ways.

Debt restructuring (consolidation) of external debt with the consent of creditors is of great importance in debt management.

Debt restructuring means the repayment of debt obligations with the consent of creditors with payment by installments (i.e., acceptance of other debt obligations) in the amount of debt obligations to be repaid with the establishment of other conditions for servicing debt obligations and maturity dates (revision of payment terms, writing off part of the debt).

The Russian government from time to time negotiates with the London Club of creditors and the Paris Club of creditors and the International Monetary Fund, the European Bank for Development and Restructuring on the restructuring of debt payments.

The London Club has united creditor banks from different countries (about 600 banks).

In the Paris Club, creditors and supplier firms have united.

The right to manage the public debt on behalf of the constituent entity of the Federation belongs to the executive authorities of the constituent entity of the Federation.

The maximum amount of state borrowing of the constituent entity of the Federation is established by the law of the constituent entity of the Federation on the budget for the next financial year (the upper limit of the debt of the constituent entity of the Federation must be set).

The maximum volume of public debt of a constituent entity of the Russian Federation should not exceed the volume of budget revenues, excluding financial assistance from the budgets of other levels.

Municipal debt management is the responsibility of the authorized local government body. At the same time, the subjects of the municipal formation are not liable for the debt obligations of other municipalities, as well as the subjects of the Federation.

The municipality can use internal borrowing to cover the budget deficit.

The upper limit of the municipal debt is established by a legal act of the local government on the local budget for the next financial year.

In order to manage the state debt and reduce it, a program of state external borrowing of the Russian Federation is being developed.

The program of state external borrowings of the Russian Federation is a list of external borrowings of the federal budget for the next financial year with an indication of the purpose, sources of borrowing, the timing of repayment of borrowings, the amount of funds used on the loan before the beginning of the financial year and the amount of borrowings in the financial year ...

The program of state external borrowings of the Russian Federation must separately provide for all loans and state guarantees, the value of which exceeds the amount equivalent to 10 million US dollars for the entire loan term (Article 108 of the RF BC). These loans and state guarantees are subject to implementation only subject to their approval as part of the Program of State Foreign Borrowings of the Russian Federation by the Federal Assembly of the Russian Federation.

The program of state internal borrowings of the RF, subjects of the Federation and municipalities is also being developed. It is a list of internal borrowings of the Russian Federation, constituent entities of the Federation, municipalities for the next financial year, to cover the deficit.

All budget receipts from borrowings, including funds that are spent on servicing and repaying state or municipal debt, are reflected in the budget as sources of financing the budget deficit.

In Russia, a unified system of accounting and registration of state borrowings of the Russian Federation, state borrowings of the constituent entities of the Russian Federation and municipal borrowings is being introduced.

Subjects of the Federation, municipalities register their borrowings with the Ministry of Finance of the Russian Federation.

The Ministry of Finance of the Russian Federation, constituent entities of the Federation, municipalities keep state books of the internal and external debt of the Russian Federation (state long-term books of the Russian Federation).

The state debt book of the Russian Federation (in the Ministry of Finance of the Russian Federation) contains information on the volume of debt obligations of the Russian Federation, constituent entities of the Federation and municipalities.

It is now very difficult to refuse or unilaterally postpone debt repayment. This would mean to show to the whole world the insolvency of Russia, which would have a negative impact on import operations.

The current situation dictates the need to pay serious attention to strengthening work on the return of loans to Russia, those loans that it has provided to foreign countries. By some estimates, foreign countries owed Russia in 1996 about $ 100 billion.
^ 12. Financial support of the constituent entities of the Federation and municipalities

12.1. Principles interbudgetary relations

Budgetary relations between the bodies of state power of the Russian Federation and the constituent entities of the Federation and local governments regarding financial support are built on the basis of certain principles characteristic of budgetary federalism.

Interbudgetary relations are based on the following basic principles:

♦ independence of budgets of all levels of the budgetary system of the Russian Federation,

♦ balance of interests of all participants in interbudgetary relations;

♦ equality of budgetary rights of subjects of the Federation, municipalities in relations with the federal budget;

♦ legislative differentiation of income sources between budgets;

♦ equalization of the levels of minimum budgetary provision;

♦ unity of the budgetary system of the Russian Federation;

♦ transfer of certain types of expenditures from the federal budget to territorial budgets;

♦ Funds transferred to the budget of one level from the budget of another level to ensure state powers are recorded in the corresponding budget as income in the form of gratuitous transfers.

During the financial year, the legislative and executive bodies, as well as the representative power of local self-government, refrain from making decisions that lead to an increase in the expenditures of the budgets of other levels, except in cases of emergencies and natural disasters.

The basis for calculating financial assistance to territorial budgets is the standards of financial costs for the provision of financial services and standards of minimum budgetary provision, determined on the basis of a unified methodology, taking into account the socio-economic, geographical, climatic and other characteristics of the constituent entities of the Federation.

Financial support of the constituent entities of the Federation is provided in the forms established by the legislation of the Russian Federation.

^ 12.2. Forms of financial support for the constituent entities of the Federation, their characteristics

Financial support (also financial assistance) is aimed at providing financial assistance to the budget of a constituent entity of the Federation from the federal budget of the Russian Federation due to the imbalance of the territorial budget (usually this is a budget with an excess of expenditures over revenues, i.e., a budget deficit).

Through the federal budget in Russia in the second half of the 90s, 10-14% of the gross domestic product (in terms of the federal budget revenue) was redistributed.

Due to the fact that tax revenues cannot provide all the expenses of individual regional and local budgets, budgets of a higher level provide financial assistance to budgets of a lower level. And the more budgets depend on such financial support, the more problems arise in interbudgetary relations.

In accordance with Art. 44 and 133 of the Budget Code of the Russian Federation, the provision of financial assistance from the federal budget to the budgets of the constituent entities of the Federation can be carried out in the following forms:

♦ provision of subsidies for leveling the level of the minimum budgetary provision of the subjects of the Federation;

♦ provision of subsidies;

♦ provision of subventions to finance specific target expenditures;

♦ granting budget loans;

♦ other non-refundable and gratuitous transfer of funds. Financial assistance in any form is subject to accounting in the income of the budget that is the recipient of these funds.

Let's consider what each of the named forms of financial assistance is.

Subsidization - budget resources provided to the budget of another level of the budgetary system of Russia on a non-reimbursable and irrevocable basis to cover current expenses.

Subsidy (assistance, support) - budgetary funds provided to the budget of a different level of the budgetary system of Russia, as well as to an individual or legal entity on the basis of shared financing of targeted expenditures.

Subvention - budgetary funds provided to the budget of another level of the budgetary system of Russia or to a legal entity for the implementation of certain target expenditures.

One of the main ways of transferring funds from the higher budget to the lower budget is deductions as a percentage of taxes assigned to the higher budget.

List and rates federal taxes are determined by the legislation of Russia, and the proportions of their distribution in the order of budgetary regulation between the budgets of different levels of the budgetary system of Russia are approved by the Federal Law on the Federal Budget for the next financial year for a period of at least three years.

This form of financial assistance has existed for ten years. This form of assistance has advantages, one of which is unity budget sources for all budgets and the interest of authorities at all levels in their fuller mobilization.

If the budget of the territory does not have sufficient amounts of deductions from taxes to the budget and does not have the ability to balance the budget at the expense of deductions from taxes, then other forms of financial assistance are applied (subsidies, subsidies, budget loans).

^ 12.3. Subventions to regions from the federal budget

The Law of the Russian Federation "On Subventions to the Republics of the Russian Federation, Territories, Regions, Autonomous Districts, the Cities of Moscow and St. Petersburg" dated July 15, 1992 provides for subventions of two types: 1) current, which include subventions directed to finance current expenses; 2) targeted investment subsidies aimed at financing investment and innovation activities.

At the same time, special conditions and procedure for the provision of current and targeted investment subventions have been established.

Current subventions are provided to equalize the conditions for financing the regions, to cover the deficit of lower-level budgets at the expense of higher-level budgets.

At the same time, priority is given to the financing of general state social expenses, which include current expenses for social and cultural events, maintenance budgetary organizations and social protection population.

Investment targeted subventions are intended to finance capital investments for development at the expense of the federal budget and the budgets of the constituent entities of the Federation social infrastructure, environmental protection, complex development of territories.

Current and investment targeted subventions received from the federal budget are included, respectively, in the budgets of the constituent entities of the Federation (regional, territorial budgets, budgets of autonomous entities).

The volume of distribution of the fund of subventions for investments and current investments from the federal budget is carried out on the basis of requests from the authorities of the constituent entities of the Federation.

The use of subventions for investments does not lead to a change in the form of ownership of objects built with their help.

Subventions for reimbursement of unforeseen expenses associated with the elimination of the consequences of natural disasters, catastrophes, epidemics, floods and other emergencies are provided at the expense of the reserve funds of the Government of the Russian Federation and the reserve funds of the governments of the constituent entities of the Federation. The body that provided financial assistance has the right to control its use.

A subvention that was not used on time or was used for other purposes is subject to return. The decision on the return of the subvention is made by the body that provided it. The return of the subvention is carried out in an indisputable manner at the expense of the recipient of the subvention within three months after the decision is made.

^ 12.4. Assistance from the State Financial Support Fund

The initial legal act of providing state financial assistance to the regions in the form of transfers was the Decree of the President of the Russian Federation of December 22, 1993 No. 2268. For this, the Fund for State Financial Support of the Subjects of the Federation was created, which has survived to the present day.

The Law of the Russian Federation "On the Federal Budget for 2002" dated December 29, 2001 No. 192-FZ approved the amount of financial assistance to the constituent entities of the Russian Federation from the Federal Fund for Financial Support of the Subjects of the Russian Federation in 2002 - 147.49 billion rubles, including:

A) grants for leveling the level of budgetary provision of the constituent entities of the Russian Federation - 135.93 billion rubles;

B) subsidies for state financial support for the purchase and delivery of oil, oil products, fuel and foodstuffs (except for excisable goods) to the Far North and equivalent areas with limited periods of delivery of goods to supply the population, enterprises and organizations social sphere and housing and communal services - 8.96 billion rubles;

C) subventions for compensation of electricity tariffs for the territories of the Far East and the Arkhangelsk Region - 2.6 billion rubles.

The funds of the Federal Fund for State Financial Support of the Subjects of the Federation are distributed among the regions in need of support, that is, the regions in which the average per capita income level for their budgets is lower per capita income on the budgets of all constituent entities of the Federation, and the costs for individual events are higher (for example, for the delivery of goods and fuel to the regions of the Far North).

The distribution of the funds of the federal Fund for financial support of the constituent entities of the Federation (in the form of transfers) is carried out according to a unified methodology that takes into account budget revenues and the population living in the territory of the constituent entity of the Federation.

In the constituent entities of the Federation, regional funds for financial support can also be created.

The provision of financial assistance to budgets is regulated by law, financial assistance is provided subject to a number of conditions:

1. Financial assistance from the federal budget to the budget of the constituent entity of the Federation for leveling the level of minimum budgetary provision is provided subject to the signing of an agreement on the execution of the budget of the constituent entity of the Russian Federation through the Federal Treasury of the Russian Federation.

2. The constituent entity of the Federation - the recipient of financial assistance from the federal budget to equalize the level of minimum budgetary provision has no right to:

♦ to put civil servants in better conditions at the expense of budget funds (wages, travel and other expenses) in comparison with civil servants of federal institutions (taking into account regional coefficients wages);

♦ provide budget loans to legal entities in excess of 3% of the budget expenditures of a constituent entity of the Federation;

♦ provide state guarantees of the constituent entity of the Federation in an amount exceeding 5% of the budget expenditures of the constituent entity of the Federation;

3. A municipal entity that is a recipient of financial assistance from the budget of a constituent entity of the Federation to equalize the level of minimum budgetary provision is not entitled to:

♦ to put municipal employees, financed from the local budget, in Better conditions(labor remuneration, travel and other expenses) in comparison with civil servants of institutions of the subjects of the Federation (taking into account regional wage coefficients);

♦ provide budget loans to legal entities in an amount exceeding 3% of the local budget expenditures;

♦ provide municipal guarantees in the amount exceeding 5% of the local budget expenditures.

All budgets are drawn up and executed on the basis of the principle of priority financing of expenses associated with ensuring the minimum state social standards with the unconditional fulfillment of debt obligations. Until the financing of the minimum state social standards at the level of the minimum budgetary provision is provided, the draft budget cannot include expenditures (when the budget is executed, expenditures cannot be financed) that are not related to the achievement of minimum state social standards , or expenses that ensure the financing of certain state social standards are higher than the minimum level with the underfunding of others with the unconditional fulfillment of debt obligations.

When providing financial assistance to the budget of a constituent entity of the Federation, the authorized body of state power of the Russian Federation has the right to revise the budget of the constituent entity of the Federation - the recipient of financial assistance from the federal budget. When the constituent entities of the Russian Federation receive financial assistance in excess of 50% of the expenses of its consolidated budget, the revision of the budget of the constituent entity of the Russian Federation is carried out in mandatory... The audit of the budget of a constituent entity of the Federation can be carried out by the control body of the Ministry of Finance, the Accounts Chamber of the Russian Federation.

^ 12.5. Granting budget loans to the constituent entities of the Federation to finance cash gaps

In financial practice, such a form of financial assistance as a budget loan is also used, which means budgetary funds provided to another budget on a repayable or non-repayable basis for a period not exceeding six months within a financial year.

The constituent entities of the Federation have the right to attract targeted budget loans to finance cash gaps caused by the seasonal nature of costs or the seasonal nature of income receipts, for a period of up to six months on reimbursable and gratuitous terms. The purposes of providing these loans, the terms of payment and return of targeted budget loans to the constituent entities of the Federation are determined by the Federal Law on the Federal Budget for the next financial year.

The local budget can be provided with budgetary loans from the budget of the constituent entity of the Federation to cover temporary cash gaps arising in the execution of the local budget.

The procedure and conditions for the provision of budget loans from the budget of the constituent entity of the Federation are determined by the executive authorities of the constituent entity of the Federation in accordance with the Budget Code of the Russian Federation and the Law on the budget for the next financial year.

When providing financial assistance to local budgets, the state authority of a constituent entity of the Federation has the right to:

1. The authorized body of state power of the constituent entity of the Federation has the right to audit the local budget of the recipient of financial assistance from the budget of the constituent entity of the Russian Federation.

2. The audit of the budget of the municipality can be carried out by the financial control body of the executive power or the control body of the constituent entity of the Federation The conclusion of the control body of the constituent entity of the Russian Federation is announced when the legislative body of the constituent entity considers the draft budget of the constituent entity of the Russian Federation.

3. State authorities of the constituent entities of the Russian Federation exercise control over the spending of funds coming to local budgets from the budgets of the constituent entities of the Russian Federation.

The federal law on the federal budget may provide for financial assistance to local budgets to finance target expenditures provided for by federal target programs.

The formation of the budget of a closed administrative-territorial entity is carried out taking into account the following features:

♦ all types of federal, regional and local taxes and other receipts accumulated on its territory are sent to the budget revenues of a closed administrative-territorial entity in full;

♦ in case of insufficient own and regulated incomes, the budget of the closed administrative-territorial entity is allocated from the federal budget grants to finance the costs associated with the functioning of local self-government bodies;

♦ excess of revenues over expenditures of the budget of a closed administrative-territorial unit shall not be subject to withdrawal to the budgets of other levels;

♦ the execution of the budget of a closed administrative-territorial entity is carried out by the Federal Treasury of the Russian Federation.

19.1. In accordance with the Main Directions of Fiscal Policy for 2017 and for the planning period of 2018 and 2019 (hereinafter referred to as the Main Directions), the main task for the upcoming three-year period is to ensure a smooth transition to fully market financing of the budget deficit, while it is planned to systematically reduce it in relation to GDP. by 1 percentage point annually in 2017 - 2019. The role of sovereign wealth funds as sources of financing the budget deficit will decrease, and the share of domestic borrowing will grow in the structure of its financing sources. At the same time, the volume of borrowings in foreign markets will be determined primarily by the task of maintaining the liquidity of the sovereign Eurobond market. The Guidelines indicate that the implementation of such a deficit financing strategy will allow maintaining the level of public debt in acceptable amounts - up to 17% of GDP.

State debt in 2017 compared to 2016 estimates will increase from 13,445.2 billion rubles (16.2% of GDP) before 13,972.2 billion rubles (16.1% of GDP), or by 527.0 billion rubles (by 3.9%), in 2018 - to 15,177.1 billion rubles (16.4% of GDP), or by 1,731.9 billion rubles (by 12.9%), in 2019 - up to 16,651.9 billion rubles (16.8% of GDP), or by 3,206.7 billion rubles (by 23.9%). Wherein share state domestic debt in the total volume of public debt in 2017 - 2019 will increase and amount to 74.1%, 76.3% and 76.8%, share state external debt decline - 25.9%, 23.7% and 23.2% respectively.

The volume of the state internal debt of the Russian Federation, compared to the 2016 estimate, will increase from 9,867.8 billion rubles to 12,788.4 billion rubles in 2019, or by 2,920.6 billion rubles (1.3 times). The projected increase in the volume of the state external debt of the Russian Federation from 3,577.4 billion rubles in 2016 to 3,863.5 billion rubles in 2019, or 286.1 billion rubles (by 8%).

The dynamics of the volume and structure of public debt in 2014 - 2019 (at the end of the year) is presented in the following table.

(billion rubles)

	2014, report	2015, report	2016, law	2016, estimate	2017, project	2018, project	2019, project
State debt of the Russian Federation	10 299,1	10 951,9	12 317,5	13 445,2	13 972,2	15 177,1	16 651,9
% to GDP	13,2	13,6	15,7	16,2	16,1	16,4	16,8
% to the previous year	136,4	106,3	112,5	122,8	103,9	108,6	109,7
% by 2016					103,9	112,9	123,9
including:
State domestic debt	7 241,2	7 307,6	8 817,8	9 867,8	10 351,6	11 580,9	12 788,4
% to GDP	9,3		11,2	11,9	11,9	12,5	12,9
% to the previous year	126,5		120,4	114,4	104,9	111,9	110,4
% by 2016					104,9	117,4	129,6
Public external debt	3 057,9	3 644,3	3 499,7	3 577,4	3 620,6	3 596,2	3 863,5
% to GDP	3,9	4,5	4,4	4,3	4,2	3,9	3,9
% to the previous year	167,5	119,2		98,2	101,2	99,3	107,4
% by 2016					101,2	100,5
For reference:
Gdp	77 945,1	80 804,3	78 673,0	82 815,0	86 806,0	92 296,0	98 860,0
Ruble to US dollar exchange rate		61	63,3	67,5	67,5	68,7	71,1
Public external debt in billions of US dollars		50,0	55,1	55,1	53,6	52,8	53,6

Analysis of the above data shows that in 2017 - 2019 compared to the 2016 estimate, along with an increase in the absolute volume state debt of the Russian Federation its ratio to GDP is increasing from 16.2% to 16.8% in 2019, while the state domestic debt will increase from 11.9% of GDP to 12.9% of GDP in 2019, external debt will decrease from 4.3% of GDP up to 3.9% of GDP, respectively.

Passport draft state program Of the Russian Federation "Management of public finances and regulation of financial markets" the value of the target indicator "Public debt of the Russian Federation in relation to domestic product, no more ”was reduced in 2016 from 14.3% to 20%, the same value of the indicator is envisaged in 2017 - 2019 as well. Thus, the volume of the state debt of the Russian Federation in the coming period is projected at the level of up to 17% of GDP, that is, it will remain at a relatively safe level.

Data on the change in the volume of public debt in 2008-2019 is presented in the following chart.

In order to determine safe levels of the volume and structure of public debt in world practice, various indicators of debt sustainability are used. When analyzing indicators of debt sustainability from a budget standpoint, the ratio of the government's public debt and indicators characterizing the state of the state budget are assessed.

The main indicators used in world practice that characterize the degree of debt sustainability in relation to the Russian Federation in 2014 - 2019 are shown in the following table.

Indicator name	year 2014	2015 year	2016 (estimate)	2017 (forecast)	2018 (forecast)	2019 (forecast)	Criterion (indicative values)
Government debt of the Russian Federation,% of GDP	13,2	13,6	16,2	16,1	16,4	16,8	< 50 %
Share of the state domestic debt in the total volume of the state debt of the Russian Federation,%	70,3	66,7	73,4	74,1	76,3	76,8	> 50 %
Share of expenditures on servicing the state debt in the total volume of federal budget expenditures,%	2,8	3,3	3,9	4,5	5,3	5,4	< 10 %
The ratio of the annual amount of payments for repayment and servicing of the state debt to federal budget revenues,%	5,6	10,1	9,4	11,9	11,9	11,6	< 10 %
Ratio of the state debt of the Russian Federation to federal budget revenues,%		80,2	100,6	103,6	108,2	112,2	< 250 %
The ratio of the state external debt of the Russian Federation to the annual volume of exports of goods and services,%	9,6	12,7	17,1	16,3	15,6	15,3	< 220 %
The ratio of the annual amount of payments for the repayment and servicing of the state external debt to the annual volume of exports of goods and services,%	0,8	1,7	1,3	1,9	2,3	1,6	< 25 %

It can be seen from the data in the table that such indicators as the ratio of public debt to GDP, the share of expenditures on servicing public debt in the total volume of federal budget expenditures, and the ratio of public debt to federal budget revenues, even taking into account the growth of their values ​​in 2017--2019, are not exceed thresholds. At the same time, the coefficient characterizing the ratio of the annual amount of payments for the repayment and servicing of the state debt to the federal budget revenues, according to the parameters of the draft law in 2017-2019 slightly exceeds the threshold level.

The coverage ratio, which shows the ratio of the volume of payments for repayment and servicing of public debt to the total volume of borrowings, in 2017-2019 will amount to 84.7%, 92.9% and 91.9%, respectively (in 2015 its value was 195.2% , in 2016 - 104.8%). The decrease in this ratio is mainly due to a significant increase in the volume of government borrowings from the Russian Federation due to the placement of government securities on the domestic market in the period under review. Against the background of a significant increase in the aggregate volume of demand on the part of investors over the past two years on their terms, a sharp increase in the volume of government borrowing may worsen the conditions for the placement of government bonds (an increase in yields and a reduction in borrowing terms in the context of the limited capacity of the Russian debt market and the investment horizon of its participants ), as well as to a significant increase in the volume of the state internal debt of the Russian Federation and an increase in the debt burden on the federal budget in terms of its servicing.

19.2. upper limit of public domestic debt as of January 1, 2018 is provided in the amount of 10 351.6 billion rubles, which is 483.8 billion rubles, or 4.9%, higher than the maximum volume of state internal debt as of January 1, 2017, established by Federal Law No. 359-FZ, as amended.

The dynamics of the volume and structure of public domestic debt (as of the end of the year) in 2015-2019 is presented in the following table.

	2015, report	2016 (Federal Law No. 359-FZ as amended)	2017, project	2018, project	2019, project	2019 to 2016,%
billion rubles	structure,%	billion rubles	structure,%	billion rubles	structure,%	billion rubles	structure,%	billion rubles	structure,%	%
State domestic debt, total	7 307,6		9 867,8		10 351,6		11 580,9		12 788,4		129,6
including:
government securities	5 573,1	76,3	6 141,1	62,2	7 205,2	69,6	8 301,0	71,7	9 388,8	73,4	153,7
state guarantees	1 734,5	23,7	3 726,7	37,8	3 146,4	30,4	3 279,9	28,3	3 399,6	26,6	91,2

An analysis of the above data shows that the growth of the state domestic debt is due to the increase in debt on state securities, the par value of which is indicated in the currency of the Russian Federation. At the same time, the share of debt on government securities in the volume of government domestic debt will increase from 69.6% in 2017 to 73.4% in 2019, and on government guarantees - it will decrease from 30.4% in 2017 to 26.6% in 2019 year.

The volume of domestic debt denominated in government securities in 2017 will amount to 7,205.2 billion rubles, which is 1,098.0 billion rubles, or 18%, more than in 2016, and 1,632.1 billion rubles, or 29.3%, more than in 2015. For 2017 - 2019 it will increase by 1.5 times and by the end of 2019 will amount to 9 388.8 billion rubles.

In accordance with the Main Directions of the Ministry of Finance of Russia, for additional attraction of borrowed funds, it is planned to issue new special government securities for the population.

In accordance with Article 13 of the Draft Law and the Program of State Guarantees of the Russian Federation in the currency of the Russian Federation (hereinafter referred to as the Guarantee Program) for 2017 (Appendix 45 to the Draft Law), the provision of state guarantees of the Russian Federation in the currency of the Russian Federation (hereinafter also referred to as guarantees) is envisaged in 2017 in the amount of 190.1 billion rubles.

The planned volume of guarantees in 2017 is significantly lower than the volume of state guarantees provided for by the programs of state guarantees of the Russian Federation in the currency of the Russian Federation in 2012 - 2016. Thus, the planned volume in 2017 is 67.9% lower than the total guarantee amount in 2016 (592.5 billion rubles), 66.2% lower than the total guarantee amount in 2015 (563.3 billion rubles).

At the same time, for a number of years, there has been a negative trend in non-fulfillment of the Guarantee Programs: in 2011, the volume of actually issued guarantees amounted to 48.1% of the guaranteed amount under the Guarantee Program, in 2012 - 67.8%, in 2013 - 68.3%, for 2014 - 77.1%, for 2015 - 37%. In January - October 2016, the implementation of the Guarantee Program is only 0.2% of the established volume (592.5 billion rubles).

Data on the volume of government guarantees in the currency of the Russian Federation in 2017 - 2019 for guarantee purposes are presented in the following table.

Purpose of guarantee	The volume of state guarantees in 2017, million rubles	Share in total volume,%	The volume of state guarantees in 2018, million rubles	The volume of state guarantees in 2019, million rubles
For loans or bonded loans attracted by legal entities selected in the manner prescribed by the Government of the Russian Federation for the implementation of investment projects or for other purposes established by the Government of the Russian Federation	100 000,0	52,6	100 000,0	100 000,0
For loans or bonded loans attracted by subsidiaries or dependent organizations State corporation to promote the development, production and export of high-tech industrial products by Rostec, as well as by subsidiaries and affiliates of these legal entities for the purpose of acquiring blocks of shares in Russian joint-stock companies or stakes in the authorized capital of limited liability companies owned by RUSNANO	6 400,0	3,4	not provided	not provided
For loans attracted by organizations of the military-industrial complex for the implementation of projects carried out within the framework of the federal target program"Development of the military-industrial complex of the Russian Federation for 2011 - 2020"	43 724,7		not provided	not provided
For loans or bonded loans attracted by legal entities registered and carrying out their main statutory activities in the North Caucasus Federal District, for the implementation of investment projects to create tourism cluster in the North Caucasian Federal District	8 000,0	4,2	9 000,0	9 000,0
For loans or bonded loans attracted joint stock company RUSNANO for the implementation of investment projects in the nanoindustry, financing investment funds nanotechnology, as well as for the repayment of loans or bonded loans, attracted by JSC RUSNANO earlier for the implementation of the goals specified in the charter of JSC RUSNANO	21 100,0	11,1	13 400,0	not provided
For loans attracted by legal entities registered and carrying out their main statutory activities in the North Caucasian Federal District, for the implementation of investment projects in the North Caucasian Federal District	10 000,0	5,3	10 000,0	10 000,0
On loans attracted by OJSC "United Engine Corporation" to finance the organization of serial production of engine parts and engine nacelles for advanced engines for civil aviation	899,2	0,5	1 115,6	726,9
Total	190 123,9		133 515,6	119 726,9

The main volume of guarantees planned to be provided in 2017 falls on the purpose of guaranteeing "loans or bonded loans attracted by legal entities selected in the manner prescribed by the Government of the Russian Federation for the implementation of investment projects or for other purposes established by the Government of the Russian Federation." In accordance with the draft law, in 2017, for the specified purpose of guaranteeing, it is planned to provide state guarantees in the amount of 100.0 billion rubles, which is 52.6% of the total provision provided by the Program.

The volume of guarantees provided for this purpose is 175.3 billion rubles in 2016, or 29.6% of the total volume of guarantees; in 2015 - 297.5 billion rubles, or 52.8%; in 2014 - 97.5 billion rubles, or 14.1%; in 2013 - 97.5 billion rubles, or 15.9%; in 2012 - 128.5 billion rubles, or 26%.

It should be noted the insufficient level of implementation of the Guarantee Programs for the specified guarantee goal in recent years. So, in 2012, out of the stipulated volume, government guarantees were actually provided in the amount of 67.6 billion rubles, or 52.6% of the established volume of guarantees, in 2013 no guarantees were provided, in 2014 44.0 billion rubles were actually provided, or 45.1%, in 2015 - 50.9 billion rubles, or 17.1%. As of October 1, 2016, according to the State Debt Book of the Russian Federation, no guarantees were provided for this purpose.

Also, over a number of years, the bulk of state guarantees fell on the purpose of guaranteeing "loans attracted by organizations of the military-industrial complex for the purpose of fulfilling (implementing) the state defense order." Thus, in 2012, the volume of guarantees for this purpose amounted to 40.4% of the total volume provided for by the Program of State Guarantees of the Russian Federation in the currency of the Russian Federation for 2012; in 2013 - 65.2%; in 2014 - 71.8%; in 2015 - 4.6%; in 2016 - 35.3%. In 2017, the provision of state guarantees for this purpose is not provided.

In 2017, a significant amount of state guarantees is planned for the purpose of guaranteeing "on loans attracted by organizations of the military-industrial complex for the implementation of projects carried out within the framework of the federal target program" Development of the military-industrial complex of the Russian Federation for 2011-2020 ", which is 23 % of the total volume provided for by the draft Guarantee Program.

It should be noted that there are risks of non-fulfillment of the planned volumes of state guarantees provided by the Guarantee Program for 2017. So, as of October 1, 2016, only 2 state guarantees were provided in the amount of 1,072.0 million rubles, or 0.2% of the volume provided for by the Program of State Guarantees of the Russian Federation in the currency of the Russian Federation for 2016. At the same time, the Accounts Chamber has repeatedly noted the unevenness of the provision of state guarantees throughout the year. Thus, the bulk of the provision of state guarantees falls annually in December.

The main volume of government guarantees of the Russian Federation planned to be provided in 2017 in the currency of the Russian Federation falls on guarantees with the right of recourse or with the assignment of claims against the person for whose obligations the state guarantee of the Russian Federation is presented - 83.6% of the total volume. The provision of a state guarantee without the right of recourse is planned by JSC RUSNANO in the amount of 21.1 billion rubles (the volume of state guarantees of JSC RUSNANO in 2016 is 35.5 billion rubles) and on loans attracted by legal entities registered and carrying out its main statutory activities on the territory of the North Caucasus Federal District, for the implementation of investment projects in the territory of the North Caucasus Federal District, in the amount of 10.0 billion rubles.

The draft Program of guarantees for 2017 for the possible implementation of state guarantees of the Russian Federation provides for budgetary allocations:

from sources of financing the federal budget deficit under guarantees provided with recourse claims - 80,573.4 million rubles;

on federal budget expenditures on guarantees provided without recourse and without assignment of rights of claim - 11,169.9 million rubles.

According to the Ministry of Finance of Russia, the volume of planned budgetary allocations for the possible execution of state guarantees of the Russian Federation in the currency of the Russian Federation in 2017 due to an increase in the volume of obligations increased compared to the Federal Law No. 359-FZ established for 2016: by sources of financing the federal budget deficit - by 39,635.2 million rubles, or 2 times, in terms of federal budget expenditures - by 6,479.2 million rubles, or 2.4 times.

An analysis of the actual use of budgetary allocations provided for the execution of state guarantees for possible guarantee cases showed that in 2014 - 2015 the execution of state guarantees was not carried out, in January - September 2016 the guarantor fulfilled obligations in the amount of 133.84 million rubles.

Until now, the Ministry of Finance of Russia has not taken measures to implement budgetary powers to organize the drafting of the federal budget in terms of the implementation of methodological guidance in the formation of the draft program of state guarantees. Regulatory act of the Ministry of Finance of Russia on the approval of the procedure for the formation of a draft program of state guarantees of the Russian Federation (including on the goals and volumes of guarantees, the presence or absence of the right of recourse of the guarantor to the principal, as well as on the presence of other conditions, including the analysis of the financial condition of the principal when guarantee) is not accepted.

It should be noted that the Accounts Chamber, in its opinion on the report on the execution of the federal budget for 2015, noted that normative document The Ministry of Finance of Russia, which determines the procedure for the formation of draft programs of state guarantees of the Russian Federation, including in the currency of the Russian Federation, has not been approved.

19.3. In accordance with article 1 of the bill upper limit of the state external debt of the Russian Federation as of January 1, 2018 is provided in the amount of $ 53.6 billion, or 48.7 billion euros, which is 1.5 billion US dollars, or 2.7%, less than the upper limit of external debt as of January 1, 2017, established by Federal Law No. 359-FZ as amended.

The dynamics of the volume and structure of public external debt (at the end of the year) is presented in the following table.

(USD million)

	2015, report	2016, estimate	2017, project	2018, project	2019, project
sum	structure,%	sum	structure,%	sum	structure,%	sum	structure,%	sum	structure,%
Public external debt of the Russian Federation - total	50 002,4		52 803,0		53 558,8		52 806,8		53 585,9
including:
loans from foreign countries, including targeted foreign loans (borrowings), MFOs, other subjects of international law, foreign legal entities in foreign currency	2 209,9	4,4	1 693,3	3,2	1 529,6	2,9	1 317,1	2,5	1 093,7
government securities of the Russian Federation, the par value of which is indicated in foreign currency	35 916,6	71,8	37 653,8	71,3	37 373,3	69,8	35 633,8	67,5	35 436,3	66,1
state guarantees of the Russian Federation in foreign currency	11 875,9	23,8	13 455,9	25,5	14 655,9	27,4	15 855,9		17 055,9	31,8

When calculating the volume of the state external debt of the Russian Federation as of the indicated dates, the following forecast exchange rates were used: 64.9 rubles per 1 US dollar for calculating the debt as of January 1, 2017; 67.6 rubles per 1 US dollar for calculating debt as of January 1, 2018; 68.1 rubles per 1 US dollar for calculating debt as of January 1, 2019; 72.1 rubles per 1 US dollar for calculating debt as of January 1, 2020. To convert the amounts of debt denominated in euros into dollars, a coefficient of 1.10 was used, except for the debt as of January 1, 2017, calculated using a coefficient of 1.11.

The most significant part of the government external debt of the Russian Federation falls on government securities of the Russian Federation, the par value of which is indicated in foreign currency. As of January 1, 2017 and January 1, 2018, it will amount to 71.3% and 69.8%, respectively, of the amount of public external debt, expressed in US dollars, which is slightly lower than on January 1, 2016 (71.8%). In 2018 and 2019, the share of government securities of the Russian Federation denominated in foreign currency will decrease slightly and amount to 67.5% and 66.1%, respectively.

It is predicted that the share of debt on government guarantees of the Russian Federation in foreign currency will amount to 25.5% and 27.4% as of January 1, 2017 and January 1, 2018, respectively (compared to 23.8% as of January 1, 2016), January 1, 2019 and January 1, 2020 - 30% and 31.8%. The share of debt to IFIs, foreign governments and under a deposit agreement with the Central Bank of Libya will continue to decline: from 4.4% as of January 1, 2016 to 2% as of January 1, 2020.

As of January 1, 2016, the state external debt on bonds of external bonded loans of the Russian Federation (hereinafter referred to as OVOZ) amounted to 35,911.2 million US dollars (2,617.3 billion rubles). In 2016, OVOZs were placed in the amount of USD 3,000.0 million, and taking into account the repayment of USD 1,273.1 million as of January 1, 2017, the debt on Eurobonds will amount to USD 37,650.5 million (2 443.5 billion rubles).