Salary and personnel / 09.12.2021

The state debt is secured by all state property. Capital government debt is. The main public debt

As a result of attracting borrowed funds by the state, the state debt is formed.

The state debt of the Russian Federation is the debt obligations of Russia to individuals and legal entities, foreign states, international organizations and other subjects of international law, including obligations under state guarantees provided by the Russian Federation. In Russia, there is a unified system for recording and registering government borrowings in the debt book maintained by the Ministry of Finance of Russia (the requirements for the structure of the debt book, as well as the procedure for maintaining and storing it, are determined by the Procedure for maintaining the State debt book of the Russian Federation at the Ministry of Finance of the Russian Federation).

Public debt must be distinguished from subfederal debt, which is the public debt of a constituent entity of the Russian Federation, which is a set of debt obligations of the corresponding region.

The Russian Federation is not liable for the debt obligations of the constituent entities of the Russian Federation, if these obligations were not guaranteed by the Russian Federation. In turn, the constituent entities of the Russian Federation are not liable for the debt obligations of the Russian Federation, as well as for each other's federal debts, if these obligations were not guaranteed by them.

Public debt is a direct consequence of the state's credit policy, and its composition depends on the forms of public credit used to attract temporarily free funds at the disposal of public authorities. In this regard, Art. 98 BC reasonably includes in the volume of the state debt of the Russian Federation only the amount of the principal debt on loans, the nominal amount of debt on government securities and the volume of obligations under guarantees issued by Russia. Does not form the composition of the public debt and the payment of interest and non-interest income on public borrowings, since according to Art. 69 BC, they are an independent form of federal budget expenditures. Consequently, the composition of the state debt is formed not by all the promissory notes of the Russian Federation, but only by those of them that have become the objects of legal relations on the state loan.

The guarantor of the state's solvency for its credit obligations is the state treasury, due to the property of which the state debt is fully and unconditionally secured. The state debt of a constituent entity of the Russian Federation is fully and unconditionally secured by all property owned by a constituent entity of the Russian Federation that makes up the treasury of the constituent entity of the Russian Federation.

Despite the fact that the credit relations of the state are provided by its treasury, the repayment of debt obligations and their servicing are carried out at the expense of federal budget revenues. The Budget Code prescribes federal government bodies to use all the powers to generate federal budget revenues in order to pay off debt obligations and service the state debt of the Russian Federation.

State debt classified on several grounds.

Depending on the maturity public debt is allocated public debt:

capital, representing the total amount of government debt on outstanding debt obligations and unpaid interest on them;
current, representing the amount of government expenditures on all debt obligations that are due for repayment.

Depending on the term of attraction government debt is subdivided into:

for short-term (attracted for a period of up to one year);
medium-term (attracted for a period of one to five years);
long-term (attracted for a period of five to 30 years).

Debt obligations of Russia cannot exceed a term of 30 years.

Depending on the currency liabilities allocate public debt:

internal (expressed in the currency of the Russian Federation, i.e. in rubles; the volume of the state internal debt includes: the main nominal amount of debt on government securities of the Russian Federation; the volume of the main debt on loans received by the Russian Federation; the volume of the main debt on budget loans and budget loans received by the Russian Federation from the budgets of other levels; the amount of obligations under state guarantees provided by the Russian Federation);
external (denominated in foreign currency; the volume of public external debt includes the volume of liabilities under state guarantees provided by the Russian Federation, as well as the volume of the principal debt on loans received by the Russian Federation from foreign governments, credit institutions, firms and international financial organizations).

In some cases, the subject composition can serve as an additional criterion for dividing public debt into external and internal. The provision of credit funds to the state by residents indicates the formation of internal debt; borrowing money from non-residents leads to the formation of external debt.

Modern lending activity in Russia indicates the increased interaction of external and internal debt. Thus, part of the domestic debt on short-term government bonds was transformed into short-term external debt, while new government securities are issued and placed on the domestic stock market to pay off the external debt.

As a consequence of the lending activity of the state, which has a legal form, public debt can exist only in certain forms developed by economic practice and fixed by law.

Consequently, the form of public debt is a legally formalized economic relationship that forms the debt obligations of the Russian Federation.

According to Art. 98 BC the structure of the state debt of the Russian Federation is a grouping of debt obligations of the Russian Federation by types of debt obligations.

Debt obligations of the Russian Federation may exist in the form of obligations:

on loans attracted on behalf of the Russian Federation as a borrower from credit institutions, foreign states, including for targeted foreign loans (borrowings) of international financial organizations, other subjects of international law, foreign legal entities;
government securities issued on behalf of the Russian Federation;
budget loans attracted to the federal budget from other budgets of the budgetary system of the Russian Federation;
state guarantees of the Russian Federation;
other debt obligations previously referred to the state debt of the Russian Federation in accordance with the legislation of the Russian Federation.

Public debt is a complex economics-legal entity, a special mechanism of financial relations that requires regulation by a system of various methods.

Public debt management is a set of financial operations of the state to ensure the unity of planning and accounting for all operations to attract, repay and service external and internal government borrowings, as well as to provide government guarantees.

Management of the state internal and external debt falls within the competence of the Government of the Russian Federation.

The functions of public debt management are directly carried out by the Ministry of Finance of Russia, the main tasks of which are the development of public borrowing programs and their implementation on behalf of the Russian Federation, as well as the management of the state internal and external debt of the Russian Federation. In accordance with the tasks assigned to it, the Ministry of Finance of Russia, together with the Bank of Russia, carries out operations to service the state debt, takes the necessary measures to improve its structure and optimize the costs of servicing it.

Government debt management is also referred to by federal legislation as the responsibility of the Bank of Russia, which advises the Ministry of Finance of Russia on the schedule for issuing government securities and repayment of government debt, taking into account their impact on the state of the Russian banking system and the priorities of a single monetary policy. The Bank of Russia carries out operations to service the state debt without charging a commission.

The main methods for regulating public debt are: restructuring, conversion, novation, prolongation and assignment of claims.

Restructuring means the termination of the debt obligations constituting the public debt, based on the agreement of the parties, with the replacement of these debt obligations by other debt obligations that provide for different conditions of service and repayment. In the process of restructuring, a partial write-off of the principal amount may be carried out.

In the context of the debt crisis, debt restructuring becomes one of the primary mechanisms for managing public debt, since it provides the debtor with the opportunity to defer debt repayment, change the repayment schedule or service the issued securities. The intermediate result of the restructuring is the granting of a grace period to the debtor, during which only interest is paid on debt obligations. Granting a grace period is beneficial not only to the debtor, but also to the creditor, since during this time the borrower can mobilize additional financial resources to raise the domestic economy and thereby create favorable conditions for the repayment of public debt. In particular, in 1996, Russia's domestic debt in foreign currency was re-registered into government bonds (see Decree of the President of the Russian Federation of January 31st, 996 No. 126 “On some measures to streamline the work with the foreign and domestic foreign currency debt of the Russian Federation”).

The conditions for restructuring the internal debt are determined by the BC and consist in the repayment of debt obligations by issuing new debt obligations in the amount to be repaid with the simultaneous establishment of new service conditions and maturity dates for the debt being placed. For example, Art. 23 of the Budget Law for 2008 and the planning period 2009 and 2010. the restructuring of monetary liabilities (debt) to the Russian Federation is envisaged, which is carried out by consolidating monetary liabilities with a simultaneous write-off of arrears on accrued penalties and fines and the provision of a uniform installment plan for the payment of consolidated debt. Restructuring as a method of public debt management is used when re-registering domestic monetary obligations to the Russian Federation (see, for example, the Government of the Russian Federation of July 21, 2004 No. 366 "On the restructuring of monetary obligations to the Russian Federation assumed by the constituent entities of the Russian Federation in 2004-2007). Federation ").

Restructuring of external debt is possible, as a rule, with the consent of international financial organizations - creditors in the presence of conditions developed by international financial and credit practice. A special fund, the Debt-Reduction Facility Fund, has been set up as part of the International Development Association to reduce debt in the amount of USD 100 million, which provides countries with preferential loans to pay off high external debt.

One of the main conditions for the restructuring of external debt is the presence of the debtor state on the verge of bankruptcy. In particular, external creditors may offer the debtor state to adopt a financial stabilization program developed and financed by the International Monetary Fund, a program to improve the public administration system, a program to improve the efficiency of economic policy developed and financed by the International Bank for Reconstruction and Development.

Public debt conversion means a set of financial and legal mechanisms aimed at reducing debt. As a result of the conversion, the external debt is replaced by other types of obligations, both financial and legal and civil. So, the following are possible: transfer of public debt into investments of industry of the creditor state; debt repayment by goods deliveries; redemption of own debt on special terms; the exchange of debt for debt obligations of states that are not the original parties to the loan agreement; offsetting financial claims, etc. (see, for example, the order of the Ministry of Finance of Russia "On approval of the Regulation on servicing government savings bonds"; Resolution of the Government of the Russian Federation of March 21, 2007 No. 169 "On the procedure for conducting conversion operations" debt in exchange for goods and (or ) services "related to the repayment and servicing of the state external debt of the Russian Federation").

Unlike restructuring, conversion is not aimed at deferring payments, but at reducing the monetary volume of government debt. With regard to loans issued by Russia to other countries, conversion is one of the most optimal ways to manage public debt, since it creates an opportunity for a preferential regime for the export of profits, investment in the most profitable sectors of the economy, access to closed markets, etc. For example, at present, Ukraine is partially paying off its debt to Russia, without charging rent for using the bays of Sevastopol.

At the same time, it should be borne in mind that in case of excessive conversion of public debt by the above methods, it is possible to lose control over the flow of foreign exchange funds and cheap imported goods to Russia, which could lead to inflationary processes.

Novation of public debt means the termination of the obligation by agreement of the parties to replace the original loan agreement with another obligation. The new obligation provides for a different subject or method of performance. The main condition for innovation is the preservation of the subject composition of the obligation. So, on the basis of the RF Government Decree of August 11, 2005 No. 506 "On the Limitation of the Term of the Novation of the Series III Domestic Foreign Currency Bonded Loan Bonds", the domestic government bonds of the said series were novated to the 1999 government foreign currency bonded bonds.

The innovation can affect other elements of the obligation, including its very essence. So, it is possible to transfer into a debt obligation debt arising from any other basis, for example, sale and purchase, lease of property and vice versa. In particular, in 1993, the states - the former republics of the USSR, repaid their state debts to the Russian Federation in property form: deliveries of goods, transfer of property, stakes in key production facilities. In 1995-1996. Russia's state debt to the countries - members of the former Council for Mutual Economic Assistance was paid off by deliveries of Russian goods (Resolution of the Supreme Council of the Russian Federation of June 30, 1993 No. 5301-1 "On state loans to the governments of the former republics of the USSR"; Order of the Government of the Russian Federation of November 2, 1995 No. 1527 -р "On the procedure for repaying the state debt of the Russian Federation to the countries - members of the former CMEA with commodity deliveries"), In 2007, the obligations under the bonds of the domestic government foreign currency bonded loan were terminated by concluding with the owners of these obligations cancellation agreements (Resolution of the Government of the Russian Federation of 20.06. 2007 N-387 "On the procedure for concluding with the owners of bonds of the domestic government foreign currency bonded loan of the III series, who have not carried out the novation of these bonds, agreements on cancellation and redemption of these bonds").

Rolling over the public debt means extending the term of the debt obligation.
The assignment of a claim is the replacement of one creditor with another. This method of regulating public debt can be expressed in the sale by the government of its receivables to third parties.

The Budget Code establishes requirements for the maximum amount of public debt and for the maximum amount of government borrowing in Russia. As a general rule, the maximum amount of external government borrowings should not exceed the annual volume of payments for servicing and repayment of Russia's external government debt. Specific maximum volumes of the state internal debt and state external debt, as well as the limits of external borrowing, are approved by the federal law on the federal budget for the next financial year.

Failure to comply with the maximum size of public debt and the cost of servicing it is the basis for the use of coercive measures for violating the budgetary legislation of the Russian Federation.

The RF government debt is managed by the RF Government. The state debt of the Russian Federation is secured by all federal property that makes up the state treasury.

The management of the state debt of a constituent entity of the Russian Federation is carried out by the executive authority of the constituent entity of the Russian Federation. The state debt of a constituent entity of the Russian Federation is a set of debt obligations of a constituent entity of the Russian Federation, secured by all property owned by a constituent entity of the Russian Federation that makes up the treasury of a constituent entity of the Russian Federation.

Municipal debt management is carried out by the authorized body of local self-government. Municipal debt consists of the aggregate of the debt obligations of the municipality. It is provided with all municipal property that makes up the municipal treasury.

The Russian Federation is not responsible for the debt obligations of the constituent entities of the Russian Federation and municipalities, if these obligations were not guaranteed by the Russian Federation. The constituent entities of the Russian Federation and municipalities are not liable for each other's debt obligations, if these obligations were not guaranteed by them, as well as for the debt obligations of the Russian Federation I.V. Borodushko, E.K. Vasilieva, N.N. Kuzin. Finance, p. 108-109.

The amount of public debt is considered acceptable if there are sources of repayment of both the principal and interest on it.

The sources of repayment of the principal amount of the debt include the size of the gross domestic product, the level of exports of goods and services, and the gold and foreign exchange reserves of the state. Sources of debt service (interest payments) include tax revenues and the level of monetization of the economy.

When assessing the security of the state external debt, such indicators are used as the ratio of the amount of external debt and the volume of exports of goods and services; the ratio of the size of external debt to GDP; the ratio of the amount of payments in order to service the debt and the volume of exports of goods and services.

To assess the security of domestic debt, it is compared with budget revenues received in monetary form and the level of monetization of the economy.

Consideration should be given to the degree of approach to the "danger boundary", beyond which there is a risk of default. It is considered unacceptable for the external debt to exceed the GDP by 50%. In other sources - 80% (see paragraph 2.3.). In Russia - 65%.

As follows from the practice of most countries, the debt of the order of 50-70% of GDP of Rybalko G.P. is usually not a cause for concern. Foreign experience in public debt management. // Finance No. 6 2000.

public debt bond repayment

check the execution of the budget of the constituent entity of the Russian Federation;
budget execution can be transferred under the control of the RF Ministry of Finance;
may resort to other measures included in the budgetary legislation of the Russian Federation.

The debt of a constituent entity of the Russian Federation is repaid within a certain time period provided for by the terms of the loan, and cannot be more than 30 years.

The Budget Code establishes that the executive bodies of the constituent entity of the Russian Federation have all the powers to form cash receipts to the budget of the constituent entity and in order to pay off their debts and funds for.

The state debt is managed by the executive body of the constituent entity of the Russian Federation. This provision is stipulated by the RF budget code. The Budget Code does not provide a clear definition of debt management.

Analysis of the state debt of a constituent entity of the Russian Federation

If we rely on a theory that reveals the content of this concept, then the structure of the state debt of a constituent entity of the Russian Federation includes the following actions:

1) The current state and forecast for the forthcoming period of the public debt is assessed, taking into account the determination of indicators, according to which the amount of debt repayment and servicing is determined.

2) The volume, form and conditions of borrowing funds from the state by a constituent entity of the Russian Federation are determined. Loans are registered in a specific order.

3) Establishment of the scope and conditions for the provision of state guarantees of a constituent entity of the Russian Federation in a certain order.

4) Establishing financial control over the receipt of government loans, repayment and servicing of government debt.

5) Preparation and implementation of actions to improve the structure of public debt, including those belonging to the state, restructuring of public debt, risk management of public loans.

The Budget Code of the Russian Federation is structured taking into account that the Russian Federation is not responsible for the debt obligations of the constituent entities of the Russian Federation, if a guarantee for these obligations was not given to the Russian Federation. Subjects of the Russian Federation and municipal structures are not responsible for their debt obligations if they have not issued a guarantee for them. Repayment and servicing of an internal loan taken from the state is carried out in accordance with the federal laws of a constituent entity of the Russian Federation.

Public debt repayment includes the following provisions:

a) return of the sum of money borrowed from the city;

b) return of the amount borrowed on loans;

c) repayment of the main debt on budget loans and budget lending received by the city from financial sources of other levels.

Repayment and servicing of public debt

The public debt service is carried out at the expense of reimbursable expenses of the city's budgetary funds associated with the fulfillment of debt obligations. Current expenses include:

a) payment of interest in accordance with the state loan agreement;

b) payment of tax for transactions with valuable government securities;

c) other expenses covering the organization, support for the emergence and fulfillment of obligations to repay the debt.

The repayment and servicing of the public debt is carried out in accordance with the financial authorities.

The repayment of the public debt is taken into account in the sources of financing the budget deficit funds by reducing the amount of financial receipts to repay the deficit. The exception is for state guarantees, for which the guarantee payments made lead to the emergence of equivalent claims on the part of the city in relation to the debtor who has not fulfilled the obligation given in the guarantee.

Fulfillment of obligations under state guarantees, for which payments lead to the emergence of equivalent claims from the city to the debt owed, were identified as part of the expenditure of budgetary funds as the provision of budgetary lending. All expenses related to debt coverage to the state are identified in the city budget as expenses for servicing the city's debt.

The structure of the state debt of a constituent entity of the Russian Federation involves the establishment of order and reflection in the budgets of the receipt of funds from loans and other debts. They are reflected in the budget as sources of covering the budget deficit.

All expenses for payments on debt obligations, including (the difference between the cost of placement and the cost of repayment for valuable government securities of a constituent entity of the Russian Federation) - are reflected in the budget as expenses for servicing the debt.

The state debt of a constituent entity of the Russian Federation involves the process of restructuring and termination of debt obligations by mutual agreement of the parties. Restructuring is carried out through partial write-off or reduction of debt.

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The RF government debt is managed by the RF Government. The state debt of the Russian Federation is secured by all federal property that makes up the state treasury.

The amount of public debt is considered acceptable if there are sources of repayment of both the principal and interest on it.

To assess the security of domestic debt, it is compared with budget revenues received in monetary form and the level of monetization of the economy.

Consideration should be given to the degree of approach to the "hazard boundary" beyond which there is a risk of default. It is considered unacceptable for the external debt to exceed the GDP by 50%. In other sources - 80% (see paragraph 2.3.). In Russia - 65%.

Ways to Reduce Debt Dependence

Public debt management is understood as a set of measures taken by the state to pay income to creditors and repay loans, change the terms of already issued loans, determine the conditions and issue new government securities.

The country's debt policy is a system of state measures to maintain the amount of debt necessary and acceptable for the country's finances and the costs of servicing it Borodushko I.V., Vasilyeva E.K., Kuzin N.N. Finance, p. 107.

The payment of income on loans and their repayment are usually made at the expense of budgetary funds. Public debt restructuring and refinancing methods can also be used. To achieve the effectiveness of public credit, public debt management measures such as conversion, consolidation, unification, exchange of bonds at a regressive ratio, deferral of repayment and cancellation of loans are also used. They are designed to ease the debt burden on the government budget.

Refinancing - issue of new loans in order to attract financial resources to pay off existing debt.

For example, our country used refinancing to repay the debt on the government's 3% domestic winning loan in 1966. Upon the expiration of this loan, the bonds were exchanged within one year for the bonds of a new loan - the 1982 domestic winning loan without paying the exchange rate difference.

Refinancing is actively used in the payment of interest and redemptions on the external part of the public debt. However, an indispensable condition for the provision of new loans is the good reputation of the debtor country in the circles of the international financial market, its economic and political stability.

Restructuring - this is the repayment of debt obligations with the simultaneous implementation of borrowings or the adoption of other debt obligations in the amount of debt obligations to be repaid with the establishment of other terms of service and maturity dates. Debt restructuring can be carried out with partial write-off or reduction of the principal amount.

Under conversion usually refers to the change in the yield of loans. In order to reduce the cost of public debt management, the government often reduces the amount of interest paid on loans. Such an operation was carried out, for example, in 1990, when the yield on bonds of the 3% winning loan was increased to 9%, and on Treasury bonds - from 5 to 10%.

It is also possible to exchange the main part of bonds for bonds of another issue, which do not cover the entire amount of debt, but have high security, as well as early redemption of bonds from creditors at a discount.

The state is interested in obtaining loans for long periods. Extending the term of already issued loans can be achieved by consolidation public debt. Thus, consolidation refers to the change in the terms of loans associated with their terms. For example, in 1938, there was a consolidation of freely circulating loans with the exchange of old bonds for new ones, the term of which was doubled (up to 20 years). However, the reverse operation is also possible - decreasing the validity period of government securities. So, in 1990, the term of functioning of treasury bonds was reduced from 16 to 8 years.

It is possible to combine consolidation with conversion. Such an operation was carried out, for example, in 1936, when the bonds of seven government loans, which were placed among the population by subscription with an installment plan, were exchanged for bonds of a new loan with a lower yield and doubling (up to 20 years) the term of the securities ...

The unification of government loans is usually carried out together with consolidation, but can also be done outside of it. Unification loans is the combination of several loans into one, when bonds of previously issued loans are exchanged for bonds of a new loan. This measure provides for a decrease in the number of types of securities circulating at the same time, which simplifies the work and cuts the state's expenses on the system of state credit. Unification of loans was carried out in 1930: simultaneously with the issue of the loan "Five-Year Plan - in Four Years", bonds of loans for industrialization and strengthening of the peasant economy were exchanged for its bonds.

In exceptional cases, the government may conduct exchange of bonds on a regressive basis, those. when several previously issued bonds are equated to one new bond. For example, such an exchange was carried out in the post-war period in order to withdraw wartime loan bonds from circulation. A regressive bond exchange saves the government from having to pay interest and full-value redemptions on bonds sold by the government for the depreciated wartime currency.

Deferral of loan repayment or all previously issued loans is carried out in conditions when the further active development of operations for issuing new loans does not have financial efficiency for the state. This happens at a time when the government has already issued too many loans and the terms of their issue were not favorable enough for the government. In such cases, most of the proceeds from the sale of bonds of new loans are used to pay interest and redemption on previously issued loans. To break this vicious circle, the government announces a deferral of loan repayments, which differs from consolidation in that the delay not only pushes back the maturity, but also stops the payment of income. During the consolidation of loans, bondholders continue to receive their income from them.

In 1957, in our country, it was decided to stop issuing loans distributed among the population by subscription, and to defer the repayment of previously issued loans for 20 years. The actual reason for such an event was the stalemate in the field of state credit, caused by the unpopularity of the so-called massive subscription loans among the population. The government realized that this practice should be abandoned, but could not count on receiving new loans to refinance the state debt. I had to go on a deferral of loan repayment.

Conversion, consolidation, unification of government loans and exchange of government bonds are usually carried out only in relation to domestic loans. As for the postponement of the repayment of obligations, this measure is also possible in relation to external debt. The deferral of repayment of external loans, as a rule, is carried out in agreement with the lenders. At the same time, the postponement of debt repayment may not result in the suspension of interest payments on it.

Under cancellation of public debt is understood as a measure as a result of which the state completely refuses obligations on issued loans (internal, external or for the entire public debt). Cancellation of government securities can be carried out for two reasons. First, the cancellation of the public debt is announced in the event of the financial insolvency of the state, i.e. his bankruptcy. Secondly, the cancellation of the debt may be a consequence of the coming to power of new political forces, which, for certain reasons, refuse to recognize the financial obligations of the previous authorities. So, in January 1918, the Government of the RSFSR canceled all pre-revolutionary domestic and foreign loans. The Soviet government did not recognize the financial obligations of the tsarist administration and the Provisional Government, which directed borrowed funds mainly to prepare for war and conduct hostilities, as well as to suppress the revolutionary movement (at present, the central government has recognized part of the foreign pre-revolutionary debt).

The area of public debt management is important, related to the definition of conditions and the issuance of new loans. The success of new loans can only be ensured if the situation in the economy, the state of monetary circulation, the level of profitability and the terms of existing loans, the benefits provided to lenders and many other factors are correctly taken into account.

The production, storage and distribution of government loan bonds are assigned to the relevant departments of the Ministry of Finance, the sale of state securities - to the banking system. Banks freely sell and buy government bonds on all working days, except for the period from the day of the drawing of winnings until the day the official table is received. On the eve of the draw, the existing bonds are sealed; upon receipt of the official winning table, they are checked by a special commission. The winning bonds are withdrawn from further circulation, the winnings on them are credited to the budget income. The next day, operations for the purchase and sale of bonds of winning loans are resumed. Transactions with interest-bearing bonds and treasury bonds are carried out on a regular basis.

External bond loans in foreign money markets on behalf of the borrowing state are placed, as a rule, by banking consortia. They charge a commission for this service. Intergovernmental loans are usually non-bond loans. All conditions of intergovernmental loans are fixed in special agreements (interest rate, currency of granting and repayment of the loan, other conditions).

Borrowing funds by budgets of different levels lead to the formation, respectively state and municipal debt- the accumulated debt of the Russian Federation, constituent entities of the Russian Federation and municipalities, subject to repayment in the form of the principal debt and interest accrued on it.

The debt can be formalized in securities or be defined in an agreement between the borrower represented by the relevant executive body of state power or local government, on the one hand, and the investor, on the other hand.

State debt of the Russian Federation represents debt obligations of the Russian Federation to individuals and legal entities, foreign states, international organizations and other subjects of international law.

The state debt of the Russian Federation is secured by all federal property that makes up the state treasury.

The state debt of the Russian Federation includes debt obligations in the following forms:

1) credit agreements and agreements concluded on behalf of the Russian Federation with credit institutions, foreign states and international financial organizations;

2) government securities issued on behalf of the Russian Federation;

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

4) reissued debt obligations of third parties into the state debt of the Russian Federation on the basis of the adopted federal laws;

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

Debt obligations of the Russian Federation are subdivided into short-term (up to one year), medium-term (from one year to five years) and long-term (from five to 30 years). They are repaid within the terms 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 timing of payment and the amount of interest payments, the circulation period, is not allowed.

State debt of a constituent entity of the Russian Federation - it is a set of debt obligations of a constituent entity of the Russian Federation, secured by all property owned by a constituent entity of the Russian Federation that makes up its treasury.

Debt obligations of a constituent entity of the Russian Federation exist in the form:

1) 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;

2) government loans of a constituent entity of the Russian Federation, carried out by issuing securities of a constituent entity of the Russian Federation;

3) agreements on the provision of state guarantees of the constituent entity of the Russian Federation, contracts of surety of the constituent entity of the Russian Federation to ensure the fulfillment of obligations by third parties;

4) re-registration of debt obligations of third parties into the state debt of a constituent entity of the Russian Federation on the basis of the adopted laws of the constituent entity;

5) agreements and contracts, including international ones, concluded on behalf of a constituent entity of the Russian Federation, on the prolongation and restructuring of debt obligations of constituent entities of previous years.

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

The forms and types of government securities issued on behalf of a constituent entity of the Russian Federation, the conditions for their issue and circulation are determined by the relevant state authorities of the constituent entities of the Russian Federation.

Municipal debt consists of a set of debt obligations of the municipality. It is provided with all municipal property that makes up the municipal treasury.

Debt obligations of the municipality exist in the form:

1) credit agreements and contracts concluded by the municipality;

2) loans of the municipality, carried out by issuing securities on behalf of the municipality;

3) contracts for the provision of municipal guarantees, contracts of surety of the municipal formation to ensure the fulfillment of obligations by third parties;

4) debt obligations of legal entities reissued into municipal debt on the basis of legal acts of local governments.

To conduct an effective financial policy in the field of state and municipal borrowing, the process of managing state and municipal debt is of particular importance. The management of the state debt of the Russian Federation is carried out by the Government of the Russian Federation, the management of the state debt of the constituent entity of the Russian Federation is carried out by the executive authority of the constituent entity of the Russian Federation. Municipal debt management is carried out by the authorized local government body.

The Russian Federation is not responsible for debt obligations of the constituent entities of the Russian Federation and municipalities, if such obligations were not guaranteed by the Russian Federation. The constituent entities of the Russian Federation and municipalities are not liable for each other's debt obligations, if such obligations were not guaranteed by them, as well as for the debt obligations of the Russian Federation.

When a financial crisis occurs, it becomes necessary to restructure the debt.

In order to regulate the size of public debt, it is established limiting volume. the volumes of the state internal debt and external debt for the next financial year are approved by the federal law on the federal budget with a breakdown of the debt according to the forms of securing obligations. The law of a constituent entity of the Russian Federation on the budget, a legal act of a local government body on the local budget establishes an upper limit for the debt of a constituent entity of the Russian Federation, municipal debt. The maximum amount of the state debt of a constituent entity of the Russian Federation, municipal debt cannot exceed the volume of revenues of the corresponding budget, excluding financial assistance from the budgets of other levels of the budgetary system of the Russian Federation.

Formation and development of regional markets of the Russian Federation Development of financial markets in the regions

Presentation on the topic: Changes in the economy and social order h

The state debt is secured by all state property. Capital government debt is. The main public debt