The state debt is secured by all state property. State and municipal debt

Public debt is the aggregate of the state budget deficit for a certain period. it economic definition public debt. In the Budget Code Russian Federation a legal definition of public debt is given as debt obligations of the Russian Federation to physical and legal entities, by foreign states, international organizations and other subjects of international law.

The main reasons for the formation of public debt are the budget deficit and the availability of free Money from individuals and legal entities.

The public debt can be schematically represented as follows.

State debentures Of the Russian Federation can exist in the form:

• 1.credit agreements and contracts concluded on behalf of the Russian Federation, as a borrower, with credit institutions, foreign states and international financial organizations;
• 2.governmental loans carried out by issuing valuable papers on behalf of the Russian Federation;
• 3. contracts and agreements on the receipt by the Russian Federation of budget loans from the budgets of other levels of the budget system of the Russian Federation;
• 4. agreements on the provision of state guarantees by the Russian Federation;
• 5. agreements and treaties, including international ones, concluded on behalf of the Russian Federation, on the prolongation and restructuring of debt obligations of the Russian Federation of previous years.

Debt obligations of the Russian Federation can be short-term (up to one year), medium-term (over one year to five years) and long-term (over five years and up to 30 years). The maturity of debt obligations cannot exceed 30 years. Also, it is not allowed to change the conditions of the state loan issued into circulation, including the timing of payment and the amount of interest payments, the term of circulation.

Public debt can be classified according to various criteria. According to the currency criterion, public debt is divided into external and internal. Ruble-denominated debts refer to domestic debt, and foreign currency - to external. V international practice there is another definition external debt- how total debt to non-residents, and domestic debt - as the total debt to residents. The volume of the state external debt of the Russian Federation includes:

• 1. the amount of obligations under state guarantees provided by the Russian Federation;
• 2.the amount of the principal debt on loans received by foreign governments, credit institutions, firms and international financial institutions.

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

• 1. the principal nominal amount of debt on government securities;
• 2. the amount of the principal debt on loans;
• 3. the amount of the principal debt on budget loans received from budgets of other levels;
• 4. the amount of obligations under state guarantees provided by the Russian Federation.

Public debt is also divided into capital and current.

Capital debt is the total amount of issued and outstanding government debt, including interest.

Current debt is the cost of paying income and paying off obligations.

According to the level of management, public debt is divided into:

• 1. the public debt of the Russian Federation;
• 2. the public debt of a constituent entity of the Russian Federation (represents a set of debt obligations of a constituent entity);
• 3. municipal public debt (represents a set of debt obligations of a municipal formation).

Domestic debt is the state's debt to its population. Debt obligations can take the form of: loans received by the government; government loans made by issuing securities on behalf of the government; other debt obligations.

The sizes and structure of the state internal debt are given in the program of state internal borrowings of the Russian Federation, subjects of the Federation and municipalities. The program is one of the documents submitted simultaneously with the draft budget for the next fiscal year... The structure of the state domestic debt by maturity and types of liabilities can be presented in the form of Table 1 (Appendix 1) or Graph 1.

The maximum amount of domestic debt is approved by the law on the budget for the corresponding financial year (federal law, the law of a constituent entity of the federation, or a local authority). The maximum volume can be exceeded by the Russian government if this reduces the cost of servicing the state debt. The budget law also establishes a ceiling for borrowed money directed by Russia, the constituent entities of the Federation or municipalities to finance the budget of the corresponding level.

For a constituent entity of the Federation, this limit should not exceed 30% of budget revenues for the current financial year, excluding financial aid from the federal budget and borrowed funds raised in this year... For municipalities, it should not exceed 15% of local budget revenues without the participation of financial assistance from higher budgets and borrowed funds in the current year.

The maximum amount of expenditures for servicing the state debt of a constituent entity of the Russian Federation or municipal debt should not exceed 15% of the volume of budget expenditures of the corresponding level.

Russia has one system accounting and registration of public debt. Subjects of the Federation and municipalities register their debt obligations with the Ministry of Finance of the Russian Federation, which maintains the state debt book of the Russian Federation.

Domestic debt obligations can be divided into two groups:

• 1. market, existing in the form of equity securities (GKO, OFZ, etc.);
• 2. non-market ones, issued to finance the resulting budget arrears (promissory notes of the Ministry of Finance of the Russian Federation, arrears to the Bank of Russia).

The size and structure of Russia's external debt is reflected in the RF external borrowing program and government loans provided by Russia. This program is part of the documents submitted at the same time as the budget for the next fiscal year. It provides a list of external borrowings for the next financial year, indicating the purpose, sources, repayment terms, and the amount of borrowings. The program reflects all loans and guarantees, the value of which exceeds $ 10 million for the entire term of the loan. It is approved by the Federal Assembly of the Russian Federation. The structure of the RF public external debt is shown in Chart 2.

The Russian government can carry out external loans that are not included in the program, if this leads to a reduction in the cost of servicing external debt. It includes loan agreements entered into in previous years.

The maximum volume of external public debt, the limits of Russia's external borrowing for the next financial year are approved by the federal law on federal budget for the corresponding year.

The maximum amount of government external borrowing should not exceed the annual volume of payments for servicing and repaying the external debt of the Russian Federation. The government may exceed the amount of external borrowing if this leads to a reduction in the cost of servicing external debt.

The principal classification of public debt by the type of creditor is as follows:

• 1.internal debt (to monetary authorities, commercial banks, other members of the public sector, other financial institutions);
• 2. external debt (to international organizations, government bodies of foreign states, other external debt, including bank loans and advances, supplier loans).

Classification of debt by type of debt obligation is of great analytical importance, since it identifies the types of debt assets and characterizes the types of assets that creditors have:

• 2. domestic debt (long-term bonds, short-term bonds and bills of exchange, long-term loans not elsewhere classified, short-term loans and bills of exchange not elsewhere classified);
• 3. external debt (similar to the list of items of domestic debt).

Public debt management is part of financial policy any country. Public debt management is a set of government measures to pay income to creditors and repay loans, change the terms of already issued loans, and determine the conditions for issuing new government securities. There are various forms of public debt management:

• - conversion-change in the yield of loans. An example is the change in the profitability of T-bills;
• - consolidation - an increase in the validity period and changes in other conditions for issuing a loan (for example, OFZs were initially issued for a year with a coupon paid once a quarter, then they began to be issued for two years with a coupon paid once every six months);
• - unification-consolidation of several loans into one;
• - cancellation of the state debt - the state completely refuses obligations on issued loans;
• - debt restructuring.

These forms of public debt management are both external and internal. However, the management of external debt has its own specifics: the excessive growth of external debt threatens the security of the country, which means, in fact, its bankruptcy. External debt management should be carried out at the stage of attracting external loans, their use and repayment. External debt management at the stage of attracting loans in Russia is carried out by setting the maximum amount of external debt and state guarantees in the Law on the Budget for the corresponding financial year.

For a better understanding of the essence and functions of public debt, we will consider in more detail the management of public debt, as well as the scheme of its placement and guarantees provided by the government for its repayment.

Concluded by the Russian Federation with credit institutions, foreign states and international financial organizations, in favor of the indicated creditors;
b) government securities issued on behalf of the Russian Federation;
c) agreements on the provision of state guarantees of the Federation, agreements of surety of the Federation to ensure the fulfillment of obligations by third parties;
d) re-registration of debt obligations of third parties into the state debt of the Federation on the basis of the adopted federal laws;
e) agreements and treaties, including international ones, concluded on behalf of the Russian Federation, on the prolongation and restructuring of debt obligations of the Russian Federation of previous years.

Debt liabilities by the terms of existence can be:

• short-term (up to one year);
• medium-term (from one to five years);
• long-term (from five to 30 years).

In accordance with the decree of the Government of the Russian Federation "On a unified system of public debt management of the Russian Federation" dated March 4, 1997, a unified system of public debt management of the Russian Federation is being created in the Ministry of Finance of the Russian Federation to reduce the cost of servicing government borrowings.

State (municipal) debt management is understood as the totality financial arrangements the state (local government) on the repayment of loans, the organization of income payments on them, changes in the terms and conditions of previously issued loans, as well as on the placement of new debt obligations. Among such financial measures, the following are most common in world practice:

• refinancing - issuing new loans to cover previously issued debt obligations;
• conversion - a change in the size of the loan yield (can be carried out both downward and upward in the interest rate of income);
• Consolidation - a change in the terms of validity of previously issued loans (in accordance with Art.817 of the Civil Code of the Russian Federation, changes in the conditions of a loan issued into circulation are not allowed, therefore, if consolidation is necessary, this can be done only by agreement with creditors, i.e. with legal entities and individuals who are rightholders of state (municipal) bonds; in this case, it is customary to be guided by Articles 414 and 818 of the Civil Code of the Russian Federation on innovation - termination of the obligation by agreement of the parties to replace the original obligation that existed between them with another obligation between the same persons providing for a different subject or method of execution);
• unification - exchange of several previously issued loans for one new one;
• the cancellation of the state internal debt, i.e., the complete abandonment of debt obligations (as a rule, this is an extreme measure in the management of domestic debt).

At financial crisis there is a need for debt restructuring.

The emission of government securities of the Russian Federation, constituent entities of the Russian Federation and municipalities is carried out in accordance with the decision of the Government of the Russian Federation, as well as the decision of the executive authorities of the constituent entities of the Russian Federation and local authorities, respectively, taking into account the maximum volumes of the budget deficit and state and municipal debt. In addition, the decision to issue government securities of the Russian Federation is made in accordance with the Program of State Foreign Borrowings of the Russian Federation. This decision states:

• information about the issuer;
• the volume and conditions of the issue;

The issue of government securities of the constituent entities of the Russian Federation, as well as municipal securities, is subject to registration with the Ministry of Finance of the Russian Federation. The procedure for the issue, circulation and redemption of government securities of the Russian Federation, constituent entities of the Russian Federation and municipalities is regulated by the federal law on the specifics of the issue and circulation of government and municipal securities.

The issue of state and municipal securities is possible only if the following indicators are approved by federal law, the law of a constituent entity of the Russian Federation or a decision of a local government body on the budget of the corresponding level for the current financial year:

• the maximum amount of the corresponding state or municipal debt;
• the maximum amount of borrowed funds allocated by the Russian Federation, a constituent entity of the Russian Federation or a municipal formation during the current financial year to finance the budget deficit of the corresponding level;
• the cost of servicing the relevant government or municipal debt in the current financial year.

At the same time, the maximum amount of borrowed funds allocated by the constituent entity of the Russian Federation and the municipality during the current financial year to finance the budget deficit of the corresponding level should not exceed:

• for a constituent entity of the Russian Federation - 30% of the volume of budget revenues of a constituent entity of the Russian Federation for the current financial year, excluding financial assistance from the federal budget and borrowed funds attracted in the current financial year;
• for a municipality - 15% of the volume of local budget revenues for the current financial year, excluding financial assistance from the federal budget and the budget of the constituent entity of the Russian Federation, as well as excluding borrowed funds attracted in the current financial year.

The maximum volume of expenditures for servicing the state debt of a constituent entity of the Russian Federation or municipal debt in the current financial year should not exceed 15% of the volume of budget expenditures of the corresponding level.

If, in the execution of the budget of the constituent entity of the Russian Federation or the local budget, the costs of servicing the state debt of the constituent entity of the Russian Federation or municipal debt exceed 15% of the costs of each of the respective budgets, as well as in case of exceeding the maximum amount of borrowed funds, and at the same time the constituent entity of the Russian Federation or the municipality is not able to provide servicing and repayment of its debt obligations, an authorized government body of the Russian Federation or a government body of a constituent entity of the Russian Federation may apply the following measures:

• appoint an audit of the budget of the constituent entity of the Russian Federation or the local budget;
• transfer the execution of the budget of the constituent entity of the Russian Federation or the local budget under the control of the Ministry of Finance of the Russian Federation or the body executing the budget of the constituent entity of the Russian Federation, respectively;
• take other measures provided for by the budgetary legislation of the Russian Federation.

Domestic loans are issued in national currency, external - in the currency of other states and are placed on foreign stock markets.

In accordance with Art. 89 of the Budget Code of the Russian Federation, state external borrowings of the Russian Federation are loans attracted from individuals and legal entities, foreign states, international financial organizations in foreign currency, for which debt obligations of the Russian Federation arise as a borrower or guarantor of repayment of loans by other borrowers, denominated in foreign currency.

State internal borrowings of the Russian Federation are loans attracted from individuals and legal entities, foreign states, international financial organizations in the currency of the Russian Federation, for which debt obligations of the Russian Federation arise as a borrower or guarantor of repayment of loans by other borrowers, denominated in the currency of the Russian Federation.

The borrowed funds of the Russian Federation are mobilized in two ways:

a) placement of securities;
b) obtaining loans from specialized financial and credit institutions.

The procedure for the issue and placement of securities is regulated by the Federal Law "On the Specifics of the Issue and Circulation of State and Municipal Securities" dated July 29, 1998 No. 136-FZ. In accordance with this Law, federal government securities are securities issued on behalf of the Russian Federation.

Obligations of the Russian Federation, a constituent entity of the Russian Federation, arising as a result of the issue of securities and constituting the internal debt, must be expressed in the currency of the Russian Federation and are payable in the currency of the Russian Federation. Foreign currency, conditional monetary units and precious metals may be indicated in the General Conditions for the Issue and Circulation of Government Securities, as well as in the requisites of certificates as an appropriate clause, on the basis of which the amount of payment for these government securities is determined.

Obligations of the Russian Federation and the constituent entity of the Russian Federation arising from the issue of government securities and constituting the external debt of the Russian Federation and the constituent entity of the Russian Federation must be expressed in foreign currency and are payable in foreign currency.

There is a unified system of accounting and registration in the Russian Federation government borrowing RF. Maintaining state books of the internal and external debt of the Russian Federation is entrusted to the Ministry of Finance of the Russian Federation. Information about the borrowings of a constituent entity of the Russian Federation or a municipality is entered into the debt book of the constituent entity of the Russian Federation or the municipal debt book, respectively.

Domestic government debt represents the entire amount of previously issued and so far outstanding government loans, together with interest. On the domestic securities market, the Russian Federation is the largest borrower. The state's debt on GKO - OFZ as of June 1, 1998 amounted to 435.3 billion rubles.

GKO short-term (zero-coupon) government bonds were first issued in the Russian Federation in 1993. GKOs are issued for three and six months. They are sold at a discount, repayment is always made at par. T-bills can be sold ahead of time repayment on the secondary securities market. OFZ federal loan bonds with a variable coupon have been issued since June 14, 1995. OFZs can be medium-term or long-term. Issued in documentary form with mandatory centralized storage. OFZ owners can be Russian and foreign legal entities and individuals. OVVZ domestic bonds foreign currency loan were issued on May 14, 1993 in five tranches with a maturity of 1, 3, 6, 10, 15 years for a total amount of $ 7885 million in order to ensure the conditions necessary for the settlement of the domestic foreign exchange debt, as well as for the implementation of the Decree of the President of the Russian Federation of December 7, 1992 "On measures to resolve the internal foreign exchange debt of the former USSR". The currency of the loan is US dollars.

In accordance with the Decree of the President of the Russian Federation "On some measures to streamline the work with the external and internal foreign exchange debt of the Russian Federation" in 1996, the Government of the Russian Federation carried out an additional issue of OVVZ in the amount of USD 350 million to pay off the domestic foreign exchange debt, which was not taken into account when determining the initial foreign currency bonded loan, on the terms approved by the RF Government decree of March 15, 1993. The maturity of the 1996 bonds is 10 and 15 years.

In addition, the following products are produced in the Russian Federation:

• bonds of the state savings loan - by the Ministry of Finance of the Russian Federation since 1995 - which are government bearer securities, the owners of which can be Russian and foreign individuals and legal entities;
• bonds of state non-market loans (OGNZ) - by the Ministry of Finance of the Russian Federation since 1996 - which may be owned by Russian and foreign legal entities.

In addition, gold certificates of 1993 (issued by the Ministry of Finance of the Russian Federation) with a face value of 10 kg of gold of sample 0, 9999 were issued in the territory of the Russian Federation as debt obligations guaranteed by the Government of the Russian Federation, as well as in 1994 treasury bills in the amount of 1,100 billion rubles ... (non-denominated) and treasury bills (issued by the Ministry of Finance of the Russian Federation).

The external debt of Russia as of January 1, 1999 was $ 140.8 billion. It includes:

• government debt to foreign governments and debt obligations guaranteed by foreign governments;
• external debt to foreign commercial banks;
• debt of foreign trade associations for centralized import supplies, formed before 1991

Eriashvili N.D. Financial right. 2000

LECTURE No. 15. State and municipal debt

1. State debt of the Russian Federation

State debt of the Russian Federation- these are debt obligations of the Russian Federation 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.

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

Federal government bodies use all their powers to generate federal budget revenues to pay off debt obligations of the Russian Federation and service the state debt of the Russian Federation.

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

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

2) government loans made by issuing securities on behalf of the Russian Federation;

3) contracts and agreements on the receipt by the Russian Federation of budget loans from the budgets of other levels of the budgetary system of the Russian Federation;

4) agreements on the provision of state guarantees by the Russian Federation;

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

Debt obligations of the Russian Federation can be short-term (up to 1 year), medium-term (over one year to 5 years) and long-term (over 5 to 30 years).

Debt obligations of the Russian Federation are repaid within the terms that are 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.

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

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

2) the amount of the principal debt on loans received by the Russian Federation;

3) the amount of the principal debt on budget loans received by the Russian Federation from the budgets of other levels;

4) the amount of obligations under state guarantees provided by the Russian Federation.

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

1) the amount of obligations under state guarantees provided by the Russian Federation;

2) the amount of the principal debt on loans received by the Russian Federation from foreign governments, credit institutions, firms and international financial organizations.

State debt of a constituent entity of the Russian Federation- a set of debt obligations of a constituent entity of the Russian Federation; it is fully and unconditionally provided with all property owned by the constituent entity of the Russian Federation that makes up the treasury of the constituent entity of the Russian Federation.

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

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) contracts and agreements on the receipt by a constituent entity of the Russian Federation of budget loans from the budgets of other levels of the budgetary system of the Russian Federation;

4) agreements on the provision of state guarantees of a constituent entity of the Russian Federation;

5) agreements and treaties, 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 the Russian Federation of previous years. Debt obligations of a constituent entity of the Russian Federation cannot exist in other forms, with the exception of those provided for in this paragraph.

The volume of public debt of the constituent entities of the Russian Federation includes:

1) the main nominal amount of debt on government securities of the constituent entities of the Russian Federation;

2) the amount of the principal debt on loans received by the constituent entity of the Russian Federation;

3) the amount of the main debt on budget loans received by the constituent entity of the Russian Federation from the budgets of other levels;

4) the amount of obligations under state guarantees provided by the constituent entity of the Russian Federation.

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 in accordance with the Budget Code and the federal law on the specifics of the emission and circulation of government and municipal securities.

The legislative bodies of the constituent entity of the Russian Federation and the executive authorities of the constituent entity of the Russian Federation use all the powers to form the budget revenues of the constituent entity of the Russian Federation to pay off their debt obligations and service the debt.

Municipal debt- a set of debt obligations of the municipality, which are fully and unconditionally secured by all municipal property that makes up the municipal treasury.

Debt obligations of the municipality can exist in the form:

1) credit agreements and contracts;

2) loans carried out by issuing municipal securities;

3) contracts and agreements on the receipt by the municipal entity of budget loans from the budgets of other levels of the budgetary system of the Russian Federation;

4) agreements on the provision of municipal guarantees.

Debt obligations of the municipality cannot exist in other forms, with the exception of those provided for by this paragraph.

The amount of municipal debt includes:

1) the principal nominal amount of debt on municipal securities;

2) the amount of the principal debt on loans received by the municipality;

3) the amount of the principal debt on budget loans received by the municipality from the budgets of other levels;

4) the amount of obligations under municipal guarantees provided by the municipal entity.

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

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

The RF government debt is managed by the RF Government. 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. Municipal debt is managed authorized body local government.

The law of the constituent entity of the Russian Federation on the budget, the legal act of the local government on local budget for the next financial year, an upper limit for the debt of a constituent entity of the Russian Federation, municipal debt, must be set, including an indication of the maximum amount of obligations under state or municipal guarantees.

The maximum amount of the state debt of a constituent entity of the Russian Federation, municipal debt should not 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.

The costs of placement, payment of income and repayment of debt obligations of the Russian Federation are carried out at the expense of the federal budget. 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 redemption 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 act as an issuer of government securities.

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 the constituent entity of the Russian Federation, municipal debt is carried out in accordance with federal laws, the laws of the constituent entity of the Russian Federation and legal acts local government bodies.

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 keeping the State debt book of the Russian Federation in the manner and within the terms 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 composition, procedure and terms for submitting information are established by the Government of the Russian Federation.

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 by the representative body of local government.

2. External and internal borrowing

State external borrowings of the Russian Federation are used to cover the federal budget deficit and to pay off government debt obligations of the Russian Federation.

The right to carry out state external borrowings of the Russian Federation and conclude agreements on the provision of state guarantees for attracting external loans belongs to the Russian Federation. On behalf of the Russian Federation, external borrowings can be carried out by the Government of the Russian Federation or a responsible federal executive body authorized by the Government of the Russian Federation.

State and municipal domestic borrowing are used to cover the deficits of the respective budgets, as well as to finance the expenditures of the respective budgets within the limits of the expenditures for the repayment of state and municipal debt obligations. On behalf of the Russian Federation, the right to carry out state domestic borrowing and issue state guarantees to other borrowers to attract loans (loans) belongs to the Government of the Russian Federation or a responsible federal executive body authorized by the Government of the Russian Federation. On behalf of the constituent entity of the Russian Federation, the right to carry out state internal borrowings and issue state guarantees to other borrowers to attract credits (loans) belongs to the only authorized executive body of the constituent entity of the Russian Federation.

On behalf of the municipality, the right to carry out municipal internal borrowings and issue municipal guarantees to other borrowers to attract loans belongs to the authorized body of local self-government in accordance with the charter of the municipality.

Debt restructuring- this is an agreement-based termination of debt obligations constituting a state or municipal debt, with the replacement of these debt obligations with other debt obligations that provide for different conditions of service and repayment of obligations. Restructuring can be carried out with partial write-off of the principal amount.

The maximum volumes of state internal and external debt, the limits of external borrowings of the Russian Federation for the next financial year are approved by the federal law on the federal budget for the next financial year, with a breakdown of debt by form of securing obligations.

The maximum volume of state external borrowings of the Russian Federation should not exceed the annual volume of payments for servicing and repayment of the state external debt of the Russian Federation.

In the Russian Federation there is a unified system of accounting and registration of government borrowings of the Russian Federation. Subjects of the Russian Federation, municipalities register their borrowings with the Ministry of Finance of the Russian Federation.

The Ministry of Finance of the Russian Federation maintains state books of the internal and external debt of the Russian Federation - this is the State Debt Book of the Russian Federation.

The program of state external borrowings of the Russian Federation is a list of external borrowings of the Russian Federation for the next financial year, divided into unrelated (financial) and targeted foreign borrowings, indicating for each of them:

1) for unrelated (financial) borrowings:

a) source of attraction;

b) the amount of borrowing;

c) maturity date;

2) for targeted foreign borrowings:

a) the final recipient;

b) the purpose of borrowing and directions of use;

c) the source of borrowing;

d) the amount of borrowing;

e) maturity date;

f) guarantees of third parties for the return of funds to the federal budget by the end borrower, if such a return is provided for him, indicating the organization that provided the guarantee, the period of validity and the amount of obligations under the guarantee;

g) assessing the amount of funds used before the start of the next financial year;

h) forecast of the volume of use of funds in the next financial year.

According to the Program of State External Borrowings of the Russian Federation, the volume, detailed for specific loans, should be over 85% of the total volume of external borrowings, it (the program) includes loan agreements concluded in previous years.

The program of state internal borrowings of the Russian Federation, constituent entities of the Russian Federation, municipalities

The program of state internal borrowings of the Russian Federation, constituent entities of the Russian Federation, municipalities is a list of internal borrowings of the Russian Federation, constituent entities of the Russian Federation, municipalities for the next financial year by type of borrowing, the total amount of borrowings allocated to cover the budget deficit and repay state and municipal debt obligations.

In the case of issuance of debt obligations of the Russian Federation, constituent entities of the Russian Federation, municipalities with security for the fulfillment of obligations in the form of separate property, the program of state internal borrowings of the Russian Federation, constituent entities of the Russian Federation, municipalities must contain quantitative data on the emission of these obligations, expressed in the currency of the Russian Federation, as well as a list of property , which can serve as security for the fulfillment of these obligations during the term of the borrowing.

This program is submitted by the federal executive body, the executive body of the constituent entity of the Russian Federation to the relevant legislative body in the form of an annex to the draft law on the budget for the next financial year, in which in mandatory includes loan agreements entered into in previous years.

The implementation of state or municipal borrowings, the provision of state or municipal guarantees to other borrowers are allowed if the following parameters are approved by federal law, the law of a constituent entity of the Russian Federation or a decision of a local government body on the budget of the corresponding level for the current financial year:

1) attracting funds from sources of financing the budget deficit;

2) the maximum amount of state or municipal debt;

3) the costs of servicing the corresponding state or municipal debt in the current financial year. At the same time, the maximum volume of expenditures for servicing the state debt of a constituent entity of the Russian Federation or municipal debt, approved by the law on the budget of the corresponding level, should not exceed 15% of the volume of budget expenditures of the corresponding level.

Budget receipts from borrowings and other debt obligations are reflected in the budget as sources of financing the budget deficit.

All expenses for servicing debt obligations, including the discount, or the difference between the placement price and the redemption (redemption) price of government or municipal securities, are reflected in the budget as expenses for servicing government or municipal debt.

Income received from the placement of state or municipal securities in an amount exceeding the par value, income received as accumulated coupon yield, the income received in the event of the repurchase of securities at a price below the offering price is attributed to the reduction of the actual costs of servicing the state or municipal debt in the current year.

The repayment of the principal amount of the RF debt, the debt of a constituent entity of the RF, municipal debt arising from state or municipal borrowings is taken into account in the sources of financing the deficit of the corresponding budget by reducing the volume of sources of financing the deficit of the corresponding budget.

In the event of the issue of state or municipal securities, the guarantee of the fulfillment of obligations for which is separate property in state or municipal ownership, in accordance with the terms of the issue, the fulfillment of obligations for such securities may be carried out by transferring the ownership of the owners of these state or municipal securities, property, which was the security for the issue of the said state or municipal securities.

When fulfilling obligations for state or municipal securities, the guarantee of fulfillment of obligations for which is separate property, by transferring the said property to creditors, the size of the state or municipal debt is reduced by the amount of the principal debt on the obligations being repaid in this way.

3. State and municipal guarantees

A state or municipal guarantee is a way of securing civil obligations, by virtue of which, respectively, the Russian Federation, a constituent entity of the Russian Federation or a municipal entity - the guarantor gives a written obligation to be responsible for the performance by the person who is given a state or municipal guarantee of obligations to third parties in whole or in part.

A written form of the state or municipal guarantee is required.

Non-compliance writing a state or municipal guarantee entails its nullity.

The state or municipal guarantee indicates:

1) information about the guarantor, including its name (RF, constituent entity of the Russian Federation, municipal formation) and the name of the authority that issued the guarantee on behalf of the specified guarantor;

2) determination of the scope of obligations under the guarantee.

The term of the guarantee is determined by the period of performance of the obligations for which the guarantee is provided.

The guarantees are mainly provided on a competitive basis.

The guarantor under a state or municipal guarantee bears subsidiary liability in addition to the liability of the debtor for the guaranteed obligation, and the guarantor's obligation to a third party is limited to the payment of an amount corresponding to the volume of obligations under the guarantee.

The guarantor who has fulfilled the obligation of the beneficiary of the guarantee has the right to demand from the last refund of the amounts paid to a third party under a state or municipal guarantee in full in the manner prescribed by the civil legislation of the Russian Federation.

Guarantees for obligations constituting the state external debt of the Russian Federation may provide for joint liability of the guarantor. Execution of state and municipal guarantees shall be reflected in the composition of budget expenditures as the provision of loans.

Provision of state guarantees of the Russian Federation

The total amount of the RF government guarantees provided to secure obligations in RF currency is included in the RF government internal debt as a type of debt obligation. The federal law on the federal budget for the next financial year approves state guarantees of the Russian Federation issued to a separate constituent entity of the Russian Federation, a municipal formation or a legal entity in an amount exceeding 1 million minimum sizes wages.

The total amount of the RF government guarantees provided to secure liabilities in foreign currency is included in the RF government external debt as a type of debt obligation. State guarantees of the Russian Federation for an amount exceeding the equivalent of US $ 10 million must be approved separately.

When the recipient of the state guarantee of the Russian Federation fulfills its obligations to a third party, the external or internal public debt is reduced by the corresponding amount, which is reflected in the budget execution report. The Ministry of Finance of the Russian Federation or another executive body authorized by the Government of the Russian Federation keeps records of the issued guarantees, the fulfillment by the recipients of these guarantees of their obligations secured by the state guarantees of the Russian Federation, as well as cases of payments made by the state under the issued guarantees.

The State Duma, on the basis of the data of this report, is presented with a detailed report on the guarantees issued for all recipients of the said guarantees, on the fulfillment by these recipients of the obligations secured by the specified guarantees, and on the state's payments under the guarantees issued.

State guarantees RF are provided by the RF Government. The Ministry of Finance of the Russian Federation in all negotiations on the provision of state guarantees of the Russian Federation enters into appropriate agreements on behalf of the Government of the Russian Federation.

In the event of a state guarantee of the Russian Federation, the Ministry of Finance of the Russian Federation is obliged to conduct an audit financial condition recipient of the state guarantee of the Russian Federation.

Provision of state guarantees of the constituent entities of the Russian Federation, municipal guarantees

State guarantees of the constituent entities of the Russian Federation and municipal guarantees are provided to the constituent entities of the Russian Federation, municipalities and legal entities to ensure the fulfillment of their obligations to third parties. An agreement on the provision of a state or municipal guarantee must indicate the obligation that it secures.

The law on the budget for the next financial year establishes a list of guarantees provided to individual constituent entities of the Russian Federation, municipalities and legal entities for an amount exceeding 0.01% of the costs of the corresponding budget.

The total amount of guarantees provided is included in the debt of the constituent entity of the Russian Federation, municipal debt as a type of debt obligation.

When the recipient of the guarantee fulfills its obligations to a third party, the debt of the constituent entity of the Russian Federation, the municipal debt, is reduced by the corresponding amount, which is reflected in the budget execution report. The relevant financial authority shall keep records of the guarantees issued, the fulfillment by the recipients of the indicated guarantees of their obligations secured by the indicated guarantees, as well as records of the payments made under the issued guarantees.

Based on the data of this accounting, a detailed report on the issued guarantees for all recipients of the specified guarantees, on the fulfillment by these recipients of the obligations secured by the specified guarantees, and on the implementation of payments under the issued guarantees is submitted to the representative body. State guarantees are provided by the relevant executive authority.

Municipal guarantees are provided by an authorized local government body.

If a state or municipal guarantee is provided, the relevant financial body is obliged to check the financial condition of the recipient of the said guarantee. The representative body instructs the control body of a constituent entity of the Russian Federation, a municipal formation to check the financial condition of the recipient of a state or municipal guarantee.

53. State and municipal loans One of the elements financial system the state is a state loan, which is a special, specific form of credit in which municipal or state authorities act as