Public debt management types are brief. State debt. Public Debt Management. Public Debt Management Techniques

State debt has a significant impact on the socio-economic and political life of the state, therefore, its presence automatically implies the need for the state to perform its functions of government.

Public debt management is understood as a set of actions by the state represented by its authorized bodies to regulate the size, structure and cost of servicing public debt, which can be carried out at the strategic and tactical levels.

Strategic public debt management involves:

■ shaping public debt policy;

■ setting key indicators and limit values ​​of government debt;

■ determination of the main directions of influence on micro- and macroeconomic indicators;

■ substantiation of priority areas for the use of attracted resources, etc.

Public debt management at the tactical level (day-to-day management) implies the determination of the conditions for the issuance, circulation and repayment of public debt valuable papers... The highest executive body (government) is legally entrusted with all the powers to manage the public debt. However, as a rule, that part of them, which is associated with the solution of tactical tasks, is then delegated to the financial authority. As a result, in practice, the main function of the government is to approve the strategic directions of the debt policy.

Public debt management is a purposeful activity. In its most generalized form, its goal is to find an optimal balance between the state's needs for additional financial resources and the costs of attracting, servicing and repaying them. However, each state specifies this goal based on the priorities of the national financial policy.

Public debt management is carried out on the basis of certain principles:

■ unconditional - ensuring accurate and timely fulfillment of government obligations to investors and creditors without setting additional conditions;

■ uniformity of accounting - accounting in the process of public debt management of all types of securities issued by federal authorities, authorities of the constituent entities of the Russian Federation and authorities local government;

■ the unity of the debt policy - ensuring a unified approach in the policy of public debt management on the part of the federal center in relation to the constituent entities of the Russian Federation and municipalities;

■ consistency - ensuring the maximum possible harmonization of the interests of creditors and the borrowing state;

■ risk mitigation - taking all necessary actions to reduce both the lender's and investor's risks;

■ optimality - the creation of such a structure of government loans so that the fulfillment of obligations on them is associated with minimal costs and minimal risk, and also has the least negative impact on the country's economy;

■ publicity - providing accurate, timely and complete information about the parameters of loans to all users interested in it.

Public debt management is carried out through the use of two management approaches - administrative and financial. When using the administrative approach, all transactions with debt obligations of the state are carried out on the basis of direct directives of the authorized bodies of state power and administration. As a rule, in this case, an assessment of the economic efficiency and effectiveness of public debt management actions is not made. The financial approach is based primarily on analysis financial indicators and is aimed at obtaining the maximum possible effect from attracted loans while minimizing the associated costs. In practice, in the process of conducting transactions with government debt obligations, both administrative and financial approaches are used simultaneously.

In conditions of increased debt tension or debt crisis, the state uses the following methods of public debt management:

■ refinancing - repayment of a part of the state debt at the expense of newly attracted funds;

■ conversion - change in loan yield;

■ Consolidation - the transformation of part of the existing debt into a new one with a longer maturity. Most often, the use of this technique is associated with the desire of the state to eliminate the danger that could threaten the monetary system in the event of massive claims for debt repayment;

■ novation - an agreement between the borrowing state and lenders to replace obligations within the same loan agreement;

■ unification - a government decision to combine several previously issued loans;

■ deferral - consolidation while the state refuses to pay income on loans in the earlier deadlines;

■ default - refusal of the state to pay the state debt.

In accordance with Art. 101 BC RF public debt management Russian Federation carried out by the Government of the Russian Federation or the Ministry of Finance of Russia authorized by it. In Art. 165 of the Budget Code of the Russian Federation lists the budgetary powers of the Ministry of Finance of Russia, including the powers to manage the state debt of the Russian Federation:

■ development on behalf of the Government of the Russian Federation of a program of state internal borrowing of the Russian Federation, conditions for the issue and placement of government loans of the Russian Federation, the issue of government securities of the Russian Federation, state registration conditions for the issue and circulation of government securities of the constituent entities of the Russian Federation and municipal securities;

■ implementation of cooperation with international financial organizations by the decision of the Government of the Russian Federation;

■ development on behalf of the Government of the Russian Federation of a program of state external borrowings of the Russian Federation and implementation of state internal and external borrowings, development of a program of state guarantees of the Russian Federation in foreign currency and programs of state guarantees of the Russian Federation in the currency of the Russian Federation;

■ representation of the Russian Federation in agreements on the provision of state guarantees of the Russian Federation;

■ representing the Government of the Russian Federation in negotiations on the provision of state guarantees of the Russian Federation and the provision of state guarantees of the Russian Federation on behalf of the Russian Federation;

■ maintaining the State Debt Book of the Russian Federation;

■ accounting provided by bodies that maintain state debt books constituent entities of the Russian Federation, information on debt obligations reflected in the corresponding state debt books of the constituent entities of the Russian Federation and municipal debt books of municipalities;

■ management of the state debt and state financial assets of the Russian Federation on the basis of the powers granted by the Government of the Russian Federation;

■ checking the financial condition of the principal and the liquidity (reliability) of the security provided for the fulfillment of the obligations of the principal, which may arise in the future in connection with the presentation by the guarantor, who fulfilled in full or in any part of the obligation under the guarantee, recourse claims against the principal;

■ establishment of the procedure for placement, circulation, servicing, redemption, exchange and repayment of government loans of the Russian Federation, unless otherwise established by the Government of the Russian Federation.

The implementation of these functions is carried out by the Department of International financial relations, government debt and government financial assets.

The object of management at the federal level is the state debt of the Russian Federation, which, in accordance with the Budget Code of the Russian Federation, can exist in the form of obligations:

• 1) for 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 institutions, other subjects of international law, foreign legal entities;
• 2) government securities issued on behalf of the Russian Federation;
• 3) budget loans attracted to the federal budget from other budgets budgetary system RF;
• 4) state guarantees of the Russian Federation;
• 5) other debt obligations previously assigned in accordance with the legislation of the Russian Federation to the state debt of the Russian Federation.

The state debt of the Russian Federation consists of two components, allocated according to the currency criterion - state internal and state external debt... Public domestic debt includes the following types obligations:

1) obligations formalized with debt securities (Table 16.3.1):

Table 16.3.1. Structure of the RF government internal debt, formalized with debt securities as of January 1, 2009 (in billion rubles)

Types of securities (as of 01.01.2009)						1992 ORVVZ

Federal loan bonds with a constant coupon yield (OFZ-PD), with a fixed coupon yield (OFZ-FK) and with debt amortization (OFZ-AD) are issued by the Ministry of Finance of Russia and give their holders the right to periodically receive interest (coupon) income. All types of federal loan bonds are issued in documentary form with mandatory centralized storage and refer to bonds with a known coupon yield. The denomination of these securities is also 1000 rubles, and their circulation period ranges from one year to 30 years;

Government savings bonds with a variable interest rate (GSO-PPP) and with a fixed interest rate (GSO-FPS are registered government securities issued in documentary form and subject to centralized storage. short-term, medium-term and long-term;

Russian Domestic Winning Loan 1992 Issue (ORVVZ) was issued after monetary reform instead of the winning loan in 1982, the face value of the bond is three to five rubles. ORVVZ are placed among individuals. Their owners are paid income in the form of winnings, which are drawn in eight draws held annually on January 15, March 1, April 15, June 1, July 15, September 1, October 15 and December 1;

2) obligations formalized with debt securities, the state internal debt of the Russian Federation includes state guarantees of the Russian Federation issued in the currency of the Russian Federation. However, their volume is extremely insignificant: as of October 1, 2009, it amounted to 80.93 billion rubles. or 4.6% of the total government internal debt. A similar ratio was observed throughout 2009.

The state external debt of the Russian Federation consists of three components (Table 16.3.2).

Unsecured debt, i.e. debt formalized by direct credit agreements between the Russian Federation and foreign creditors can be divided into four groups.

Table 16.3.2. Structure of public external debt as of October 1, 2009

Debt name
State external debt of the Russian Federation (including the obligations of the former USSR taken by the Russian Federation)
Amounts owed to official creditors - members of the Paris Club, not subject to restructuring
Debts to non-Paris Club official creditors
Debts to official creditors - the former CMEA countries
Commercial debt the former USSR
Debts to international financial institutions
Debt on Eurobond loans
Debt on government bonds
Provision of guarantees of the Russian Federation in foreign currency

The first group is the debt to the countries - members of the Paris Club, which is an informal international association of states that are the world's largest creditors. The second group includes debts to countries that are not members of the Paris Club. The third group includes the so-called commercial debt, which is the import debt of former Soviet foreign trade organizations. Part of this debt in 2002 was reissued into RF Eurobonds, the rest is reissued as it is reconciled. The fourth group includes debts to international monetary and financial institutions such as the IMF, IBRD, EBRD.

Securitized debt, i.e. debt formalized in the form of government debt securities. Such securities are Eurobonds - bonds with a long maturity (from five to 15 years), issued on behalf of the Russian Federation and denominated in the Euro currency, as well as bonds of the state internal foreign currency loan (OGVVZ) - medium and long-term debt securities (with a maturity circulation from one to 15 years) with constant coupon payments, denominated in US dollars and placed among legal entities - residents of the Russian Federation.

A comparison of securitized and unsecuritized debt shows that the latter is difficult to manage. The problem is that direct loan agreements, as a rule, are concluded on terms dictated by creditors, which makes it difficult for the debtor to apply debt optimization methods. So, for example, the IMF, according to its charter, does not have the right to carry out restructuring, so the only way to resolve relations with this organization is to obtain a loan to refinance existing debt, which actually means the IMF's approval of the country's current economic course.

Under the terms of the Paris Club, no more than 20% of the debt can be subject to restructuring, in addition, all decisions regarding the settlement of debt to the member countries of this organization are made on a collegial basis, which is also an additional brake on the application of certain debt settlement schemes. In addition to the listed statutory restrictions, the settlement of debt issues on non-securitized loans is often directly related to restrictions of a political nature. V modern conditions one of the fundamental points in the relationship of the debtor country with its creditors, organized on a non-market basis, is the provision of economic benefits in exchange for political cooperation, which leads to a partial loss of its political independence.

Contingent debt is a public external debt formed by guarantees issued by the Russian Federation in foreign currency. Since 2001, the volume of external government debt has been steadily declining, with a simultaneous growth in commercial debt.

Decision-making in the process of public debt management is based on an assessment of the volume and structure of debt obligations. To carry out such an assessment, a number of relative indicators are used, the main ones of which are:

• 1) the ratio of the volume of public debt and the volume of GDP;
• 2) the ratio of the state internal and external debt;
• 3) the share of expenditures on servicing the public debt in the total volume of budget expenditures.

The first of these ratios, enshrined at 60% by the Maastricht Treaty on the European Union in 1992, is now a generally accepted criterion for debt security.

As of January 1, 2009, the volume of the RF government debt amounted to 6.3% of GDP, which is an extremely insignificant amount.

The ratio between the state domestic and state foreign debt of the RF by the beginning of 2009 was approximately 54:46. In international practice, such a structure of public debt is considered acceptable, since it is dominated by liabilities denominated in the national currency, which means a decrease in the likelihood of foreign exchange risks. However, the dominance of ruble debt should be more significant.

It is important to note that the RF BC does not contain quantitative restrictions on the size of the RF government debt and the costs associated with servicing it. However, the above indicators are subject to regulation by the Government of the Russian Federation and the Ministry of Finance of Russia in the framework of the debt policy.

At present, the RF public debt is managed in accordance with the Main Directions of the Debt Policy for 2008-2010. and The main directions of the budgetary policy for 2008 and for the period up to 2010. According to these documents, the main principles of the state debt policy of the Russian Federation are:

■ replacement of public external debt with domestic borrowings;

■ development of the government securities market;

■ provision of government guarantees to accelerate economic growth;

■ use of debt policy instruments for the purpose of additional sterilization of unnecessary money supply and combating inflation.

The main goal of the implementation of the policy of internal borrowing in 2008-2010. the development of the government securities market was announced. At the same time, increasing the liquidity of the market share of the state domestic debt and maintaining the optimal duration and profitability in the market for government securities are named as the key tasks.

In accordance with the Main Directions of the Budgetary Policy for 2008 and for the period up to 2010, the management of the state external debt of the Russian Federation in specified period did not involve the attraction of untied financial loans in the external market. However, in the context of the crisis, according to the official statements of the representatives of the Ministry of Finance of Russia, in 2010 it is planned to place debt securities of the Russian Federation on the external market, that is, the state may increase significantly.

Features of subfederal debt management. Applied to Russian practice debt management sub-federal debt should be understood as the debt obligations of the constituent entities of the Russian Federation and municipalities. In accordance with the RF BC, subfederal debt is managed:

■ at the regional level - by the executive authority of the constituent entity of the Russian Federation;

■ at the municipal level - by the authorized body of local self-government.

From a legal point of view, the subfederal debt is managed on the basis of partial independence. This means that the constituent entities of the Russian Federation and municipalities have the right to pursue an independent debt policy within the framework established by federal budget legislation. Thus, from a legal point of view, this principle presupposes the existence of a two-tier system of normative legal regulation of subfederal debt management, which includes:

• 1) federal budgetary legislation presented by the RF BC and establishing the procedure for borrowing by RF subjects and municipalities, as well as the procedure for managing the debt of RF subjects and municipalities;
• 2) a system of regional (municipal) normative legal acts regulating certain issues of conducting debt policy in the relevant territory. These normative legal acts can develop and concretize the provisions of the federal budgetary legislation, but they cannot come into conflict with them.

Being the main regulatory legal act governing the management of regional and municipal debt in the Russian Federation, the RF BC imposes a number of restrictions on the management of sub-federal debt, which can be conditionally divided into two groups. The first group is made up of restrictions on the implementation of certain transactions with debt obligations, the second - restrictions on the quantitative parameters of debt policy.

The first group of restrictions includes the impossibility of external borrowing by municipalities, as well as the ban on the implementation of similar operations by the constituent entities of the Russian Federation introduced in 2001, which for a long time was the subject of serious disagreements among specialists. However, in accordance with the amendments made to the RF BC by Federal Law No. 63-F3 of 26.04.2007, starting in 2011, the constituent entities of the RF, for which the estimated share of interbudgetary transfers from the federal budget (excluding subventions) during two of the last three reporting years did not exceed 5% of the volume of own revenues of the consolidated budget of the constituent entity of the Russian Federation, they receive the right to carry out external borrowings in order to ensure the repayment of external debt and (or) financing of the budget deficit of the constituent entity of the Russian Federation.

In this regard, one should pay attention to the fact that starting in 2011, such a right also appears in the subjects of the Russian Federation that do not comply with the established restriction, however, the external borrowings they attract can only be used to repay external debt. In practice, this provision of the RF BC applies only to two constituent entities of the RF - Moscow and St. Petersburg, since it is they who currently have outstanding public external debt. The purpose of its introduction is to enable these entities to freely manage their external debt obligations.

At the same time, it is important to note that not all borrowings of the constituent entities of the Russian Federation and municipalities in foreign currency are referred to as external by the budgetary legislation of the Russian Federation. In accordance with Art. 104 of the Budget Code of the Russian Federation, borrowing from the Russian Federation in foreign currency, the provision of guarantees to the Russian Federation in foreign currency by the constituent entities of the Russian Federation and municipalities are not external borrowings and do not lead to the formation of an external debt of a constituent entity of the Russian Federation or a municipal formation.

The second group of restrictions is formed by the limit values ​​of the parameters of the budget deficit, public debt and its servicing, listed in the RF Budget Code (Table 16.3.3).

In general, the Russian practice of setting the listed restrictions is consistent with international experience. Such restrictions are used in the practice of debt management in Italy, Spain, France and a number of other developed countries.

Table 16.3.3. Quantitative parameters of the debt policy of the constituent entities of the Russian Federation and municipalities established by the BC RF

Parameter	Subjects of the Russian Federation		Municipalities
		highly subsidized		highly subsidized
Maximum budget deficit	15% of the approved total annual budget revenues, excluding the approved amount of gratuitous receipts	10% of the approved total annual budget revenues, excluding the approved amount of gratuitous receipts	10% of the approved total annual budget revenues, excluding the approved amount of gratuitous receipts and (or) receipts tax revenues for additional deductions	5% of the approved total annual volume of budget revenues, excluding the approved amount of gratuitous receipts and (or) receipts of tax revenues according to additional deduction rates
Borrowing deadline
Borrowing limit	The amount allocated in the current financial year to finance the deficit of the corresponding budget and (or) repay the debt obligations of the corresponding budget
The maximum amount of state (municipal) debt	Approved total annual volume of budget revenues of the constituent entity of the Russian Federation excluding the approved volume of gratuitous receipts	50% of the approved total annual budget revenues of the constituent entity of the Russian Federation excluding the approved amount of gratuitous receipts	Approved total annual volume of budget revenues without taking into account the approved volume of gratuitous receipts and (or) receipts of tax revenues according to additional deduction rates	50% of the approved total annual volume of budget revenues, excluding the approved amount of gratuitous receipts and (or) receipts of tax revenues according to additional deduction rates
The maximum amount of expenses for servicing the state (municipal) debt	15% of the volume of expenses of the corresponding budget, except for the volume of expenses that are carried out at the expense of subventions provided from the budgets of the budgetary system of the Russian Federation

At present, the process of introducing the so-called best practice of state and municipal debt management is under way in the Russian Federation at the sub-federal level. In 2006, the Ministry of Finance of Russia developed Methodological Recommendations for the constituent entities of the Russian Federation and municipalities on improving the system of state and municipal debt management (hereinafter referred to as Methodological Recommendations), which defined the tasks, principles and mechanisms for managing state and municipal debt obligations. In accordance with this document, the tasks to be solved by state and local authorities in the process of debt management are divided into basic and additional ones. The document refers to the main tasks of attracting borrowed funds to finance budget expenditures:

• 1) when the budget needs in expenditures to increase the cost of fixed assets over budget revenues (attraction of additional sources of financing of expenses to increase the cost of fixed assets);
• 2) to finance cash gaps in the budget or short-term excess of expenditures over budget revenues.

Additional Tasks of Subfederal Debt Management Methodical recommendations attributed to:

• 1) management of existing obligations in order to form an acceptable structure of obligations and reduce the associated budget costs;
• 2) accounting information on debt and contingent liabilities;
• 3) the formation of all required reporting on obligations.

Analysis of existing teaching materials and advanced international practice in the Russian Federation allows us to summarize the basic requirements for an effective debt management system at the regional and municipal level (criteria of best practice) as follows:

■ the object of the debt management system is the entire set of direct and contingent liabilities, including the debt of state and municipal unitary enterprises;

■ debt management and borrowing are carried out on the basis of formalized procedures set forth in regulatory legal acts, techniques, job descriptions etc.;

■ the debt management policy is part of the budgetary policy, and its goals and parameters are presented in the relevant documents of the territory administration;

■ debt management and borrowing are carried out in accordance with approved and published quantitative limits;

■ accounting for direct and contingent liabilities is accompanied by regular monitoring of the cost of servicing and the risk of existing liabilities, as well as possible alternatives;

■ information on the volume and structure of debt, on the legal and regulatory framework for debt management, plans to attract borrowings, and other essential parameters is published in the media and (or) the Internet;

■ short-term borrowed funds are attracted solely to maintain budget liquidity (to cover cash gaps);

■ medium and long-term borrowed funds are attracted solely for the purpose of financing investment costs;

■ guarantees and sureties are used exclusively to organize financing for the construction of infrastructure facilities;

■ debt service costs are covered by the budget's own revenues;

■ borrowings are carried out in such a way as to ensure diversification of the debt structure by types of instruments and lenders (creditors);

■ borrowings are carried out (refinanced) in such a way as to ensure the minimum cost of debt service and debt risk.

Public credit and public debt management are important attributes of a country's financial policy, strategy and tactics. At the same time, in the context of changes taking place in the world economy and in Russia in particular, with an increasing threat to the security of national financial systems, strategic decisions in this area are essential factors of macroeconomic regulation.

1. Management of the state debt of the Russian Federation is carried out by the Government of the Russian Federation.
2. Management of the state debt of a constituent entity of the Russian Federation shall be carried out by the executive authority of the constituent entity of the Russian Federation.
3.

State (municipal) debt management. Stages of public debt management.

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

In clauses 1, 2, 3 of the commented article of the BC RF, the division of jurisdiction between the RF, constituent entities of the RF and municipalities is carried out. So, in accordance with the commented article, the government of the Russian Federation, government bodies executive power of the constituent entity of the Russian Federation, local government bodies.
In general, the management of state or municipal debt can be viewed in two ways. In the broadest sense of the word, debt management is one of the directions of the financial policy of the state (municipality), carried out by the competent authorities and management and associated with the obligations of the state (municipality) as a borrower or guarantor. In the narrow sense of the word, debt management is a set of actions related to the preparation for the issuance and placement of debt obligations of the state (municipality), actions to regulate the market for government (municipal) securities, as well as actions to service and repay debt obligations and provide guarantees.
The main principles of state or municipal debt management are:
1) minimization of the value of the state (municipal) debt;
2) regulation of the volume and rate of debt obligations of the state (municipality) in the securities market;
3) efficient use attracted funds and control over their intended use;
4) ensuring the timely repayment of the loan;
5) implementation of measures for servicing, repayment of the state (municipal) debt in accordance with the main directions of the financial policy of the state (municipal formation).
State and municipal debt management includes a number of organizational, economic, financial and legal measures aimed at optimal servicing and repayment of state and municipal debt obligations. So, within the framework of state and municipal debt management, the following activities are carried out:
- refinancing is the issue of new loans, the adoption of new debt obligations in order to cover previously issued debt obligations. This method of managing state and municipal debt, as a rule, is carried out in conditions of insufficient funds from the revenue side of the budget of the corresponding level;
- conversion is a change in the size of the income part of the assumed debt obligations. At the same time, such a change can be expressed both in a decrease and in an increase in the interest rate of income paid by the borrower (RF, constituent entity of the RF, municipal formation) to its creditors;
- Consolidation is a change in the maturity of previously issued debt securities. Typically, consolidation is used to reduce the maturity of government and municipal securities issued. However, according to general principles of civil legislation, consolidation can be carried out only by mutual agreement of the borrower and the lender;
- unification is the replacement of two or more types of previously issued state and municipal loans with one new one;
- cancellation is a refusal from accepted debt obligations in part or in full. This measure is illegal, but its application takes place in the event of a violent change of power in the territory of the debtor state.
The listed measures for the management of state and municipal debt (with the exception of cancellation) are carried out in accordance with special legislation, as well as taking into account the restrictions established by the BC RF.

Public debt management

In the Russian Federation, the RF Law "On the State Internal Debt of the Russian Federation", adopted in 1992, consolidated the division of the state debt into internal and external debt, carried out according to the currency criterion.

Thus, at present, borrowings in the Russian Federation are divided into internal and external. In accordance with the currency of the arising liabilities, ruble-denominated debts refer to internal debt, and foreign currency - to external.

In world practice, there are the following definitions of internal and external debt. External public debt represents debt to foreign states, organizations and individuals. This debt bears the greatest burden on the country, since it must give away valuable goods, provide certain services in order to pay the interest on the debt and the debt itself.

Domestic debt is the state's debt to its population.

Public debt management is a set of government measures aimed at debt repayment; a mechanism for the formation and implementation of one of the directions of the financial policy of the state associated with its activities in the external and internal financial markets as a borrower, lender or guarantor.

Measures contributing to the repayment of public debt include: payments of amounts to creditors; repayment of external and internal loans; provision of guarantees; changes in the terms of issued loans; determination of the conditions for the issue and placement of new government debt obligations, etc.

The implementation of measures depends on making informed decisions in the process of public debt management, which is based on an analysis of the volume and structure of debt, an objective assessment of its current state.

To assess the state of the state external debt, the indicators of the ratio of the amount of external debt and the volume of exports in monetary terms, the share of expenses for repayment and servicing of the state external debt in export earnings, characterizing the level of the debt burden for the national economy, are used.

Public debt management is an ongoing process that includes several stages: raising financial resources by placing securities, paying off debt obligations, servicing debt obligations.

Government debt liabilities are repaid by budget revenues, gold and foreign exchange reserves of the country, Money received from the sale of state property, as well as from funds received from new borrowings.

Managing the real dynamics of debt obligations involves monitoring the most important indicators - the amount of public debt and the cost of servicing it. At different stages of the cycle of economic development, it is not their absolute size that is important, but the share of government debt in GDP and the ratio of real interest (cost of service minus the inflationary component) and the rate of economic growth. This can be demonstrated if we represent the process of debt accumulation in the form of the following equation (this expression does not reflect currency structure debt):

where: Bt - domestic debt at the end of period t (in% of GDP);

Rt is the average ex post real percentage in the same period;

Gt is the GDP growth rate (in%);

Dt is the share of the primary budget deficit (in% of GDP).

Minimizing the cost of servicing is a strategic task of public debt management, and this task is consistent not only with purely fiscal interests, but also with the needs to stimulate investment activity, as well as with the long-term maximization of the welfare of the population, since saving current debt servicing costs reduces tax time for future generations.

Public debt management methods can be divided into administrative and financial. Administrative methods are based on the quick and accurate implementation of individual orders of state authorities and administration. They do not provide an assessment of the cost-effectiveness and results of public debt management actions.

Financial methods consist in the choice of methods and forms of ensuring the repayment of public debt using the analysis of financial indicators and are aimed at maximizing the effect of borrowed loans with minimal costs associated with their repayment and maintenance.

The most optimal combination of administrative and financial methods of public debt management is due to internal and external economic and political factors.

Public debt management directly affects economic growth, inflation, loan interest, investment in the country's economy as a whole and in the real sector of the economy in particular.

Thus, public debt management is understood as a set of financial measures of the state associated with the establishment of annual limit values ​​of public debt, the issuance and repayment of loans, the organization of income payments on them, the conversion and consolidation of loans.

Public debt management is based on the following principles:

• ensuring accurate and timely fulfillment of government obligations to investors and creditors without setting additional conditions;
• the unity of accounting, implying accounting in the process of government debt management of all types of securities issued by federal authorities, authorities of the subjects of the federation and local governments;
• unity of debt policy, that is, ensuring a unified approach in the policy of public debt management on the part of the federal center in relation to the subjects of the federation and municipalities;
• consistency - ensuring the maximum possible harmonization of the interests of creditors and the borrowing state;
• risk mitigation performance of all necessary actions to reduce both the lender's and the investor's risks;
• optimality - the creation of such a structure of government loans so that the fulfillment of obligations on them is associated with minimal risk, and also has the least negative impact on the country's economy;
• publicity - providing reliable, timely and complete information about the parameters of loans to all users interested in it.

Public debt management, like any management, includes four components: forecasting, planning, analysis and control. Public debt management is carried out through the following methods, including:

- refinancing - repayment of part of the state debt at the expense of newly attracted funds;

- conversion - change in the yield of the loan;

- consolidation - transformation of part of the existing debt into new debt with a longer maturity. The use of this method is associated with the desire of the state to eliminate the negative consequences that may arise in the event of massive claims from creditors to pay off debt;

Novation - an agreement between the borrower state and creditors to replace circumstances under the same loan agreement;

- unification - the decision of the state to combine several previously issued loans;

- deferral - consolidation with the simultaneous refusal of the state to pay income on loans.

A default on public debt is the inability of the state to pay off its debts.

The main instruments for regulating domestic debt include: setting an upper limit for domestic debt; additional issue of government securities; funds stabilization fund that can be used for other purposes (including for the management of domestic debt); public debt policy; debt restructuring, etc.

The public debt policy and ceiling are determined by the legislature and are managed by the executive. Federal Law of the Russian Federation "On federal budget for 2009 "the upper limit of the state internal debt of the Russian Federation as of January 1, 2010 in the amount of 2,119,739,195.3 thousand rubles.

Article 101. Management of state and municipal debt

The same law established the upper limit of the state external debt of the Russian Federation as of January 1, 2010 in the amount of 41.4 billion US dollars, or 27.8 billion euros.

Debt restructuring means an agreement-based termination of debt obligations constituting a state or municipal debt, with the replacement of these debt obligations by other debt obligations that provide for different terms of service and repayment of obligations.

Debt restructuring can be carried out with partial write-off (reduction) of the principal amount. The amount of expenses for servicing the restructured debt is not included in the volume of expenses for servicing the debt obligation in this year if the specified amount is included in the total volume of restructured obligations.

Until now, Russia has been reducing its external debt, replacing it with domestic debt, and since 2008, loans have been taken not only for debt restructuring, but also for operating expenses.

The Ministry of Finance of the Russian Federation provides monthly reports on the state of the internal debt in the form of bulletins. As of February 16, 2009, the state internal debt of the Russian Federation, expressed in securities, is 1,423,267.753 million rubles.

Questions for self-control:

1. Give the definition of public credit.

2. What are the basic principles of public debt management?

3. What are the functions of government loans.

4. List the main instruments of public debt management.

5. What criteria can be used to classify government loans?

6. What are the goals and objectives of public debt management in modern conditions?

Literature:

1. Civil Code RF, taking into account rev. and add. Ch. 13-20.

2. The Budget Code of the Russian Federation, taking into account amendments. and add.

3. Abramova M.A., Alexandrova L.S. Finance and credit. Questions and answers - Moscow: Jurisprudence, Series "Preparation for the exam", 2006 - 184 p.

4. Myslyaeva IM State and municipal finance. 2nd ed., Rev. and add. - M .: Infra-M, 2007 .-- 360 p.

5. Finance and credit: textbook / ed. G.B. Polyaka M .: Volters Kluver Publishing House, 2010. - 800 p.

6. Finance: Textbook for universities // Ed. prof. M. V. Romanovsky, O. V. Vrublevskoy - M .: Yurayt-Izdat ", 2008. - 543 p.

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Organization of management of the state debt of the Russian Federation, the state debt of the constituent entities of the Russian Federation, municipal debt

Article 101. Management of state and municipal debt

1. Management of the public debt of the Russian Federation is carried out by the Government of the Russian Federation or the Ministry of Finance of the Russian Federation authorized by it.

2. Management of the state debt of a constituent entity of the Russian Federation shall be carried out by the supreme executive body of state power of the constituent entity of the Russian Federation, or financial authority subject of the Russian Federation in accordance with the law of the subject of the Russian Federation.

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Municipal debt management is carried out by the executive and administrative body of the municipality ( local administration) in accordance with the charter of the municipality.

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. "

Debt obligations exist in the form:

Ø Credit agreements and contracts concluded on behalf of the Russian Federation;

Ø State loans carried out by issuing securities from them. RF;

Ø Agreements and agreements on the receipt by the Russian Federation of budget loans and budget loans from the budgets of other levels of the budget system of the Russian Federation;

Ø Agreements on the provision of state guarantees by the Russian Federation;

Ø Agreements and agreements on the prolongation and restructuring of debt obligations of the Russian Federation of previous years.

Ø Domestic debt - liabilities denominated in national currency

Ø External debt - liabilities denominated in foreign currency.

The volume of government internal debt includes:

Ø Principal nominal amount of debt on government securities;

Ø The amount of the principal debt on loans received by the Russian Federation;

Ø The volume of the main debt on budget loans and credits received by the RF from the budgets of other levels;

The volume of the RF external debt includes:

Ø The amount of the principal debt on loans received by the Russian Federation from foreign governments, credit institutions, and other international organizations

Ø Scope of obligations under state guarantees provided by the Russian Federation

The Russian Federation is responsible for its obligations and is not responsible for the debt obligations of constituent entities and municipalities. if they were not guaranteed by the RF

The subjects of the Russian Federation and the Moscow region are not liable for each other's debt obligations, if they were not guaranteed by them, as well as for the debt obligations of the Russian Federation.

v The maximum amount of public debt of a constituent entity of the Russian Federation, municipal debt for the next financial year (the next financial year and each year of the planning period) is established by the law (decision) on the corresponding budget

v The maximum amount of the state debt of a constituent entity of the Russian Federation should not exceed the approved total annual volume of budget revenues of the constituent entity of the Russian Federation, excluding the approved amount of gratuitous receipts.

v In the constituent entities of the Russian Federation, in the budgets of which the share of interbudgetary transfers (excluding subventions, as well as those provided to the constituent entities of the Russian Federation from Investment fund Russian Federation subsidies) from the federal budget during the last two of the last three financial years exceeded 60% percent of the volume of own revenues of the consolidated budget of the constituent entity of the Russian Federation, the maximum amount of debt should not exceed 50% of the approved total annual volume of budget revenues of the constituent entity of the Russian Federation, excluding the approved amount gratuitous receipts.

v The municipal debt ceiling must not exceed the approved total annual revenue local budget without taking into account the approved volume of gratuitous receipts and (or) receipts of tax revenues according to additional deduction rates.

v In municipalities, in the budgets of which the share of interbudgetary transfers from other budgets of the budgetary system of the Russian Federation (with the exception of subventions, as well as subsidies provided to municipalities at the expense of the Investment Fund of the Russian Federation and with concluded agreements) and (or) tax revenues for additional deduction rates during the last two of the last three financial years exceeded 70% of the volume of own revenues of local budgets The maximum amount of municipal debt should not exceed 50% of the approved total annual volume of local budget revenues without accounting for the approved volume of gratuitous receipts and (or) receipts of tax revenues according to additional deduction rates

Social insurance- this is a social protection mechanism, which means the formation of a special monetary fund at the expense of compulsory insurance contributions, the costs of which are associated with the implementation of state-guaranteed social payments to ensure full or partial compensation of wages as a result of disability or loss of work, as well as basic income after the loss of the breadwinner

Types of social insurance:

• Pension insurance
• Unemployment insurance
• General illness insurance
• Insurance against industrial accidents and occupational diseases.

Within the framework of social policy carried out by the state, one can single out the system of mandatory guarantees to provide citizens in old age, in cases of illness, disability, loss of work, as well as low-income families. This system of guarantees, as well as legal regulation the relationship between employers and employees, protection of the rights of the latter constitute the concept of social protection. In turn, the system of measures for the direct material support of disabled and low-income citizens within the framework of this protection constitutes the concept of social security.

Principles:

• Sustainability financial system compulsory social insurance
• Generally binding, accessibility for the insured to implement their social guarantees
• State guarantee of the observance of the rights of the insured, regardless of the financial situation of the insurer
• Government regulation
• Parity of participation of social subjects Insurance in the governing bodies of the social insurance system
• Obligation to pay insurance premiums by policyholders
• Responsibility for intended use funds
• Providing supervision and public control
• Autonomy of the financial system of social insurance

Signs for comparison	Social insurance
Sources of financing	Funding is usually provided through special funds formed on the basis of contributions from employers and employees, with the possible participation of the state.
Coverage of people in need of social security	Since participation in social insurance is compulsory, social security covers almost all workers and members of their families.
Basis for receiving social security payments	A person's eligibility is generally based on non-need-based contributions received
Degree of dependence of the size of social security payments on previous earnings	The level of contributions and payments is directly related to his previous and current earnings

Social insurance is divided into types depending on the combination of these risks, this division is differentiated by country. For example, in many European countries, within the framework of social insurance in case of temporary disability as a result of a general illness, payment for medical services is also provided; disability insurance can be allocated to a separate type of social insurance. Norway has abandoned compulsory social insurance in case of temporary incapacity for work - the legislation provides for the employer's obligation to keep wages workers as a result of their diseases, but at the same time the employer himself determines the mechanism of financial support for such payments.

44. Extra-budgetary fund as a form of education and spending money for the purposes of compulsory social insurance

Types of compulsory social insurance (OSS) in the Russian Federation, implemented through state extrabudgetary funds:

• Mandatory pension insurance,
• Mandatory social insurance in case of temporary disability and in connection with motherhood,
• Compulsory social insurance against industrial accidents and occupational diseases,
• Compulsory health insurance.

- part state system social protection of the population, the specificity of which is the insurance of working citizens, carried out in accordance with the federal law, against possible changes in the material and (or) social situation, including due to circumstances beyond their control.

Only 2 types of social insurance are carried out through the FSS:

• Compulsory social insurance in case of temporary incapacity for work and in connection with motherhood (risks: general illness, domestic injury, motherhood, death)
• Compulsory social insurance against industrial accidents and occupational diseases

Compulsory social insurance is a system of legal, economic and organizational measures created by the state aimed at compensating or minimizing the consequences of changes in the material and (or) social situation of working citizens, and in cases provided for by the legislation of the Russian Federation, other categories of citizens due to reaching retirement age, the onset of disability, loss breadwinner, illness, injury, industrial accident or occupational disease, pregnancy and childbirth, the birth of a child (children), caring for a child under the age of one and a half years and other events established by law

... Non-tax income:

• insurance premiums for (OSS) in case of temporary disability and in connection with maternity;
• insurance premiums for OSS against industrial accidents and occupational diseases
• arrears, penalties and fines on contributions to the FSSRF
• income from the placement of temporarily free funds of the FSSRF
• fines, sanctions, amounts received as a result of damages.

2. Gratuitous receipts:

• interbudgetary transfers from the federal budget transferred to the FSS of the Russian Federation
• other supply.

Expenses:

Ø payment of benefits for temporary disability, pregnancy and childbirth, women registered in early pregnancy, at the birth of a child, at the adoption of a child, caring for a child until he reaches the age of one and a half years, as well as social services. burial grants or reimbursement of the cost of a guaranteed list of funeral services

Ø payment of additional days off for caring for a disabled child or disabled from childhood until he reaches the age of 18; payment for vouchers for employees and their children to health resorts, as well as for medical (dietary) food

Ø partial maintenance of sanatoriums-dispensaries, which are on the balance sheet of insurers, licensed to engage in this type of activity (payment of expenses for food, treatment and medicines, salaries of employees, cultural services)

Ø partial payment of vouchers to children's country health camps located on the territory of the Russian Federation, for children of working citizens

Ø partial maintenance of children's and youth sports schools (payment of labor costs for coaching and teaching staff and rental of premises necessary for the educational process)

Ø payment of travel to the place of treatment and back

Ø creation of a reserve to provide Finn. sustainability of the Fund at all levels. The procedure for forming a reserve and providing funds from it (on a returnable basis or free of charge) is determined by the instruction on the procedure for calculating, paying, spending and accounting for state funds. social insurance

Ø provision of current activities, maintenance of the management staff of the Fund

Ø financing the activities of subdivisions of executive bodies. authorities providing state. protection of labor rights of employees, labor protection (including units for supervision and control over labor protection)

Ø scientific research. work on social issues. insurance and labor protection

Ø implementation of other activities, including explanatory work among the population, encouragement of the Fund's freelancers who are actively involved in the implementation of social activities. insurance

Ø participation in financing programs of international cooperation on social issues. insurance

Current Problems of Russian Public Debt Management

The problem of public debt is one of the main problems of the Russian economy, which has a direct impact on both the rate of economic growth of the country as a whole and on the directions of financial and budgetary policy. The volume of the state debt of the Russian Federation is currently about 50% of GDP, which is a high figure, given the dependence of the country's economy on the world energy prices conjuncture. The ratio of public debt service costs to federal budget revenues in the Russian Federation is high compared to countries with a comparable level of economic development.

In this regard, the situation in the field of public debt will be reflected in the financial and fiscal policy the state in the near future, as well as in the country's ability to raise funds in the international market in order to finance budget expenditures, including servicing and repayment of public debt.

The current situation in the field of government borrowing is characterized by a fairly balanced policy in the field of external and internal borrowing, as well as a transition to the use of active debt management methods in order to reduce the cost of debt servicing.

Analysis of the development of the market for government loans and government debt of the Russian Federation since 1992. to the present time indicates some positive trends in this area. In particular:

- the domestic borrowing market has been restored and is developing;

- the access of the Russian Federation to the international financial market;

- adopted the Budget Code of the Russian Federation, the Federal Law "On the Specifics of the Issue and Circulation of State and Municipal Securities", a number of regulations governing government borrowing;

- restrictions on state borrowing of the constituent entities of the Russian Federation and municipal borrowing;

- the foundations and mechanisms of the influence of the federal government on borrowing of the constituent entities of the Russian Federation and municipalities, the foundations of the accounting and reporting system of sub-federal and municipal levels authorities before the Ministry of Finance of the Russian Federation;

- the inventory of the state debt of the Russian Federation has been completed; the settlement of the state external debt of the former USSR is nearing completion;

- the process of centralizing the functions of public debt management and the implementation of the government's debt policy is at the completion stage;

One of the most important tools for managing domestic debt is the market for domestic government obligations, in particular GKO-OFZ. The created high-tech system of GKO-OFZ trading makes it possible to receive real-time information on the volume of government debt in terms of GKO-OFZ and payments for each instrument and issue. The existing GKO-OFZ market makes it possible to ensure the reliability of settlements, the crediting of funds received as a result of the placement of GKO-OFZs to the Treasury accounts on the day of the transaction, market transparency, the ability to conduct active debt management operations in order to improve its structure and optimize the cost of servicing.

In the field of foreign debt management in the period after the debt and financial crisis 1998, the completion of the process of settling the debt of the former USSR, including the debt of the former USSR to the London Club of Creditors, and the commercial debt of the former USSR is of significant importance.

The settlement of the debt of the former USSR against the background of an improvement in the economic situation in Russia led to an improvement in Russia's credit ratings in the period 1999-2002, which made it possible to move to an active policy on foreign debt management, to restore the ability of the Russian Federation to access foreign markets.

The external debt of the state decreased from 157.4 billion US dollars as of January 1, 1999 to 126.8 billion US dollars as of January 1, 2004, thanks to the cancellation of part of the debt of the former USSR and the policy of ensuring the repayment of external liabilities without attracting new borrowings.

The range of instruments for managing foreign debt expanded significantly, and the process of consolidating the use of these instruments in the relevant regulatory documents was actively underway.

The completion of the inventory of foreign borrowings of the former USSR made it possible to start creating a risk analysis system and to develop a strategy for managing foreign debt until 2005, taking into account the basic principles of budgetary policy defined in the Budget Address of the President of the Russian Federation.

Despite the positive results of the measures taken to improve the public debt management system, the existing public debt management system has a number of shortcomings.

One of the most significant shortcomings of the system of public debt management that is emerging in Russia is that the said system:

§ insufficiently ensures the implementation of a centralized and long-term policy in the field of public debt management and public borrowing;

§ does not fully ensure the prevention of possible financial and debt crises, as well as the adoption of prompt measures to overcome them;

§ is fragmentary and in some cases contradictory.

V the current system debt management is missing the following elements.

1.Clear legislative consolidation of the division of competence between the branches of government in the field of public debt management.

Currently, the legislation of the Russian Federation governing public debt management issues contains a number of significant contradictions. On the one hand, in the Budget Code of the Russian Federation and the federal constitutional law "On the Government of the Russian Federation", issues of public debt management are referred to the competence of the Government of the Russian Federation.

9. Public debt management

On the other hand, the legislative approval of programs for external and internal borrowing with excessive detailing of the sources of attracting loans and the directions of their use prevents the Government of the Russian Federation from performing the functions of managing state borrowings, in terms of cost and terms of borrowing, in order to reduce debt service costs.

2. Legislative consolidation of the powers of the Government of the Russian Federation to conduct full spectrum operations in the field of public debt management.

The very concept of "debt management" and, accordingly, the limits of the powers of the Government of the Russian Federation in the sphere of performing this function are not legally defined.

Currently, budgetary legislation regulates mainly issues of borrowing and restructuring of public debt. However, an effective public debt management system should include a more significant set of instruments (market-based buyouts and early repayment debt, operations for the conversion (exchange) of debt for investments, goods, securities, other financial assets etc.). In this regard, it is necessary to develop normative acts detailing the powers of the Government of the Russian Federation and federal executive bodies to carry out the above operations.

3. Detailed accounting of debt obligations.

At present, the accounting of debt obligations is largely fragmented, and there is no single database of government debt obligations. The accounting of government debt obligations is maintained by various agent banks (the Bank of Russia - internal debt, Vnesheconombank of the USSR - external debt in terms of bond loans and debt of official creditors and other categories of debt), as well as various departments of the Ministry of Finance of the Russian Federation.

The methodology for accounting for debt obligations differs significantly depending on the body and division of the Ministry of Finance of Russia that carries out accounting. In addition, the accounting methodology in a number of cases differs not only by the category of debt, but also by the types of debt obligations, which makes it even more difficult to determine the exact amount of debt and long-term budget planning in terms of servicing and repaying public debt and attracting borrowings. The lack of a unified methodology for accounting for public debt, as well as a unified integrated database by types of debt obligations, impairs the ability to form and implement a sound debt strategy, as well as budgetary policy in general.

4. Unified system of analysis and assessment of risks associated with the structure of public debt.

Currently, the amount of debt repayment and servicing largely depends on the materialization of risks associated with the structure of public debt.

Due to the fact that the accounting of federal budget revenues is carried out in rubles, and payments on external debt are made in foreign currency, the state bears significant risks in the form of a possible sharp change in the exchange rate of the ruble.

At the same time, an increase in the exchange rate of the ruble leads to a situation where domestic borrowing will be less profitable for the budget than external borrowing for similar periods, taking into account the factor of currency risk (and, conversely, in the event of a fall in the exchange rate of the ruble).

In addition, part of the borrowings that make up the government debt of the Russian Federation has floating interest rates, which leads to the risk of an increase in budget spending on debt servicing due to fluctuations interest rates in international markets.

Thus, the development of a system for analyzing risks associated with public debt management and borrowing is a fundamental element of a system of active public debt management and the implementation of economically and financially sound debt management policies.

COURSE WORK

on the topic: "Management of the public debt of the Russian Federation"

Introduction

In this term paper considered both the theoretical aspects of public debt management and the analysis and management of public debt in the Russian Federation on the present stage.

The relevance of the work lies in the problem of the state's debt dependence and, first of all, before foreign creditors, at all times was of current importance, since the full realization of the state's sovereignty is possible only with a certain economic independence.

Public debt and its growth strongly affect the functioning of the economy. In this regard, two dangers are seen: the possibility of the nation's bankruptcy and the danger of shifting the debt burden onto future generations. Currently, public debt occupies a special place among the painful problems of modern budgetary policy in Russia.

Public debt is one of the macroeconomic parameters, object and instrument economic policy the state. The existence of debt can have both positive and negative effects on the real, financial and other sectors, depending on the direction of government spending, phase business cycle, on the level of economic development. The positive impact of debt is manifested in providing the government with financial resources and stimulating economic growth. The negative consequences are expressed in the effect of crowding out and the shifting of the burden to future generations.

Public debt management is the development and implementation of a strategy aimed at attracting the necessary amounts of financing, achieving the desired parameters of debt in terms of the degree of risk and cost of servicing and other goals, in particular, creating an efficient domestic debt market.

At the present stage, in all countries, the size of public debt is continuously increasing due to the chronic deficit of state budgets and the growth of military spending.

The object of research is public debt. The subject of the research is the process of public debt management.

Work tasks:

1. to define the concept and essence of public debt;

2. to consider the principles of public debt management;

3. to analyze the process of public debt management in Russia;

4. research the strategy of public debt management in a crisis.

1. Theoretical aspects public debt

1.1 The essence and significance of public debt and government guarantees

In accordance with the Budget Code of the Russian Federation, “the state debt of the Russian Federation is the debt obligations of the Russian Federation to individuals, legal entities, foreign states, international organizations and other subjects of international law ”.

The main forms of debt obligations of the Russian Federation: loan agreements and contracts, government securities, agreements on the provision of guarantees of the Russian Federation, agreements of guarantors of the Russian Federation, reissued promissory notes of third parties into the government debt of the Russian Federation, agreements and agreements of the Russian Federation on the prolongation (extension) and restructuring of debt obligations.

In terms of time, short-term (up to 1 year), medium-term (up to 5 years) and long-term (up to 30 years) debt obligations are distinguished.

Reasons for the appearance of public debt: external and internal borrowing to finance the budget deficit; capitalization of interest on previously received loans; underfunding of obligations assumed by the state for execution.

As a rule, the national debt increases at the stages of active economic growth, since a developing economy requires additional investments. However, the national debt is also growing in a stagnating economy, in which a decline in production necessitates covering the state's costs by monetary methods.

The theory of public debt is inextricably linked with the theory of the public budget and uses a number of basic budget concepts which are fundamental when considering public debt.

The budget deficit is the excess of state budget expenditures over its revenues. Most governments, both developed and developing countries, cannot cover their expenses with revenues, keeping the state budget with a deficit. Therefore, the question of the acceptable size of the deficit, its impact on the economy in the short and long term, and the ways of financing it is important.

The most important task of the economic policy of states is to find an optimal solution to the problems of budget deficits and public debt. In the context of solving the indicated problem, the following are of decisive importance:

· Analysis of the reasons for the emergence, support and reproduction of the budget deficit;

· Analysis of the causes of public debt, its types, structure, etc .;

· Methods of public debt management;

· Analysis of the relationship and interdependence of government deficit and public debt, determination of mechanisms for their harmonization and optimization in the context of macroeconomic development;

· Analysis of the consequences of the budgetary and debt policy of the state in the short, medium and long term;

· Determination of the volume of government deficit and government debt, which are critical for the further development of society.

One of the significant factors in the presence (increase) of public debt is the budget deficit. The increase in public debt, in turn, is the determining factor in the increase in the budget deficit due to the servicing and repayment of borrowed debts. That is, government deficit and public debt are interdependent, which should be taken into account when modeling these indicators (the first indicator is a factor for the second, and the second is simultaneously for the first).

Public debt can have both negative and positive effects on economic development. So, during periods of economic downturns, government borrowing is a fairly effective way to mitigate the situation, which prevents a sharp decline aggregate demand, exerting a stabilizing effect on the country's economy. In addition, government loans are an additional flow of financial resources to the country, which can become the basis for future economic growth, especially if they are of an investment nature. External debt allows the country to carry out higher aggregate costs than the generated national income, and finance investments that are not domestically funded. In this aspect, government borrowing has a positive impact on macroeconomic development.

The negative impact of government borrowing is reflected in the presence (increase) of the budget deficit, especially in volumes that are exorbitant for the development of a particular economy. Excessive budget deficits mean, in practice, underfunding of both production and social sphere are also associated with negative macroeconomic phenomena such as devaluation national currency, the increase in the cost of loans and the limitation of their availability, the destabilization of the economy and the imbalance of economic proportions.

The main reasons for the budget deficit are:

· Reduction of social production;

· Issue of unsecured money;

· Excessive spending on social programs;

· Excessive volumes of accumulated public debts with unfavorable terms of service.

Forecasting the budget deficit and public debt cannot be carried out separately, in isolation from forecasting the macroeconomic development of the country as a whole, but only as a natural component of such development. In turn, general macroeconomic development largely depends on the formation of budget revenues and expenditures (including the budget deficit), as well as the volume and characteristics of public debt.

From the standpoint of credit relations, the state debt is the amount of the state's debt to all its creditors. Public debt is a characteristic of the performance of all committed government lending operations. Its absolute value, dynamics and rate of change reflect the state of the economy and finances of the country, the efficiency of functioning state structures... However, to reflect the real economic situation, relative values ​​are often used, in particular, the ratio of public debt to GDP. There are various economic methods used by the government to balance the budget and regulate the business cycle. This policy is aimed at smoothing out fluctuations in the economy and overcoming the negative consequences of recessions.

According to Article 115 of the RF Budget Code, a state guarantee is a method of securing civil obligations, by virtue of which, respectively, the Russian Federation, a constituent entity of the Russian Federation or municipality- the guarantor gives a written obligation to be responsible for the performance by the person to whom the state guarantee is given, obligations to third parties in whole or in part.

The written form of the state guarantee is obligatory. Failure to comply with the written form of the state guarantee entails its invalidity (nullity).

The state guarantee must contain: information about the guarantor, including its name (Russian Federation, constituent entity of the Russian Federation) and the name of the body that issued the guarantee on behalf of the said guarantor; 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. Guarantees are provided on a competitive basis. The guarantor under the state guarantee bears subsidiary liability in addition to the liability of the debtor under the obligation guaranteed by him. The obligation of the guarantor to a third party provided for by the state guarantee 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 the state 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. The execution of state guarantees is to be reflected in the composition of budget expenditures as the provision of loans.

The government of any state pays special attention to such a problem as public debt management. And this is not surprising, because the timely failure to fulfill obligations to foreign counterparties and the population significantly undermines the country's reputation in the international arena, and also reduces the confidence of citizens in the ruling circles.

It's all the fault of the budget deficit

Public debt management is carried out by the government, on whose shoulders many tasks and functions are entrusted, and for their implementation, huge amounts of funds are spent that enter the treasury, thanks to tax and non-tax contributions to the budget and extra-budgetary funds. Situations often arise when the amount of financial resources received is not enough to carry out various social and economic programs, provision of the defense complex and the maintenance of the state administrative apparatus. The consequence of this is the budget deficit, which is drawn up annually and serves as the main document for making important strategic decisions for the coming period. When the deficit exceeds the minimum value set by the government, measures have to be taken to regulate it.

Public debt management through additional borrowing

Often, the deficit is paid off through additional emission, sale of government bonds, loans provided by foreign companies or other states. Each of these methods should be used with extreme caution, since their excessive use contributes to the growth of inflation, and therefore, the deterioration of the economy. The unplanned emission of banknotes leads to a sharp increase in the monetary base in circulation, which directly affects the rate of inflation. Public debt management in Russia is based on the most rational method: the issuance of its own securities by the government, which allows it to accumulate the required amount from individual citizens and legal entities and partially pay off the budget deficit. However, do not forget that the borrowed money will sooner or later have to be returned. And the third case, when a foreign counterparty acts as a creditor, is no less dangerous, because late fulfillment of obligations can lead to serious conflicts at the international level.

Public debt management can be carried out in a different scenario.

If there is an abrupt change of power in the country, then the new ruling party can take over the opposition and completely abandon the debts of the previous leadership. Then we can talk about debt cancellation or default. The refinancing procedure has become widespread, when the government pays off existing debts by taking new loans secured by securities. If, as a result of bilateral negotiations, the borrower and the lenders have come to an understanding, then the restructuring procedure is used, that is, the extension of the loan repayment period. Also, an innovation can be applied, implying a complete cancellation of mutual obligations with the simultaneous conclusion of a new agreement on different conditions. Thus, public debt management involves many options, the main thing is to use them correctly.

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. Russia has one system accounting and registration of government borrowings in the debt book maintained by the Ministry of Finance of Russia (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 credit policy state, and its composition depends on the forms of state 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 total amount state debts 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 additional criterion to differentiate public debt into external and internal, the subject composition can serve. 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 legally formalized economic relations forming 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:

1. 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;
2. government securities issued on behalf of the Russian Federation;
3. budget loans attracted to the federal budget from other budgets of the budgetary system of the Russian Federation;
4. state guarantees of the Russian Federation;
5. 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 to provide the debtor grace period, 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. restructuring is foreseen monetary obligations(debt) to the Russian Federation, which is made by consolidating monetary liabilities with the simultaneous write-off of the debt on accrued interest and fines and the provision of a straight-line installment plan for the payment of the 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 established as part of the International Development Association to reduce debt in the amount of USD 100 million, which provides countries with soft 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 holding conversion operations"debt in exchange for goods and (or) services" associated with 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. In relation to loans issued by Russia to other countries, conversion is one of the most optimal ways public debt management, since it creates the possibility of 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 in these ways, it is possible that control over the flow of foreign currency and cheap imported goods, which may 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. Thus, on the basis of Resolution of the Government of the Russian Federation of August 11, 2005 No. 506 "On Limiting the Time Limit for the Novation of the Series III Domestic State Foreign Currency Bonded Loan", government loan of the named series on bonds of the government foreign currency bonded loan of 1999

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 government loans the governments of the states - the former republics of the USSR "; Order of the Government of the Russian Federation of 02.11.1995 No. 1527-r "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 agreements with the owners of the said obligations on compensation (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 state foreign currency bond issue of the III series, who have not carried out the novation of these bonds, contracts on compensation 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. By general rule maximum amount state external borrowings should not exceed the annual volume of payments for servicing and repayment of the state external debt of Russia. 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.

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