In which formas there may be a state loan. State loan: types and forms. Debt management
State credita set of economic relations between the state from the person of the authorities of its power and management, on the one hand, as well as the physical and legal entities, on the other hand, in which the state is a borrower, lender and the guarantor.
The Garant State will be responsible for the repayment of loans or the fulfillment of other obligations (which took salons and legal entities) on themselves.
Being a borrower, the state has an impact on the volume of centralized cash funds. But not all credit relations in which the state is a guarantor will change in this direction. If the zip is on time and fully pays the necessary amounts, then the guarantor (state) is not necessary to spend funds over-unfolded. However, in most cases, state guarantees relate to unreliable borrowers and become the cause additional expenses from centralized cash funds.
The state, banking and commercial loan has similarities, but there is difference - they have a different provision. The banking or commercial loan in the role of ensuring various values \u200b\u200bare often taken. When state money is taken on credit, the provision will be the entire solvency of the state, all the property that is on its balance sheet.
You can distinguish several reasons for mandatory presence. state credit In any state:
1) the availability of cash rupture in the budget execution, that is, the difference in the time of income revenues to the budget and spending;
2) the deficit of the state budget;
3) Strengthening the social orientation of the economy, the growth of protection costs ambientWhat requires an increase in government spending.
Goals and objectives of the state loan.
It doesn't matter what form has a state loan, it is often voluntary. The exception was the situation when an obligatory subscription to government bonds was introduced to the USSR, which were intended to collect funds for recovery national economy.
State Credit Used by the state to solve such problems:
- finding financial resources on financing public spending, linking income and expenses;
- regulation of macro and microeconomic processes;
- influence on social and monetary policy Mill.
State loan and public debt.
State Credit very connected with the concept public debt . The increase in the number of lending on behalf of the state causes an increase in public debt. The public debt is the country's debt obligations before JUR. and individuals, non-residents of the country, international organizations and other subjects of international law. The public debt is ensured by all the property owned by the state, which is a state treasury.
Debt obligations of the Russian Federation under the category " state Credit»There are in such types:
- Credit agreements and agreements that were concluded with credit organizations, foreign states, international organizations on behalf of the Russian Federation in favor of these creditors;
- Government debt securities that are issued on behalf of the Russian Federation;
- Contracts for the provision of state guarantees of the Russian Federation, the contracts of the guarantee of the Russian Federation to ensure obligations by third parties;
- Agreements and agreements concluded on behalf of the Russian Federation on the prolongation and restructuring of the state's debt obligations of the past years;
- Renewal of debt obligations of third parties in debt obligations of the Russian Federation, based on the current legislation.
The duration of the repayment of debt obligations of the Russian Federation and its subjects should not be more than 30 years.
Banks, loans, deposits
For the country, the state loan is one way to attract cash For your needs. So government loans are part of the entire system state finance. Almost every country has the need to attract additional monetary resources with limited volumes of tax revenues and other income. So besides gratuitous revenues of resources (like taxes), the state also attracts funds on the return bend, using the form of a state loan: both external and internal.
The state in these economic relations can act as a borrower, a guarantor, creditor.
If the state entails responsibility to pay off a loan or fulfill other obligations, it becomes a guarantor. And if the debtor performs his obligations on time and completely, then the guarantor does not have to carry additional costs. However, often state guarantees are needed by borrowers unreliable, and therefore centralized cash funds have to bear costs.
The state loan, as well as any other, distinguishes the payability, urgency and return. However, the state's bank or commercial loan is characterized by the type of provision. Banking or commercial loans Provided by some values. When the state occupies the state, then all its solvency acts as collateral, everything belongs to it property or income.
You can call three reasons speaking why the state in its economic activity It is difficult to do without a state loan:
Cash breaking budget, that is, the time difference between the time of receipt of funds to the budget and their spending;
Availability budget deficit also leads to the need for a state loan;
Increasing economy orientation on social sphere, Increase the investment in environmental protection, that is, the processes requiring increased government spending.
Usually, the state loan has a voluntary character. Although, of course, there are exceptions. For example, after World War II, the population obliged to subscribe to government bonds, the purpose of which was the collection of funds intended to restore the national economy after the war. Forced loans, as a rule, take place in states with totalitarian regime.
How is a state loan
The state uses it in search of resources in order to finance the country's expenses, to regulate processes in macroeconomics and microeconomics, in order to influence social and monetary policies.
Two types of state loan - external and internal, have their own signs. The concept of an external loan is closely related to the external debt of the state. But the inner means the debt of the state in relation to persons within the country. Even the situation when the state did not have time to list wages or pensions social workers or unprotected segments of the population is a state loan. The state loan includes a loan of the state of funds from commercial banks, the issuance of government debt obligations - valuable papers With a certain maturity.
Before that, we considered the situations in which the state acts as a borrower, but it may be a lender. For example, the state can lend local authorities, organizations, enterprises, can also give them loans to preferential conditions. In addition, the state can provide external loans.
State loan - these are cash relations arising from the state with legal entities and individuals in connection with the mobilization of temporarily free cash at the disposal of the state from legal and individuals, international financial organizations through emissions and placement of securities, receiving loans from specialized financial and credit institutions, foreign countries. Thus, under the state loan, the state acts as a borrower, and lenders are other subjects of the country and other countries.
From here it follows that the state loan is the main form of manifestation of the state loan.
State loan is attracted to:
1. Financing budget deficit. The state loan used to cover the budget deficit is usually not related to industrial activities, and the debt on it is covered by taxes.
2. Financing capital investments to nationalized and mixed enterprises.
3. Financing enterprises of local authorities.
4. Regulation of the country's money circulation.
At the same time in the economic literature state Credit - these are economic relations between the state and individuals and legal entities, that is, relations in which the borrowers are physical and legal entities, and the lender is a state represented by its bodies. The subject of the state loan is the funds of the budget.
Thus, the difference between the state loan from the state loan is that state loans:
- lead to the formation of public debt, and the state loan allows you to get back and the amount of debt, and interest on it;
The state loan is associated with the involvement of additional funds at the disposal of state authorities, and the state loan - with the investment of public funds into foreign assets;
State loan, being an integral part of the state budget, is not a budget income.
The main differences between taxes and loans are:
1. Loans are refined. Taxes are the obligation to pay irrevocably the amount of the state.
2. Loan, unlike the tax, is voluntary. The state, providing its income through loans, does not resort to coercion.
3. The tax is characterized by one-sided movement of money. In the case of the provision of a loan, the state issues a counter financial obligation, freely traded in the market.
4. Tax is the state's income. The loan is subject to return, so the loans cannot be counted for the revenues of the state.
5. Loans are subject to return, which increases state expenses.
The provision of state loans is regulated by the Budget Code of the Russian Federation. As internal borrowers can act:
Executive agencies;
Subordination budgets;
State and municipal unitary enterprises;
Russian enterprises and organizations.
Ways to ensure the return of state loans can only be bank guarantees, guarantees, security deposit.
1. through distribution functionthe national loan participates in the formation of centralized state funds of the state or their use on the principles of urgency, payability and repayment. Speaking as a borrower, the state provides additional funds to finance its expenses.
2. Regulatory functionstate loan. Entering credit relations, the state is voluntarily or involuntarily affects the state of money circulation, the level interest rates On the market of money and capital, production and employment. Consciously using the state loan as a tool for regulating the economy, the state can conduct one or another financial policy.
3. Control functionthe state loan is organically woven into the test function of finance.
The absolute value, the dynamics and the pace of changes of the state loan provide both positive and negative impact on the economy and finance of the country, reflecting the effectiveness of the functioning of state structures.
Positive aspects of the development of a state loan :
As a way to cover the budget deficit, contributes to the containment of inflation;
The non-emission replenishment of budget revenues is necessary to meet national needs, especially if they are associated with emergency state and municipal expenses, as well as to improve the state of settlements in the economic turnover during destabilization of the country's economy;
Used and to regulate the money circulation. In the context of the development of the inflationary process, state loans in the population temporarily reduce its effective demand. Out of treatment are excessive monetary signs, i.e., there is ravishing funds from the monetary turnover to a previously agreed period. If mobilized personal facilities will be invested in the production sphere, there will be a reduction in cash in circulation.
But there is I. negative consequences from excessive increase in state loan .
1. The state, carrying out borrowing in the financial market, increases the demand for borrowed funds. This additional demand causes an increase in the interest rate level in the loan market, which makes loans expensive for borrowers, and therefore, deprives the scope of the production of those resources that could be used as production investments.
2. The temporary free funds of enterprises and individuals attracted by the state do not fall into the investment sphere in the real sector or to replenish working capital, but are spent as payment and purchasing products. They do not bring additional income and increase the "price" budget revenues States due to the subsequent payment of interest or discount.
3. The use of a state loan leads to an increase in non-productive expenditures of the state and municipalities, since the funds used as credit are subject to mandatory return to legal entities and individuals (creditors) with the payment of interest for the use of the loan. Payment of interest on the loan, as noted above, can lead to tax growing. With external borrowing, the disadvantages of this method of covering the budget deficit are exacerbated by the fact that foreign creditors receive income, and the burden of debt service is carried by domestic enterprises and the population of the debtor's state. This adversely affects the level of consumption and the possibility of economic growth.
Sources of a state loan - temporarily free funds that appear from:
Enterprises;
Pension funds;
Insurance funds;
Population.
State loan can be internal and external . The main share of government spending is carried out in national currencyTherefore, the preferential development receives an internal state loan. But a wide international division of labor, exchange of technologies and scientific and technical ideas, rendering financial assistance Foreign states - all this contributes to the intensive development of external (international) state loan.
Forms of state loan (internal):
1. The release of state loans and the appeal of the contributions of the population in Sberbanks to state loans.
2. Treasury loans. Treasury loans Express the monetary relations of the provision of financial assistance to the enterprise or organization by the authorities of state power and management at the expense of budget funds, in the stable work of which the state is interested. But this is carried out under conditions of urgency, payability and repayment.
As practice shows, an increase in state loans negatively affects the development of the country, in particular investment activities industrial enterprisesSince the future investor sees high risks of investment in a country having big debts.
Loans are classified for several features.
1. B. Depending on the subject implementing the right of emissions Debt:
State loans Russian Federation,
State Loans Subject of the Russian Federation (Regional)
Municipal (local).
2. B. depending on the source of borrowing, locations of loans (National or External Financial Market), loan currencies:
Internal;
External.
3. At the form of placement:
Bonds issued in the form of securities;
Umbilting by imprisonment loan agreement States with creditors (applied to major creditors).
4. On the basis of holders of state and municipal securities:
Universal, distributed both among individuals and legal entities;
Special, implemented either among the population, or among organizations.
5. In relation to the secondary market:
Market; freely sold and bought on secondary market;
Non-market - after the initial placement do not appeal in the secondary market, produced to attract resources of certain investors to the budget - non-state pension funds, insurance companies, etc.
6. In the form of income:
Percentage (fixed and floating);
Winning;
Discount (discounted);
Win-win (payback of bonds for the duration of their appeal);
Sturdy (rejected goods);
Lifetime (repayment of the principal debt does not occur, increased interest).
7. By maturity:
Short-term (up to 1 year);
Medium-term (from 1 to 5 years);
Long-term (over 5 years).
8. According to placement methods:
Voluntary;
Forced (in emergency military-political and economic conditions).
The main form of state loan is bond state loans, which are characterized by the fact that temporarily free cash of the population, enterprises and organizations are involved in financing the state budget deficit by issuing and implementing government securities.
Government securities Called securities certifying a loan attitude in which the debtor is the state, state authority and management.
The variety of securities led to their classification by certain features.
Depending on the ability to contact the stock market, government securities are divided into market and non-market. The most common type of government securities are market securities that can freely contact and resell on the secondary market. Non-market government securities cannot freely contact the market. They represent a loan to the state, but in contrast to market securities can not be sold by their owner to a third party.
Depending on the date of treatment, government securities are divided into short-term (up to 1 year), medium-term (up to 5 years) and long-term (over 5 years).
Securities are divided into issuers. Securities issued by the Central Government are called federal or, as in Russia, state. On behalf of the state, they are issued by the corresponding authorized body, as a rule, the Ministry of Finance. As a latter agent performs central bank The Russian Federation, which in turn can authorize certain investment institutions or banks to speak official dealers.
Securities are divided into cash (documented) and non-cash, including existing in the form of records on accounts.
According to the method of payment of income on public securities distinguish fixed percentage; Application of step interest rate; Using a floating rate interest income; indexing the nominal value of securities; implementation of debt obligations with a discount (discount) against their nominal price; Conduct winning loans. In the conditions of a stable economy, in the absence of high inflation, a fixed profit rate, winning loans are most often used. In the period of high inflation, such securities are not in demand.
State and municipal borrowings are held in accordance with approved programs. Program of state external borrowing of the Russian Federation represents a list of all external borrowing of the Russian Federation for the next fiscal year and a planning period by types of borrowings with division into unrelated (financial) and targeted foreign borrowing (Article 108 of the RF BC). At the same time, sources of attraction, the amount of borrowing and the duration of the repayment are indicated for unrelated loans and loans, and for targeted foreign borrowing - the final recipient, the objectives of the borrowing and the direction of use, the sources and the amounts of borrowing, the duration of the repayment, the guarantee of third parties to return funds in federal budget (If such a refund is provided), assessment of the amount of funds used before the fiscal year and forecast of the use of funds in the next fiscal year.
Program of state domestic borrowing of the Russian Federation The next fiscal year and planning period is a list of all internal borrowing of the Russian Federation in the form of a difference between the volume of attraction and the amount of funds sent to repay the principal amount of debt, for each type of borrowing (Art. 110 of the RF BC).
Program of state external borrowings of the subject of the Russian Federation - This is a list of external borrowings of the subject of the Russian Federation for the next fiscal year (the next fiscal year and planning period). It defines the maximum volume, list, volumes and dates of the repayment of external borrowings of the subject of the Russian Federation for the next fiscal year (the next fiscal year and planning period) (Article 108 of the RF BC).
Program of state internal borrowings of the subject of the Russian Federation, municipal borrowing For the next fiscal year (the next fiscal year and planning period) is a list of all internal borrowing of the subject of the Russian Federation, municipal Education With the scope of attraction and volume of funds sent to repay the principal amount of debt, for each type of borrowing (Art. 110 of the RF BC).
- The state loan is the relationship of borrowing of temporarily free cost, the obligatory participant of which is the state. The state most often acts as a borrower (state loan) or a guarantor. The purpose of attracting funds by the state:
Coating budget deficit
Regulation of money circulation
Battery for investment programs
The purpose of providing guarantees: governmental support entrepreneurial activity, support for loans at a certain territorial level (as a rule, subjects of federations).
The purpose of lending: support for the reproductive functions of state-owned enterprises and some strategically important industries or enterprises. The loan can also be provided to the population in order to implement the social policy of the state.
The main reason The presence of a state loan in the conditions of the transformation economy is the lack of budget funds. Therefore, the attracted resources are transferred to government bodies to cover the budget deficit. This practice is more appropriate than the emission of money, the consequence of inflation.
By its economic essence, the state loan is a form of secondary redistribution of GDP. Its source are free funds of the population, enterprises and organizations. Government borrowings must be carried out only when the remaining possibilities of generating income are exhausted or a tax burden should be reduced. At the same time, the system of effective and efficient use must function. borrowed money.
Sources of repayment of loans:
Income from investing borrowed funds in highly efficient processes
Additional fees from taxes
Saving funds from cutting costs
Money emission
Attracted from new fund loans (Definancing of debt)
The provision of a state loan is all property that is owned by the state, but the amount of collateral in the loan agreement is not indicated.
Subjects of state-credit relations by Ukraine are:
Cabinet of Ministers of Ukraine
ARC authorities
Local governments (municipal credit? ...)
Ministry of Finance of Ukraine (in particular, the State Treasury
The state loan is a source of attracting additional resources to the budget, has an impact on the cash circulation and interest rate through the operations on the open market.
- Types and forms of state loan.
The state loan is two species: external and internal. The external state loan is the relationship of borrowing between the state and the subjects of other countries. Internal state loan - between the state and the subjects, this country.
The main form of the state loan is the state loan.
According to the right decoration, the state loan is divided into types:
State loan, secured by the issue of securities (bonds and treasury obligations (bill).
State loan provided on the basis of the agreement.
The bond is a medium or long-term debt obligation of the state in which deadlines Creditors return debt and income is paid in the form of a percentage, winnings or by paying coupons. The goal is to cover the budget deficit and specific projects (target).
Treasury obligations (bills) - short-term debt obligations to cover the budget deficit. Interest are paid on them. Implemented only to individuals. The maturity date is up to a year, medium-term - up to 5 years.
The state loan based on the Agreement is, as a rule, loans provided by the Government of other countries, international organizations and financial institutions.
According to the subjects of credit relations, state loans are divided into those placed:
Central bodies
Local governments.
At the placement site: external loans are provided by the persons of other countries, international organizations and financial institutions. Internal - within the country.
In terms of raising funds:
Short-term (repaid up to 1 year for, as a rule, covering temporary cash ruptures)
Medium-term (1 to 5 years)
Long-term (5 years and above)
By sign of security:
Mortgages (bonds are provided with certain income or property)
Corrective (bonds are not provided with anything specific).
In the form of income payment:
Interest - the owners receive a solid income, annually by paying coupons, or disposable when repaying the court by accrued by a percentage on nominal value valuable papers
Winning - income is obtained in the form of winnings at the time of repayment of the bond on those bonds that came to the release of winnings.
Wineware - guarantee a winnings for each bond during the term of the loan.
According to the method of determining the income loans are divided into obligations:
With solid income - the interest rate is fixed for the entire period
Floating income - a percentage rate depends on various factors, such as supply and demand for these securities on financial market.
- The existence of a state loan leads to the emergence of public debt. Its amount consists of all the issued and non-missing debt obligations of the state (both internal and external), including guarantees on loans issued to foreign borrowers, local organs authorities, state enterprises.
The current and capital, internal and foreign debt distinguish.
Current - the amount of debt to be repurchased into this year and payable during this period percent for all previously issued loans. Capital - the amount of debt and interest that should be paid on loans. Internal debt - debt creditors This country. External - debt creditors from other countries.
Management of public debt is to ensure the solvency of the state, i.e. The possibility of repayment of debt.
There are several ways to regulate borrowed policy:
Conversion
Consolidation
Unification
Delay repayment
Restructuring
Cancellation.
Conversion - a change in loans yield. It is carried out in case of a change in the situation in the financial market or deterioration of the financial condition of the state, when it is not possible to pay the estimated income.
Consolidation - transfer of obligations for a previously released loan to new loan In order to extend the term of the loan. (Exchange of old bonds for new)
Unification is a combination of several loans in one. In order to simplify public debt management
Repayment delay - transfer of debt payment timing
Restructuring - use in a complex fully or partially named above
Cancellation - state refusal from its debt.
The main task financial Policy Ukraine is a gradual decrease in debt pressure on the state budget and the economy of the country and the optimization of the structure of public debt. But a large amount of debt creates a threat to the financial security of the country.
External threat:
Increasing external debt
Intervention in the National Financial Scope of International Financial Organizations
Negative trade balance
Balance deficit
The dependence of the national financial market from the world
External threat.
Internal public debt growth
Inefficiency tax system and massive tax evasion
Budget deficit
Undust stock market and weakness of the banking system
Crisis payments
Low level of investment activity.
Theme 9. Financial control
The state loan is a specific sphere of state finance. It does not have a separate financial fund, nor a special management body, and at the same time he characterizes a special form financial relations states.
State Credit on its economic essence is a totality economic relations Between the state in the person of the management authorities, on the one hand, and individuals and legal entities, on the other, in which the state is a borrower, the lender and the guarantor.
The main classical form of state-credit relations, when the state acts borrower funds . At the same time, with the help of state loan, free financial resources of legal entities and individuals who are used to meet government needs are involved.
Being lender The state at the expense of the budget provides loans to legal and individuals on a paid and refundable basis.
In cases where the State takes responsibility for repaying loans or fulfillment of other obligations assumed by individuals or legal entities, it is garant .
There are differences between the banking and state loan.
Bank loan It is used to lend to enterprises in order to ensure the uninterruptedness of the extended reproduction process, increasing its effectiveness. Distinctive feature bank lending It is a productive use of borrowed capital (or for the purpose of developing social infrastructure). The use of credit resources as capital creates conditions for repayment of the loan and interest payments on it by increasing the cost of additional capital.
State Credit It is the flow of budget funds at the disposal of state authorities, in fact it is their additional financial resources. These funds are used, as a rule, to cover the budget deficit. The source of repayment of state loans and interest is the budget funds.
Objective need to use state loan The satisfaction of the needs of society is due to the constant contradiction between the magnitude of these needs and the possibilities of the state by their satisfaction at the expense of budget funds.
The feasibility of using a state loan To form additional financial resources, the state and the coverage of the budget deficit is determined by much less negative consequences for the country's public finance and monetary circulation in comparison with currency techniques (for example, money emissions) to balance the income and government spending.
Appointment of state credit It is that it is a means of mobilization by the state of additional financial resources. Mobilized funds can be used both on the repayment of the budget deficit and on the financing of socio-economic programs.
The state loan performs three functions:
· Regulatory - manifests itself in the fact that, entering into credit relations, the state affects the state of money circulation, the level of interest rates in the market of money and capital, for production and employment.
· Distribution - ensures the formation of centralized cash funds of the state or their use on the principles of urgency, payability and repayment.
· Control - consists in controlling the involvement of borrowed funds and their repayment, for target use funds, return rates, timely payment of interest.
The state loan can be internal and external.
Internal state credit Performs in the following forms:
· Government loans,
· Transformation of part of the population contributions to state loans,
· Borrowing of the funds of the National Credit Fund,
· Treasury loans,
· Guaranteed loans.
State loans As the main form of an internal state loan is characterized by the fact that temporarily free funds of the population, enterprises and organizations are involved in financing public needs by issuing and implementing bonds, treasury commitments and other types of government securities.
Bond - the most common type of government securities. It symbolizes the state debt obligation and gives it the right to the owner after a certain period to get back the amount of debt and interest. Selling a bond, the state undertakes to return the amount of debt within a certain period of time with interest or pay interest during the entire period of use of borrowed funds, and after this period, return and the amount of debt.
Treasury obligations (bills) have in nature debt obligationsdirected only to the coating of the budget deficit. The payment of income is carried out in the form of interest. Treasury obligations, as a rule, short-term loans are drawn up (sometimes medium-term - treasury notes).
In close connection with state loans there is a second form of a state loan, the functioning of which is mediated by the system of savings institutions. Unlike the first form of a state loan, when individuals and legal entities buy securities at the expense of their own temporarily free funds, savings institutions provide a loan to the state due to borrowed funds.
Transformation of part of population contributions to government loansFor the needs of the state, is carried out through the purchase of special securities (for example, treasury savings certificates) or market securities (bonds, treasury commitments), as well as the design of non-shared loans. In our country, this is now achieved through the acquisition of state securities to Oschadbank.
Using the State of the Borrowed Fund as a form of a state loan is characterized by the fact that state credit institutions Directly (without limiting these operations to the purchase of government securities) transmit part of credit resources to cover government costs. This form of the state loan is not economically justified and predetermines inflation processes.
Treasury loans As a form of state loan, it is expressed in the provision of financial assistance to enterprises and organizations by state authorities and management by budget funds under conditions of urgency, payability and repayment. In our country, the form of state loan is not very active.
Treasury loans are issued on preferential terms in terms and percentage rate. They are possible in the case of financial difficulties of enterprises and economic organizations Due to their special position in the market or worsening the economic situation in the country. Treasury loans do not have a commercial purpose, but is a means of maintaining vital economic structures for the national economy.
By guaranteed byyam government really carries financial responsibility Only in case of insolvency of the payer.
International State Credit It is a collection of relations in which the state acts on the global financial market as a borrower or lender. Like internal loans, they are issued on the terms of repayment, urgency and payability.
International State Credit acts in the following forms:
· State external loans;
· Loans of international financial bodies;
· Intergovernmental loans;
· bank loans states.
The amount of external loans received and interest on them is included in the country's public debt.
The provision of external loans is carried out at the expense of budgetary funds or special government funds.
Recipients of funds can be central governments, republican and local authorities.
Creditors can be financial and credit institutions and other legal entities of foreign states, individuals, international financial institutions, foreign countries.
Classification of state loans It is carried out according to the following features:
1. According to legal design:
· Loans issued by subscription obligations or contracts (Curly);
· Loans secured by the issue of securities;
2. Depending on the placement location:
· Internal;
· External;
3. By the right of emissions:
· Government;
· Local loans;
4. By the nature of the use of securities:
· Market - decorated free handling securities;
· Non-market loans - do not allow the exit of securities to the market, i.e. Their owners cannot resell them;
5. Depending on the installed collateral:
· Secured;
· Unsecured;
6. By maturity date:
· Short-term;
· Medium-term;
· Long-term;
7. By the nature of the payment of income:
· Percentage;
· Winning;
· Discount.
8. By the nature of the repayment:
· One-time payment;
· Payment of parts;
9. Depending on the obligations of the state repayment of the loan:
· With right early repayment;
· Without early repayment.
Sources of repayment of state loans may be:
· Incomes from investing borrowed funds in highly efficient projects;
· Additional tax revenues;
· Saving funds from reducing costs;
· Money emission;
· Funds attracted in new loans (refinancing of debt).
The existence of a state loan leads to the emergence of public debt and the need for a system of controlling it.
State debt - This is the amount of state debt to internal and external creditors.
The total amount of public debt consists of all state issued and outstanding debt obligations (both internal and external), interest on them, including issued loan guarantees provided by local authorities and individuals.
Current debt - This is the amount of debt that is repayable in the current year, as well as the amount of interest on all issued loans payable in the current period.
Capital duty - this is total amount Debt and interest to be paid on loans.
Structurally, public debt is divided into internal and external.
Internal debt - This is a combination of state obligations in front of residents.
External debt - A combination of state obligations in front of non-residents.
Service of public debt - This repayment of loans, payment of interest on them, clarification and changing the conditions for repayment of issued loans. The repayment of loans is carried out at the expense of budget funds or at the expense of funds obtained by refinancing the debt.
Debt service costs are: payment of interest, winnings, costs of manufacturing, shipping and implementing securities, carrying out drawing circulation, repayment circulation, etc.
Service of external debt carried out in the process of fulfilling the state budget. Payment is carried out by the State Treasury.
External Debt Service Coefficient Determined by the division of all payments on external debt on the foreign exchange flows of the state. Normal service level is 25%.
Sources of repayment of external debt are:
· Budget;
· Tools derived from privatization state property;
· New loans.
Service of state domestic debt implements the Ministry of Finance through banking system By conducting operations on the placement of government securities, their repayment and income payments.
Extreme Size State internal and external debt establishes the Verkhovna Rada of Ukraine at the same time as approval State budget For the next year.
The efficiency of using state loans largely depends on the debt management system.
Management of public debt - This is a set of activities carried out by the state represented by its authorized bodies to determine the conditions for attracting funds, their placement and repayment, and ensuring the solvency of the state. purpose Debt management policies - obtaining the greatest effect from financing through borrowed funds and the leveling of macroeconomic difficulties and the problems of the balance of payments in the future.
Stages of debt management process:
1. Attracting funds - the choice of forms and types of borrowing.
2. Placement of funds - the use of funds to increase production facilities.
3. Return of debt and payment of interest.
In order to ensure the solvency of the state, various methods of correction of borrowing policy are used.
Definancing debt - This repayment of the principal amount of debt and interest at the expense of funds received from the placement of new loans.
Debt restructuring - This is the delay in the payment of part of the debt under certain conditions.
Methods of public debt management:
· Conversion - provides for a change in loan yield;
· Consolidation - provides for an increase in the validity of the issued loan;
· Unification - provides for the combination of several loans in one, bonds previously issued several loans exchange a new loan bonds;
· Detention of loan repayment;
· Debt cancellation.
Articles on the topic
