Public debt refers to the debt obligations of the Russian Federation. State and municipal debt. Public debt and methods of public debt management

National debt- the result of financial borrowings by the state carried out to cover the budget deficit. The public debt is equal to the sum of the deficits of previous years, taking into account the deduction of budget surpluses.

Public debt consists of debts of the central government, regional and local authorities, as well as debts of all corporations with state participation, in proportion to the state's share in the share capital of the latter

The general concept of the state (public) debt of the Russian Federation, its composition, management principles and servicing procedures are formulated and legislated in Budget Code of the Russian Federation.

Depending on the borrower, public debt is divided into state debt of the Russian Federation, state debt of a constituent entity of the Russian Federation and municipal debt.

Under public debt of the Russian Federation refers to its debt obligations to individuals and legal entities, foreign states, international organizations and other subjects of international law. The state debt of the Russian Federation is fully and unconditionally secured by all federally owned property that makes up the state treasury.

Under state debt of a constituent entity of the Russian Federation the totality of its debt obligations is understood; it is fully and unconditionally provided with all the property owned by the subject that makes up its treasury.

Under municipal debt the totality of debt obligations of a municipality is understood accordingly; it is fully and unconditionally provided with all the property that makes up the municipal treasury. In this case, each budget level is responsible only for its own obligations and is not responsible for the debts of other levels if they were not guaranteed by it. To pay off their obligations and service debt, legislative and executive authorities at the appropriate level use all powers.

According to the Budget Code of the Russian Federation Depending on the currency of the arising obligations, they are distinguished internal and external debt.

Under domestic public debt refers to obligations expressed in the currency of the Russian Federation. Foreign currencies, conventional monetary units and precious metals may be indicated only as a corresponding reservation. They must be paid in Russian currency.

Under external public debt refers to obligations arising in foreign currency.

Depending on the repayment period and volume of obligations, there are capital and current public debt.

Under capital public debt understand the entire amount of issued and outstanding debt obligations of the state, including accrued interest on these obligations.

Under current government debt understand the costs of paying income to creditors on all debt obligations of the state and repaying obligations that have become due.

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

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

Debt obligations of the Russian Federation there may be short-term(up to one year), medium term(from one year to five years) and long-term(from five to 30 years). Debt obligations are repaid within periods determined by the specific terms of the loan. For debt obligations of the Russian Federation and its constituent entities, the repayment period cannot exceed 30 years, and for the obligations of a municipal entity - 10 years.

Debt obligations of constituent entities of the Russian Federation and municipalities may exist in similar forms, with the exception of international agreements and treaties at the municipal level. All mentioned forms are used quite actively in market practice.

Loan agreements and contracts in the public credit system, contracts are concluded primarily with credit organizations of various kinds, usually commercial banks. Subjects of the Federation and municipalities most often resort to their services.

Traditionally, loans to the Government of the Russian Federation were provided Central Bank, which used its own funds, reserve funds of banks, as well as deposits of the population in the institutions of Sberbank of the Russian Federation in the volumes determined by annual agreements as credit resources.

The state debt of the Russian Federation includes debt obligations of the Russian Federation to individuals and legal entities of the Russian Federation, constituent entities of the Russian Federation, municipalities, foreign states, international financial organizations, other subjects of international law, foreign individuals and legal entities arising as a result of government borrowings of the Russian Federation , as well as debt obligations under state guarantees provided by the Russian Federation, and debt obligations arising as a result of the adoption of legislative acts of the Russian Federation on the attribution to public debt of debt obligations of third parties that arose before the entry into force of this Code by Federal Law of April 26, 2007. N 63-FZ, Article 98 of this Code is set out in a new wording, which comes into force on January 1, 2008.

The functioning of state and municipal credit leads to the formation of state and, accordingly, municipal debt. Public debt means debt obligations of the Russian Federation to individuals and legal entities of the Russian Federation, constituent entities of the Russian Federation, municipalities, foreign states, international financial organizations, other subjects of international law, foreign individuals and legal entities arising as a result of government borrowings of the Russian Federation, as well as debt obligations under state guarantees provided by the Russian Federation, and debt obligations arising as a result of the adoption of legislative acts of the Russian Federation on the attribution to public debt of debt obligations of third parties that arose before the entry into force of the Budget Code of the Russian Federation.

Under state debt refers to the debt of the Government of the Russian Federation.

There is a distinction between external and internal debt.

State External debt The external debts of the Russian Federation are largely a legacy of the USSR.

The main Western creditors of the Russian Federation are about 600 commercial banks from 24 countries, with the bulk of the debt coming from Germany, Italy, the USA, France, Austria and Japan, as well as the International

Monetary Fund, International Bank for Reconstruction and Development, European Bank for Reconstruction and Development.

There are three main forms of domestic government coverage. debt:

· Voluntary market credit.
· Forced (quasi-market) credit
· Administrative credit

Voluntary (market) credit refers to the placement of securities on a free (or almost free) market.

Securities placed in this manner include:

A). government short-term obligations (GKOs).
b). federal loan bonds (OFZ).
V). Savings Loan Bonds (SLOs).

Forced (quasi-market) credit refers to the market registration of actual public debt. This is how they were born:

A). domestic currency loan bonds (OVVZ).
b). treasury bills (TC).

Administrative is a loan from the Central Bank of Russia to the Ministry of Finance of the Russian Federation.

Now let's move on to the issue of public debt management. Public debt management is a set of financial activities of the state:

- to repay loans;
- organizing debt payments;
- to change the conditions and terms of previously issued loans;
- on placement of new debt obligations

Article 101. Management of state and municipal debt as amended. Federal Law of April 26, 2007 N 63-FZ

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 public debt of a constituent entity of the Russian Federation is carried out by the highest executive body of state power of a constituent entity of the Russian Federation or the financial body of a constituent entity of the Russian Federation in accordance with the law of the constituent entity of the Russian Federation.
3. Management of municipal debt is carried out by the executive and administrative body of the municipal formation (local administration) in accordance with the charter of the municipal formation.

Commentary on Article 101

1. The management of the state internal and external debt of Russia is enshrined as one of the powers of the Government of the Russian Federation in the field of budgetary, financial, credit and monetary policy in Art. 15 of the Law on the Government of the Russian Federation.

The authority of the Ministry of Finance of Russia to carry out the management of Russia's public debt in accordance with the established procedure is enshrined in Art. 165 of the Code, as well as in clause 5.3.14 of the Regulations on the Ministry of Finance of Russia.

2. In accordance with sub. 34 clause 2 art. 26.3 of the Law on the Organization of Government Bodies of Subjects of the Russian Federation (as amended on July 4, 2003), the attraction of borrowed funds by a constituent entity of the Russian Federation, as well as the servicing and repayment of internal and external debts of a constituent entity of the Russian Federation is referred to the powers of the State Duma of the constituent entity of the Russian Federation on subjects of joint jurisdiction carried out by these bodies independently at the expense of the budget of a constituent entity of the Russian Federation (with the exception of subventions from the federal budget).

The powers of the highest executive body of the State Duma of a constituent entity of the Russian Federation to manage the public debt of a constituent entity of the Russian Federation are covered by such general powers of the specified body, enshrined in paragraph 1 of Art. 21 of the Law on the organization of government bodies of the constituent entities of the Russian Federation, as participation in the implementation of a unified state policy in the field of finance.

As provided in paragraph 2 of the commented article, the management of the public debt of a constituent entity of the Russian Federation can be carried out by the financial body of the constituent entity of the Russian Federation, i.e. the executive body of the constituent entity of the Russian Federation, which draws up and organizes the execution of the budget of the constituent entity of the Russian Federation. The authority to manage the public debt of a constituent entity of the Russian Federation is vested in the financial body of a constituent entity of the Russian Federation in accordance with the law of the constituent entity of the Russian Federation.

3. As established in Part 2 of Art. 52 of the Law on Local Self-Government, local self-government ensure the balance of local budgets and compliance with the requirements established by federal laws for the regulation of budgetary legal relations, the implementation of the budget process, the size of the local budget deficit, the level and composition of municipal debt, the fulfillment of budgetary and debt obligations of municipalities Borisov A.N. "Commentary to the Budget Code of the Russian Federation", article-by-article, 2nd edition, revised and expanded, "Justitsinform", 2008.

The procedure, conditions for issuing (issuing) and placing debt obligations of the Russian Federation are determined by the Government of the Russian Federation. This activity is called public debt management.

The management of public internal debt is understood as a set of government measures to pay income to creditors and repay loans, as well as the procedure, conditions for issuing (issuing) and placing debt obligations of the Russian Federation.

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

Control over the state of public debt is carried out by representative and executive bodies of state power.

The main methods of managing public debt include the following: Vostrikova L.G. "Financial Law: Textbook for Universities", 3rd edition, revised and expanded, "Justitsinform", 2007..

Refinancing is the repayment of old government debt by issuing new loans.

Conversion is a change in the yield of a loan, such as a reduction or increase in the interest rate of income paid by the government to its lenders.

Consolidation is an increase in the validity period of already issued loans.

Unification - combining several loans into one.

Deferment of loan repayment is carried out in conditions where further active development of operations to issue new loans is ineffective for the state.

Debt cancellation is the state's refusal of debt obligations.

Debt restructuring is the repayment of debt obligations with the simultaneous implementation of borrowings (assuming other debt obligations) in the amount of repaid debt obligations with the establishment of other conditions for servicing debt obligations and the timing of their repayment. The Budget Code of the Russian Federation states that debt restructuring can be carried out with a partial write-off (reduction) of the principal amount.

State internal debt refers to the debt obligations of the Russian Federation as a borrower or guarantor of loan repayments by other borrowers to residents (legal entities and individuals) or non-residents, expressed in the currency of the Russian Federation.
The structure of the state internal debt of the Russian Federation includes the following main elements:
I) marketable debt obligations. These include government securities issued by the state and freely traded on the domestic market. These are government krat
current liabilities (GKO); federal loan bonds with variable coupon yield (OFZ-PK); government savings loan; federal loan bonds with constant coupon income (OFZ-PD); federal loan bonds with fixed coupon income (OFZ-FK); government non-market loan bonds (OGNZ); bills of the Ministry of Finance of the Russian Federation, etc.;
2) non-marketable debt obligations are obligations that cannot be freely bought and sold. These include:
some types of loans placed among the population, for example, the 1990 target loan; targeted deposits and checks for cars, etc.;
targeted debt obligations for guaranteed savings of citizens of the Russian Federation;
debt of the Government of the Russian Federation on loans received from the Central Bank of the Russian Federation (for example, to cover the budget deficit in 1991 - 1994), including debt on interest;
debt of enterprises in certain industries, converted into state internal debt (for example, debt for the agro-industrial complex, converted into a bill of exchange of the Ministry of Finance of the Russian Federation; debt of enterprises in the textile industry of the Ivanovo region; debt to finance the costs of forming a mobilization reserve, converted into a bill of exchange of the Ministry of Finance of the Russian Federation; debt to the Pension Fund and etc.);
3) state guarantees and sureties provided by the federal government, constituent entities of the Russian Federation and municipalities.
The largest share in the structure of the internal debt of the Russian Federation is occupied by market debt obligations. Currently, they account for about 95% of the total internal debt of the Russian Federation. Moreover, the share of market liabilities has increased many times over recent years
If we talk about the dynamics of domestic debt, then over the past 10 years its value has increased significantly. So, if in 1995 it amounted to 190.0 billion rubles, in 1996 - 372.6 billion rubles. (in denominated rubles), then in 2001 it increased to 561.3 billion rubles. By 2002, the total amount of government internal debt was already
RUB 604.9 billion As of January 1, 2004, the internal debt of the Russian Federation amounted to 792.5 billion rubles. In subsequent years, domestic debt continued to rise. In 2005 it amounted to 843.2 billion rubles, in 2006 - 937.2 billion rubles. It is expected that by the end of 2007 the Russian Federation's domestic public debt will amount to 1,143.2 billion rubles.
The cost of servicing government internal debt has also been growing in recent years. So, if in 2000 they were
55.0 billion rubles, then in 2003 - 57.5 billion rubles, in 2004 - 64.4 billion rubles, and in 2005 already 68.2 billion rubles.
The growth of the internal debt of the Russian Federation in the 90s. was due to release in 1993-1998. government securities to cover the budget deficit and the acceptance of public debt for debt that arose before and immediately after the collapse of the USSR. All current budget underfinancing was also written off as public debt, acquiring surrogate forms in the form of reissued debts to enterprises of the agro-industrial complex, textile, fuel industry, etc.
In 1995, 60% of the state budget deficit was financed only through the placement of government bonds. By October 1997, domestic debt, formalized in GKO-OFZ and savings loan bonds, reached 12.5-13% of GDP. In 1998, when the government securities market collapsed, all non-payments on government securities amounted to a significant part of the government's internal debt of the Russian Federation.
A significant share today consists of compensation to the population in connection with the depreciation of deposits. Back in 1991, in accordance with the Decree of the President of the USSR of March 22, 1991 No. UP-1708 “On compensation to the population for losses from the depreciation of savings in connection with a one-time increase in retail prices,” the first compensation payment was made for all types of existing deposits, based on their balance as of March 1, 1991. It was calculated as a 40% payment on the deposit balance.
In accordance with Decree of the President of the Russian Federation of December 24, 1993 No. 2297 “On one-time compensation to depositors of the Savings Bank who had deposits as of January 1, 1992” in 1994, a second compensation was carried out for the depreciated savings of citizens. At the same time, deposit balances as of January 1, 1992 were increased 3 times.
Since 1996, the Government of the Russian Federation has annually developed a procedure for preliminary compensation of deposits of certain categories of citizens in the Savings Bank as of June 20, 1991. In 1996, Sberbank began paying preliminary compensation for guaranteed deposits with the category of citizens born in 1916 and earlier . Today, the circle of persons entitled to receive preliminary compensation for deposits in the Savings Bank of the Russian Federation is gradually expanding.
In 2006, it is planned to pay preliminary compensation for deposits (contributions) in the amount of up to 1 thousand rubles.
citizens of the Russian Federation born in 1953 inclusive, disabled people of group II born in 1960 inclusive.
Citizens of the Russian Federation born in 1940 inclusive (including heirs belonging to these categories of citizens) are provided with compensation in the amount of the balance of the deposit in Sberbank of Russia as of June 20, 1991 and contributions to state insurance organizations as of January 1, 1992 Citizens of the Russian Federation born in 1930 inclusive, in addition to the specified compensation, are also provided for the payment of re-compensation in the amount of the balance of deposits (contributions). In the event of the death of the owner of the deposits (contributions), it is planned to continue paying compensation for funeral services in the amount of up to 6.0 thousand rubles.
Currently, the main principles of the state policy of the Russian Federation in the field of internal borrowing are the following:
1. Replacement of the state external debt of the Russian Federation with internal borrowing, i.e. An increase in the size of government internal debt in the coming years will be due to its use to repay external debt.
2. Extension of borrowing terms. Currently, it is planned to abandon short-term (up to 1 year) borrowings and switch to servicing medium- and long-term securities. To solve this problem, the yield of short-term securities will be reduced to 6.5% per annum, and the yield of medium-term and long-term securities will increase to 8.5 - 10.5%. It is expected that in 2006 medium- and long-term borrowings will account for about 96% of the planned borrowing volume.
3. Increasing the level of market liquidity and expanding the circle of “active investors”. For this purpose, jointly the Ministry of Finance of the Russian Federation and the Bank of Russia have prepared a Program for introducing the institution of primary dealers and standard issues on the GKO-OFZ market. In particular, it is currently envisaged that the Pension Fund of the Russian Federation should become one of the active investors in the government securities market. For this purpose, in 2004, it was decided to carry out the first placement of a new type of government securities - government savings bonds - GSO. Some of these securities will be used to invest pension savings.
State internal debt is an important tool for the redistribution of income in society and the mobilization of temporarily free funds of citizens and business entities. With its help, the state can regulate many economic processes, including the level of loan interest, the degree of investment activity, etc.
The size of domestic debt, as a rule, does not have any clearly defined boundaries that can be considered critical. This applies to a greater extent to external debt. The maximum size of the internal debt, on the one hand, is determined by the state’s ability to service it, and on the other hand, depends on how tolerant the population is of the very fact of having a debt, is ready to put up with its size and the fact that the state is in no hurry to repay it.