Municipal internal debt. State and municipal debt: essence and main forms

As already noted, it is believed that government loans less dangerous than emissions. But they also have a significant negative impact on the economy.

• traffic monitoring Money through the organs federal treasury or authorized banks;
• verification of compliance with the terms of loan agreements;
• control of intended use the borrower received funds;
• verification of the fulfillment of the additional obligations assumed by the constituent entities of the Russian Federation and local governments, etc.

State credit affects important macroeconomic indicators development of the country. Here, a close relationship is found between these indicators and the monetary, fiscal and monetary policy pursued by the state. Funds mobilized with the help of state credit are anticipatory in nature and are nothing more than taxes withdrawn in advance.

In the macroeconomic aspect, a state loan can have very unfavorable consequences in the event of an incorrectly chosen strategy and tactics of its use as a financial instrument for managing the country's economy. In this case, the multiplier effect of the growth of the financial and credit dependence of the state on creditors (both internal and external) is inevitable.

State credit contributes to the proper organization of savings, is a source of increasing cash income holders of government securities and bank depositors, creates conditions for a greater balance of income and expenditure of the population, organizations, enterprises and state budget, is one of the decisive factors in the stabilization of monetary circulation and the implementation of an effective credit, emission and foreign exchange policy.

The main thing for which the state credit is used in the macroeconomic sense is to cover the budget deficit. The issue of banknotes can serve the same purpose. However, it has long been proven that state credit is much more effective for balancing budget revenues and expenditures. State loans temporarily reduce the effective demand of the population and economic entities, regulate natural-material and cost proportions. This optimizes the amount of money in circulation.

State credit takes various forms. The variety of forms of loans requires their detailed classification based on various criteria (see table).

Let's bring general characteristics the main types of government securities traded on the domestic stock market in last years and circulating now.

Government short-term zero-coupon bonds (GKOs). The main purpose of issuing these securities is to finance the state budget deficit at the lowest possible price. The issuer of GKOs is the Ministry of Finance of the Russian Federation. The issue is carried out in separate issues. The volume of each issue is determined by the Ministry of Finance based on the maximum volume of these bonds issued by the Government of the Russian Federation for the corresponding year. Bonds are short-term in terms of maturity. Their owners may be Russian and foreign organizations and individuals. The owner of the GKO has the right to receive the face value upon their redemption. The Ministry of Finance determines the conditions for the issue and circulation of GKOs and makes a decision on the issue of a separate issue. GKOs of one issue are equal to each other in terms of the rights granted to their owners.

The Central Bank of the Russian Federation is the general agent for servicing GKO issues. Transactions with bonds are concluded and executed in the manner established by the Central Bank of the Russian Federation in agreement with the Ministry of Finance, through organizations authorized by it to carry out depository, brokerage or dealer activities with GKOs (authorized organizations).

Cash settlements under transactions with GKOs are carried out through the Central Bank of the Russian Federation and its territorial offices, as well as other credit organizations in cash and non-cash form.

Bonds are issued in documentary form with obligatory centralized storage in depositories. The document certifying the rights attached to the bonds of each issue is a global certificate.

Legislation delimits liability for debt obligations of the Russian Federation, constituent entities of the Russian Federation, and municipalities.

Thus, the Russian Federation is not liable for the debt obligations of the constituent entities of the Russian Federation and municipalities, if these obligations were not guaranteed by the Russian Federation. Similarly, the subjects 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.

State and municipal borrowings have different "specialization", and also differ in the bodies that have the right to carry them out:

In the process of budget execution, there is often a need to restructure debt. Debt restructuring- this is the termination of debt obligations that make up state or municipal debt, with the replacement of these obligations with other obligations that provide for other terms of service and repayment. Restructuring can be carried out with a partial write-off (reduction) of the amount of the principal debt.

The amount of expenses for servicing the restructured debt is not included in the volume of servicing expenses debt obligation in current year if the specified amount is included in the total amount of restructured liabilities. The restructuring is based on the relevant agreement.

An important component of public debt management is the establishment of its maximum volume and the maximum volume of government borrowing in the Russian Federation. Limit volumes of state domestic and external debt, the limits of external borrowings of the Russian Federation on another year approved by law on federal budget with a breakdown of debt by form of security obligations.

It has been established that the maximum volume of the state external borrowings of the Russian Federation should not exceed the annual volume of payments for servicing and repayment of the state external debt of the Russian Federation.

The Budget Code provides for cases when the Government of the Russian Federation has the right to borrow in excess of the established maximum amount:

• on external borrowings - if, at the same time, the Government of the Russian Federation carries out such a restructuring of the state external debt, which leads to a decrease in the cost of servicing it, within the established limit of the state external debt;
• on internal (external) borrowings instead of external borrowings - if this reduces the cost of servicing the debt within the established volume of public debt (the sum of internal and external debt) and no other restructuring procedure is provided.

For example, for 2003, the upper limit on the size of the state external borrowings of the Russian Federation in the form of unrelated financial loans is set at $1.29 billion.

The Government of the Russian Federation has the right to carry out external borrowings in excess of size limit state external borrowings in order to restructure the state external debt of the Russian Federation and reduce the total costs of servicing and repaying it. The Government of the Russian Federation has the right to determine the volumes, forms, terms, methods and cost conditions of state external borrowings.

• the upper limit of the state external debt of the Russian Federation in the amount of 123.7 billion dollars (or 103.1 billion euros), excluding outstanding debt of the Russian Federation in clearing and closed currencies, including guarantees issued to third parties to attract external borrowings, and debt on loans provided Vnesheconombank to the Ministry of Finance of the Russian Federation in 1998-1999. at the expense of the funds of the Central Bank of the Russian Federation in foreign currency for settlements on the state external debt of the Russian Federation;
• the upper limit of the state external debt of foreign states (with the exception of the CIS states) to the Russian Federation in the amount of $75.1 billion;
• the upper limit of the state external debt of the CIS states to the Russian Federation in the amount of $3.3 billion;
• the limit for providing guarantees to third parties for attracting external borrowings in the amount of USD 2.3 billion.

In 2003, the Government of the Russian Federation has the right to send for making payments that reduce the debt obligations of the Russian Federation:

• the balance of proceeds from operations in the market with government securities;
• proceeds from privatization state property;
• sales proceeds land plots owned by the federal government, land plots owned by the state before the delimitation state property to land, as well as the right to conclude lease agreements for them;
• the excess of revenues over expenditures on government reserves precious metals and precious stones;
• loans from international financial organizations, foreign governments, banks and firms;
• financial reserve funds.

The law of the subject of the Russian Federation on the budget, the legal act of the local government on local budget the upper limit of the debt of the constituent entity of the Russian Federation, municipal debt is established, indicating the maximum volume of obligations under guarantees. The maximum amount of debt of a constituent entity of the Russian Federation, municipal debt should not exceed the amount of revenues of the corresponding budget, excluding financial assistance from the budgets of other levels.

State borrowings are carried out within the framework of relevant programs. Thus, the Program of State External Borrowings of the Russian Federation is a list of external borrowings of the Russian Federation for a year, divided into unrelated (financial) and targeted foreign borrowings, indicating for each of them:

1. for unrelated (financial) borrowings:
   • source of attraction;
   • borrowing amounts;
   • maturity date;
2. for targeted foreign borrowings:
   • final recipient;
   • purposes of borrowing and directions of use;
   • source of borrowing;
   • borrowing amounts;
   • maturity date;
   • guarantees of third parties on the return of funds to the federal budget by the end borrower, if such a return is provided for him, indicating the organization (body) that provided the guarantee, the validity period and the volume of obligations under the guarantee;
   • estimates of the amount of funds used before the start of the next financial year;
   • forecast of the volume of use of funds in the next financial year.

The program of external borrowings of the Russian Federation separately provides for all loans and guarantees, the amount of which exceeds $10 million, for the entire term of the loan. They are implemented only if they are approved as part of the Program by the Federal Assembly. In the Program, the volume detailed for specific loans should be at least 85% of the total volume of external borrowings.

The Government of the Russian Federation has the right to carry out external borrowings not included in the Program if they are carried out in the process of restructuring the external debt, which leads to a reduction in the cost of servicing this debt within the established maximum volume. This right applies exclusively to unrelated (financial) borrowings.

The Program must include loan agreements concluded in previous years, if they have not become invalid.

The budgetary legislation provides for cases when it is possible to make changes to the maximum volumes of external borrowings and the Program of State External Borrowings of the Russian Federation. Russia's borrowing agreements, the execution of which requires an increase in the approved limits, are concluded only after amendments are made to the budget law.

This requirement does not apply to agreements concluded by the Government of the Russian Federation, if at the same time it carries out such a restructuring of external debt that leads to a reduction in the cost of servicing it, within the established limit of external debt.

Agreements on external borrowing by the Russian Federation and the provision of guarantees for external loans are subject to ratification if:

• these loans (guarantees) are not included in the Program of State External Borrowings of the Russian Federation and (or) attracted by agreements financial resources exceed $10 million for the entire term of the loan;
• the execution of contracts requires an increase in the approved limiting volumes of external borrowings.

Agreements on external borrowings of the Russian Federation are not subject to ratification if they are concluded by the Government of the Russian Federation in the course of its restructuring of external debt, which leads to a reduction in the cost of servicing it, within the established maximum volume of external debt.

In addition to the Program considered, the Program of State Internal Borrowings of the Russian Federation, the constituent entities of the Russian Federation, municipalities is also being developed, which is:

• a list of internal borrowings of the Russian Federation, constituent entities of the Russian Federation, municipalities for the next year by type of borrowing;
• the total volume of borrowings directed to cover the budget deficit and repay state and municipal debt obligations.

The program of state internal borrowings of the Russian Federation for 2004, approved in the following form, thousand rubles:

In case of issuance of debt obligations of the Russian Federation, constituent entities of the Russian Federation, municipalities with security for the fulfillment of obligations in the form of separate property, the Internal Borrowing Program must contain data on the issue of these obligations, expressed in rubles, as well as a list of property that can serve as security for the fulfillment of these obligations during the period borrowing.

The domestic borrowing program is presented federal body executive power, the executive body of the constituent entity of the Russian Federation to the relevant legislative body in the form of an annex to the draft law on the budget.

The Program must include loan agreements entered into in previous years, unless the agreements have expired.

Implementation of public or municipal borrowing, as well as the provision of guarantees to other borrowers are allowed only if the following parameters are approved:

• attracting funds from sources of financing the budget deficit corresponding to the established restrictions;
• the maximum amount of state or municipal debt;
• expenses for servicing the relevant state or municipal debt per year. At the same time, the maximum volume of these expenditures, approved by the law on the budget of the corresponding level, should not exceed 15% of the volume of budget expenditures.

If at least one of the specified parameters is violated during the execution of the budget of a constituent entity of the Russian Federation and at the same time the constituent entity of the Russian Federation is able to ensure the servicing and repayment of its obligations, it assumes new obligations only after bringing the indicated budget parameters in line with the above requirements, with the exception of borrowings (accepting other obligations) carried out for the purpose of restructuring and paying off the debt of a constituent entity of the Russian Federation.

If during the execution of the budget of a constituent entity of the Russian Federation, at least one of the above parameters is violated and, at the same time, the constituent entity of the Russian Federation is not able to ensure the maintenance and repayment of its obligations, the authorized body of the Russian Federation may apply the following measures:

• appoint an audit of the execution of the budget of the constituent entity of the Russian Federation;
• transfer the execution of its budget under the control of the Ministry of Finance of the Russian Federation;
• take other measures stipulated by the budgetary legislation.

Similar rules apply to relevant violations by municipalities.

Revenues to the budget from borrowings and other debt obligations are reflected in it as sources of financing the budget deficit.

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

Income received from the placement of state or municipal securities in an amount exceeding face value, income received as accumulated coupon income, as well as income received in the event of the repurchase of securities at a price lower than the placement price, are attributed to the reduction of actual expenses for servicing state or municipal debt in the current year.

The repayment of the principal amount of debt arising from borrowings is taken into account in the sources of financing the budget deficit by reducing the volume of sources for financing the deficit of the corresponding budget.

When issuing state or municipal securities, the guarantee of fulfillment of obligations for which is separate property, the fulfillment of obligations under them can be carried out by transferring the corresponding property to the ownership of the owners of these securities.

As was shown earlier, the Program of State Internal Borrowings of the Russian Federation involves the receipt of significant funds to the budget through the issuance of securities.

The decision to issue government securities of the Russian Federation, constituent entities of the Russian Federation or municipal securities is made in accordance with the limits on the budget deficit and state or municipal debt established in accordance with this Budget Code, the budget law, and the internal borrowing program. The decision to issue government securities of the Russian Federation is also taken in accordance with the Program of State External Borrowings of the Russian Federation.

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

The budgetary legislation provides that borrowings can also be carried out in such a form as the provision of state and municipal guarantees. A guarantee is recognized as a method of securing civil obligations, by virtue of which, respectively, the Russian Federation, the subject of the Russian Federation or the municipality - the guarantor undertakes in writing to be fully or partially responsible for the fulfillment by the person to whom the guarantee is given of obligations to third parties.

The term of the guarantee is determined by the period of fulfillment of the obligations for which the guarantee is provided. Guarantees are provided, as a rule, on a competitive basis.

The guarantor bears subsidiary liability in addition to the liability of the debtor for the obligation guaranteed by him.

The obligation of the guarantor to a third party provided for by the 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 recipient of the guarantee, has the right to demand from the latter the reimbursement of the amounts paid to a third party under the guarantee in full.

Guarantees for obligations constituting the state external debt of the Russian Federation may provide for joint and several liability of the guarantor.

The execution of state and municipal guarantees is subject to reflection in the composition of budget expenditures as the provision of loans.

If payments as a guarantor do not give rise to equivalent claims on the part of the guarantor against the defaulting debtor, the performance of guarantees is taken into account in the sources of financing the budget deficit.

Budget legislation regulates the procedure for granting state guarantees. However, there are some features depending on the guarantor. Thus, the total amount of state guarantees provided by the Russian Federation to secure obligations in rubles is included in the state internal debt of the Russian Federation as a type of debt obligation. The law on the federal budget approves state guarantees of the Russian Federation issued to a separate subject of the Russian Federation, a municipality or a legal entity for an amount exceeding 1 million minimum wages.

Similarly, the total amount of state guarantees provided by the Russian Federation to secure obligations in foreign currency is included in the state external debt of the Russian Federation as a type of debt obligation. In addition, state guarantees of the Russian Federation for an amount exceeding the equivalent of $10 million must be separately approved. The provision of such guarantees is approved in the manner prescribed for external borrowings as part of the relevant Program.

If the recipient of the guarantee has fulfilled its obligations to a third party, the external or domestic debt RF, which is reflected in the budget execution report. The Ministry of Finance of the Russian Federation or another executive body authorized by the Government of the Russian Federation keeps records of issued guarantees, the fulfillment by the recipients of these guarantees of their obligations secured by guarantees of the Russian Federation, as well as cases of payments by the state under issued guarantees.

The legislation provides for the following procedure for servicing the state internal debt of the Russian Federation, the internal debt of a constituent entity of the Russian Federation, and municipal debt.

The costs of placement, payment of income and repayment of obligations of the Russian Federation are carried out at the expense of the federal budget through the Central Bank of the Russian Federation and its institutions, unless otherwise provided by the Government of the Russian Federation. At the same time, the Central Bank of the Russian Federation, other specialized financial institutions perform the functions of a general agent of the Government of the Russian Federation on the basis of special agreements. The Central Bank of the Russian Federation performs these functions free of charge.

In the Russian Federation operates one system accounting and registration of state borrowings of the Russian Federation. Subjects of the Russian Federation, municipalities register their borrowings with the Ministry of Finance of the Russian Federation, which maintains state books of internal and external debt of the Russian Federation (State Debt Book of the Russian Federation).

The State Debt Book of the Russian Federation contains the following information:

• the volume of debt obligations (including guarantees) of the Russian Federation;
• date of occurrence of obligations;
• forms of securing obligations;
• fulfillment of these obligations in whole or in part;
• other information.

Budget legislation regulates the procedure for issuing loans Russian Federation foreign countries, their legal entities and international organizations. These state loans form the state external assets of the Russian Federation. The debt obligations of foreign states to the Russian Federation as a creditor form the debt of foreign states to the Russian Federation.

Information on the size and structure of the debt of foreign states to the Russian Federation by type of debt obligations and by borrowers is submitted to the State Duma as part of documents and materials submitted simultaneously with the draft federal budget law.

The provision of loans to foreign countries is often accompanied by debt restructuring - the repayment of their obligations with the simultaneous implementation of borrowings in the amount of repayable debt obligations with the establishment of other terms of service and repayment periods. Restructuring can be carried out with a partial write-off (reduction) of debt.

federal law approved on the budget:

• amounts of repayment and payment of interest on debts of foreign states;
• the maximum amount of debt of foreign states at the end of the year, with the exception of the CIS member states;
• the maximum amount of debt of the CIS member states;
• the maximum amount of loans granted to foreign states, their legal entities and international organizations, with the exception of loans provided to the CIS member states;
• the maximum volume of loans granted to the CIS member states;
• Program for granting loans to foreign states, their legal entities and international organizations.

The program for the provision of state loans by the Russian Federation to foreign states, their legal entities and international organizations at the expense of the federal budget is a list of loans for the next year, indicating:

1. purpose of granting loans;
2. names of recipients of loans;
3. total volume of loans;
4. volume of loans granted in a given year.

This Program is approved upon consideration State Duma draft law on the budget in the third reading as a separate annex to the law. If the Program is not approved, the previously approved program is extended for another year until the new Program is approved.

An agreement on the provision of loans to the Russian Federation in the amount of more than $10 million can be signed by the Russian side only if the loan is approved in the first expected year as part of the Program.

If, after the inclusion of loans in the Program, the value of which exceeds the equivalent of $10 million, the amount not allocated to individual loans exceeds 15% of the total volume of loans for the next year, the specified program should be detailed: it should provide for in order decreasing the amount of loans, the value of which is less than $10 million, until the amount not allocated to individual loans is below 15% of the total volume of loans.

Agreements on the provision of loans to the Russian Federation, the implementation of which requires an increase in the maximum volume of loans to the Russian Federation, approved by the law on the budget, can be concluded only after making appropriate changes to this law.

Agreements on granting credits of the Russian Federation are approved by the Federal Assembly by a federal law if:

• the credits stipulated by these agreements are not included in the Program;
• the financial resources provided on them exceed 10 million dollars for the entire term of the loan;
• their execution requires an increase in the maximum volume of loans approved by the law on the budget.

Agreements on debt restructuring or debt cancellation of foreign states to the Russian Federation are subject to ratification by the State Duma, with the exception of cases of debt restructuring and its cancellation within the framework of the Russian Federation's participation in international financial organizations and financial clubs on the terms common and uniform for all participants in these organizations and clubs.

Assignment of rights of claim on debt obligations of foreign states to the Russian Federation may be carried out in accordance with a special law or with the provision on the corresponding assignment of rights of claim contained in the law on the budget.

There are national, state and municipal debt, as well as internal and external.

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

It is subdivided into the state debt of the Russian Federation (secured by federal property) and the state debt of the subjects of the Russian Federation (secured by the property of the subjects of the Russian Federation).

General state debt includes the debt of the Government of the Russian Federation and the lower level management bodies that are part of the state.

Municipal debt covers the debt obligations of the municipalities of the Russian Federation and is secured by municipal property.

Public debt is:

capital - this is the sum of all issued and outstanding debt obligations of the state (including accrued interest);

current - these are the costs of paying income to creditors on all debt obligations of the state and on repaying obligations that are due for payment.

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

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

Government securities issued on behalf of the Russian Federation;

Agreement on the provision of state guarantees of the Russian Federation, guarantee agreements of the Russian Federation to ensure the fulfillment of obligations by third parties;

Re-issued debt obligations of third parties into the state debt of the Russian Federation;

Agreements and contracts concluded on behalf of the Russian Federation on the prolongation and restructuring of debt obligations of previous years.

Debt obligations of the Russian Federation are divided into short-term (up to one year), medium-term (from one year to five years) and long-term (from five years or more). They are repaid within the terms determined by the terms of the loan, but not more than 30 years. Although exceptions are known, in particular, the repayment of debts of tsarist Russia.

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

Principal nominal amount of debt on government securities of the Russian Federation;

Principal debt on loans received by the Russian Federation;

Principal debt on budget loans and budget loans received by the Russian Federation from other budgets;

The volume of obligations under state guarantees provided by the Russian Federation.

The state external debt of the Russian Federation includes:

The volume of obligations under state guarantees provided by the Russian Federation;

Principal debt on loans received by the Russian Federation from foreign governments, credit institutions, firms and international financial institutions.

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

Principal nominal amount of debt on government securities of constituent entities of the Russian Federation;

Principal debt on loans received by a constituent entity of the Russian Federation;

Principal debt on budget loans and budget loans received by a constituent entity of the Russian Federation from budgets of other levels;

The volume of obligations under state guarantees provided by the subject of the Russian Federation.

The debt obligations of a constituent entity of the Russian Federation are repaid within a period of not more than 30 years.

The volume of municipal debt includes:

Principal nominal amount of debt on municipal securities;

Principal debt on loans received by the municipality;

Principal debt on budget loans and budget credits received by the municipality from the budgets of other levels.

The maturity of debt obligations of the municipality may not exceed 10 years.

The general state of the state debt of the Russian Federation over the past five years is reflected in Table. 10.1.

Table10.1

Public debt of Russia

Raised in the 90s public debt and the cost of servicing it have become one of the central economic problems Russia. Currently, its volume is about half of GDP. In 2001, payments on the state debt in the volume of federal budget expenditures amounted to more than about 35%. In this regard, the process of public debt management is of particular importance.

Public debt management is a set of government measures to accept, regulate and repay financial borrowings. It is carried out at the level of the Russian Federation by the Government of the Russian Federation, in subjects - by executive authorities, in municipal associations - by local governments.

The Russian Federation shall not be liable for the debt obligations of the constituent entities of the Russian Federation and municipalities, if these obligations were not guaranteed by it. Subjects of the Russian Federation and municipalities are not liable for each other's debt obligations, as well as for the debt obligations of the Russian Federation, if these obligations were not guaranteed by them.

The supreme body for managing the public debt is the Federal Assembly. Within the framework of the federal law on the federal budget, it establishes the most important parameters of the public debt:

Limits of internal and external public debt;

Limiting volume of annual external borrowings;

Expenditures on servicing the public debt in the current year.

Thus, the upper limit of the state internal debt of the Russian Federation as of January 1, 2004 was approved in the amount of 842 billion rubles, the limit of the external debt of the Russian Federation - 123.7 billion US dollars, the maximum amount of state external borrowing - 1.19 billion dollars.

The maximum volume of state external borrowings of the Russian Federation should not exceed the annual volume of payments for servicing the state external debt of the Russian Federation. The maximum volume of the issue of securities is established by the Government of the Russian Federation. A similar procedure is provided for by the budgetary legislation of the constituent entities of the Russian Federation.

Public debt management is carried out using the following mechanisms.

Restructuring of public debt is the termination of debt obligations constituting state or municipal debt, with the replacement of these debt obligations with other debt obligations that provide for other terms of service and repayment. It can be carried out with a partial write-off (reduction) of the amount of the principal debt.

The conversion of public debt is a change in the yield of loans. In order to reduce the cost of public debt management, the state most often reduces the amount of interest paid on loans. It is sometimes possible for creditors to increase the yield on government securities.

Consolidation of public debt is a change in the terms of loans associated with their terms. At the same time, both an increase and a decrease in the period of validity of government securities are possible. For example, in 1990, the term of treasury bonds was reduced from 16 to 8 years.

Unification of public debt is the combination of several loans into one, when bonds of previously issued loans are exchanged for bonds of a new loan. In this case, a reduction in the number of types of simultaneously circulating securities is achieved, which reduces the state's expenditures on the state credit system. In exceptional cases, the government may exchange bonds at a regressive ratio, when several previously issued bonds are equated to one new bond.

Loan deferral occurs when the government issues too many loans and the terms of their issuance were not favorable enough for the state. In such cases, most of the proceeds from the sale of bonds of new loans are used to pay interest and repayments on previously issued loans. Therefore, the government announces a delay in repayment of loans. Unlike consolidation, deferral not only delays repayment dates, but also stops income payments. When loans are consolidated, bondholders continue to receive their income from them.

Cancellation of public debt is the refusal of the state from obligations on issued loans. Cancellation of government securities may be carried out for the following reasons:

1) financial insolvency of the state (bankruptcy);

2) coming to power of new political forces, which for certain reasons refuse to recognize the financial obligations of the previous authorities.

By agreement of the parties, the public debt arising from the sale and purchase of government securities may be replaced by a loan obligation. The replacement of public debt with a loan obligation is carried out in compliance with the requirements for novation and is carried out in the form of a loan agreement.

Novation assumes that the obligation is terminated by agreement of the parties to replace the original obligation with another obligation between the same persons, providing for a different subject or method of performance.

Russia is among the top five countries with the highest external debt. The bulk of the debt of the Russian Federation falls on the Paris Club, which unites 20 states - the world's largest creditors (Table 10.2).

Interbank loans provided to Vnesheconombank in the Soviet era, as well as bills used in foreign trade settlements, represent the interests of the London Club group of creditors, which unites more than 600 commercial banks and deals with debts to private commercial banks. In 1997, Vnesheconombank signed an agreement with the London Club of Bank Creditors. In accordance with the Memorandum of Agreed Principles for the Global Restructuring of the Soviet Union's Debt to the Club, the debt in the amount of $32.3 billion, including interest, was extended for 25 years with a seven-year grace period (deferred restructuring). Sum

The debt is divided into two parts: the main debt is issued by securities, and the interest - by paper interest-bearing bonds.

Another group of debts is commercial trade debt. Currently, after reconciliation of debts, the assignment of claims on them is allowed.

The restructuring of external debt only temporarily alleviated the crisis with the payment of external debt, but Russia's position in terms of servicing external debt remains difficult. To avoid crisis situation, it is necessary to change the debt strategy of the Russian Federation and move from a course of deferred payments to a course of debt reduction.

This problem can be solved by the conversion of external debt - these are all mechanisms that ensure the replacement of external debt with other types of obligations that are less burdensome for the debtor state. Various forms are possible: the conversion of debt into investments, its repayment by commodity deliveries, the repurchase of the debt by the borrower on special terms, the exchange for debt obligations of third countries, property, bonds, etc.

The conditions for the repayment of municipal debt are established at the time of registration government loan are limited to a period of ten years.

The obligations of the municipality are represented by loan agreements, securities, budget loans, and guarantee agreements.

Municipal debt is controlled by the articles of the Budget Code (BC) of the Russian Federation. According to the document, representatives of power structures bear full responsibility for timely payment commitments made, realize the assets that make up the treasury of the municipality. For example, a plot of land, an industrial building or structure is sold to pay off a budget loan.

Stages of managing municipal obligations

Municipal debt management consists of four steps.

1. Calculation of the maximum amount of debt obligations, selection of a loan program and agreement on payment terms. These parameters depend on the level of budget income, the purpose of attracting borrowed funds, and the source of financing. For example, budget loans are issued for the implementation of specific tasks: the repair of utilities, the construction of schools and kindergartens, and the improvement of residential areas.
2. Issue and placement of debt securities on secondary market. The employees of the municipality calculate the terms of circulation of government-issued bonds, predict the level of profitability of securities, issue them, and control quotes. Issue standards are controlled by Federal Law No. 126, which describes the financial aspects of local government in the Russian Federation. Accommodation financial instruments is handled by an authorized bank that has concluded an agreement with the authorities.
3. Analysis of the effectiveness of repayment of debts of the municipality. According to the requirements of the RF BC, the volume of financial obligations should not exceed 15% of all budget expenditures. If there are problems with repaying the debt on time, the municipality negotiates to revise payment schedules or restructuring.
4. Payment of interest and principal according to the approved or revised schedule.

Municipal Debt Management Tools

1. Refinancing is a procedure for attracting new loans to cover existing financial obligations.
2. Conversion is a revision of the interest rate on issued securities placed on the market.
3. Consolidation is a revision of the period of validity (up to cancellation) of municipal loan bonds presented on the market. The procedure is carried out with the consent of the creditors in accordance with Articles 414 and 818 Civil Code RF.
4. Unification is the issuance of a new type of security instead of several types of previously offered loans.

In order to most fully reveal the essence and main forms of state and municipal debt, I examined the following questions: the essence of state and municipal debt and debt service.

The essence of state and municipal debt

The amount of outstanding debt obligations of the state is called public debt. General concept the state debt of the Russian Federation, its composition, management principles, service procedures are determined and legally enshrined in the Budget Code of the Russian Federation. The state debt of the Russian Federation is understood as the debt obligations of the Russian Federation to individuals and legal entities, foreign states, international organizations and other subjects of international law. The state debt of the Russian Federation is fully and unconditionally secured by all federally owned property constituting the state treasury. Depending on the borrower, it can be the public debt of the Russian Federation, the state debt of a constituent entity of the Russian Federation, and municipal debt. Each budget level is responsible only for its obligations and is not liable for the debts of other levels, if they were not guaranteed to them Karaseva M.V. - Financial right, 2000

The main issues in characterizing public debt are: the structure and dynamics of public debt, the mechanism of management, servicing and restructuring, the impact of public debt on the development of the country's economy. The first two processes determine the third. In short, government credit and government debt are double-edged tools. State credit, like conventional credit, can have both positive and negative impact on the development of the economy. It all depends on where the resources attracted by the state come from and where they are directed, as well as on the price of the loan.

Domestic borrowing means only the redistribution of resources available in the country between sectors of the economy. If the credit resources attracted by the state could be directed to other purposes, then borrowing them by the state reduces the costs of other sectors of the economy and does not increase general demand. If government borrowing does not reduce the costs of other sectors of the economy, then there is an increase aggregate demand in the national economy.

But for the development of the economy, not only the dynamics of demand is important, but also the goals of government borrowing. If the state borrows funds to finance important, quickly paying off projects, and even on normal interest rates, which can help accelerate the development national economy. Moreover, the expansion of state demand can have a multiplier effect, leading to its multiple growth in related sectors of the economy. The debt of the state generated by these loans can be freely repaid at the expense of a part of the profit received from the financing of such objects.

It should also be borne in mind that a large public debt, in particular international financial institutions and foreign banks, accounting for about 42.3% of the debt structure, significantly limits the sovereignty of the country, especially if the interests of Russia do not coincide with the interests of these organizations Drobzina L.A. - Finance, money turnover and credit, 1997

But the consequences government loans there may be others. If government-attracted loans are used to cover unproductive expenses(military spending, immoderate inflation of the state apparatus without increasing the efficiency of its functioning, etc.), then government borrowing will be a direct deduction from the gross national product. And their repayment will be made at the expense of additional taxes. This is precisely the inextricable link between state credit and taxes.

That is why government credit is often referred to as future taxes. Of course, one cannot draw a categorical conclusion about the uselessness or negative impact of state credit on the development of the country's economy. World practice testifies to the widespread use of state credit for financing public spending budget. On the whole, this is a natural and necessary process. The point is different. Each new government borrowing must be economically and socially justified. Speaking at financial market as a borrower, the state increases the demand for borrowed funds, i.e. drives up the cost of credit. In some cases, an absolute reduction in the volume of credit resources for the economy is possible. Well, if government borrowings are taken at interest that exceeds the rate of return in the producing industries, then there is a huge flow of capital from " real economy"(production areas) into the speculative market. Ultimately, there is a pumping tax revenue state in favor of domestic and foreign credit institutions Senchagov V.K. - Finance, money circulation and credit, 1999

External borrowing at the time of receipt of funds leads to an increase in the volume financial resources countries and allow to increase the total demand of the state for goods and services of national production, if the funds are spent for these purposes. At the same time, loans from foreign states, international organizations and foreign banks can be used to pay for unproductive government purchases abroad ( related loans), return of previously received loans, etc.

The state is acting credit market not only as a borrower and guarantor, but also as a lender. State lending is used as a tool for regulating the economy in order to maintain or accelerate the development of certain sectors and branches of the economy, regions, and in some cases individual large firms. The system of state guarantees for loans issued by private banks to exporters, as well as to small and medium-sized enterprises, is especially widely developed. In most industrial developed countries operate state or semi-state companies, which low rates insure the risk of non-payment to exporters. This encourages the conquest and expansion of foreign markets by domestic producers. In addition, the system of state guarantees is widely developed in a number of countries in mortgage lending housing Gracheva E.Yu. - Financial Law, 1998

An important role in stimulating the development of production and employment is played by loans provided at the expense of the budgets of the territories or off-budget public funds. Quite often, crediting of cash gaps of lower budgets is practiced.

Growth domestic debt also negatively affects the financial and economic situation of our country, since in it, mainly due to domestic borrowing, gaps in the budget are patched up, funds are withdrawn from real sector economy, and they are necessary:

For lending working capital enterprises;

To invest depreciated fixed assets;

Mastering new technologies, etc.

The need to attract additional financial resources arises, first of all, to solve the problems of financing the budget deficit; implementation of a regional financial and credit policy aimed at supporting individual regions and municipalities; support for priority sectors of the economy and activities from the standpoint of the state; modernization of production, since idle industry does not create tax potential, does not provide the population with jobs.

The debt obligations of the state have the following forms:

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

State loans carried out by issuing securities;

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

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

State internal and external borrowings are carried out in accordance with the Programs approved for the next fiscal year in conjunction with the federal budget law. The maximum volume of state external borrowings of the Russian Federation should not exceed the annual volume of payments for servicing and repayment of the state external debt.

The maximum amount of public debt for the next financial year is approved by the Federal Budget Law.

Unlike bank loan, in which any material values owned by enterprises (property, securities, etc.), with state loan the loan is secured by property, state-owned Drobzina L.A. - Finance, money circulation and credit, 1997

State debt of the Russian Federation- these are debt obligations of the Russian Federation to individuals and legal entities, foreign states, international organizations and other subjects of international law, including obligations under state guarantees provided by the Russian Federation.

The state debt of the Russian Federation is fully secured by all federally owned property constituting the state treasury.

The federal government authorities use all the powers to generate federal budget revenues to pay off the debt obligations of the Russian Federation and service the public debt of the Russian Federation.

The debt obligations of the Russian Federation may exist in the form of:

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

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

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

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

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

RF debt obligations can be short-term (up to 1 year), medium-term (over one year to 5 years) and long-term (over 5 to 30 years).

The debt obligations of the Russian Federation are repaid in terms that are determined by the specific terms of the loan and cannot exceed 30 years.

Changing the terms of a state loan put into circulation, including the terms of repayment and the amount of interest payments, the term of circulation, is not allowed.

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

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

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

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

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

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

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

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

Public debt of a subject of the Russian Federation- the totality of debt obligations of the subject of the Russian Federation; it is fully and unconditionally provided by all the property owned by the subject of the Russian Federation, constituting the treasury of the subject of the Russian Federation.

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

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

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

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

5) agreements and contracts, including international ones, concluded on behalf of a subject of the Russian Federation, on the prolongation and restructuring of debt obligations of subjects of the Russian Federation of previous years. Debt obligations of a subject of the Russian Federation cannot exist in other forms, except for those provided for by this paragraph.

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

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

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

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

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

The debt obligations of a constituent entity of the Russian Federation are repaid within the terms determined by the terms of borrowing and cannot exceed 30 years.

The forms and types of government securities issued on behalf of a constituent entity of the Russian Federation, the conditions for their issue and circulation are determined by the relevant state authorities of the constituent entities of the Russian Federation in accordance with the Budget Code and the federal law on the specifics of the issue and circulation of state and municipal securities.

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

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

The debt obligations of the municipality may exist in the form of:

1) loan agreements and contracts;

2) loans made by issuing municipal securities;

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

4) agreements on the provision of municipal guarantees.

Debt obligations of a municipal formation cannot exist in other forms, except for those provided for by this paragraph.

Municipal debt includes:

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

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

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

4) the volume of obligations under municipal guarantees provided by the municipality.

Local self-government bodies use all the powers to form local budget revenues to pay off their debt obligations and service the debt.

The debt obligations of the municipality are repaid within the terms determined by the terms of borrowing and cannot exceed 10 years.

The government debt of the Russian Federation is managed by the Government of the Russian Federation. The management of the public debt of a constituent entity of the Russian Federation is carried out by the executive authority of the constituent entity of the Russian Federation. Municipal debt management is carried out by the authorized body of local self-government.

The law of the constituent entity of the Russian Federation on the budget, the legal act of the local self-government body on the local budget for the next financial year should establish an upper limit on the debt of the constituent entity of the Russian Federation, municipal debt, indicating, among other things, the maximum amount of obligations under state or municipal guarantees.

The maximum amount of public debt of a subject of the Russian Federation, municipal debt should not exceed the amount of revenues of the corresponding budget, excluding financial assistance from the budgets of other levels of the budget system of the Russian Federation.

The costs of placement, payment of income and repayment of debt obligations of the Russian Federation are carried out at the expense of the federal budget. Servicing of the state internal debt of the Russian Federation is carried out by the Bank of Russia and its institutions through the implementation of operations for the placement of debt obligations of the Russian Federation, their repayment and payment of income in the form of interest on them or in another form.

The performance by the Bank of Russia of the functions of the general agent of the Government of the Russian Federation for the placement of debt obligations, their repayment and the payment of income in the form of interest on them is carried out on the basis of special agreements concluded with the federal executive body authorized by the Government of the Russian Federation to act as an issuer of government securities.

The Bank of Russia performs the functions of a general agent for servicing the state internal debt free of charge.

Payment for the services of agents for the placement and servicing of the state debt is carried out at the expense of the federal budget funds allocated for servicing the state debt.

Servicing of the state internal debt of a constituent entity of the Russian Federation, municipal debt is carried out in accordance with federal laws, laws of a constituent entity of the Russian Federation and legal acts local authorities.

Information on debt obligations is entered by authorized bodies into the State debt book of the Russian Federation, the state debt book of a constituent entity of the Russian Federation or the municipal debt book within a period not exceeding 3 days from the moment the obligation arises.

Information entered in the municipal debt book is subject to mandatory transfer to the body maintaining the state debt book of the relevant subject of the Russian Federation, then this information is transferred to the body maintaining the State debt book of the Russian Federation in the manner and within the time limits established by this body. The State Debt Book of the Russian Federation shall contain information on the volume of debt obligations of the Russian Federation, on the date of occurrence of obligations, forms of securing obligations, on the fulfillment of these obligations in full or in part, and other information. The composition, procedure and terms for submitting information are established by the Government of the Russian Federation.

Information on the amount of debt obligations of the subject of the Russian Federation for all state borrowings of the subject of the Russian Federation, on the date of borrowing, forms of securing obligations, on the fulfillment of these obligations in full or in part, as well as other information, the composition of which is established by the executive authority of the subject RF.

The municipal debt book shall contain information on the amount of debt obligations of municipalities, on the date of borrowing, forms of securing obligations, on the fulfillment of these obligations in full or in part, as well as other information, the composition of which is established by the representative body of local self-government.

2. External and internal borrowing

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

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

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

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

Debt restructuring is the termination of debt obligations constituting state or municipal debt based on an agreement, with the replacement of these debt obligations with other debt obligations providing for other conditions for servicing and repaying obligations. Restructuring can be carried out with a partial write-off of the principal amount.

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

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

The Russian Federation has a unified system of accounting and registration of state borrowings of the Russian Federation. Subjects of the Russian Federation, municipalities register their borrowings with the Ministry of Finance of the Russian Federation.

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

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

1) for unrelated (financial) borrowings:

a) source of attraction;

b) the amount of borrowing;

c) maturity date;

2) for targeted foreign borrowings:

a) the final recipient;

b) purpose of borrowing and direction of use;

c) source of borrowing;

d) the amount of borrowing;

e) maturity date;

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

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

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

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

The program of state internal borrowings of the Russian Federation, subjects of the Russian Federation, municipalities

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

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

This program is submitted by the federal executive body, the executive body of the subject of the Russian Federation to the relevant legislative body in the form of an annex to the draft law on the budget for the next financial year, in which without fail includes loan agreements entered into in prior years.

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

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

2) the maximum amount of state or municipal debt;

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

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

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

Income received from the placement of government or municipal securities in an amount exceeding the nominal value, income received as accumulated coupon income, income received in the event of the repurchase of securities at a price lower than the placement price, are deducted from the actual expenses for servicing the state or municipal debt this year.

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

In the event of the issue of state or municipal securities, the guarantee of the fulfillment of obligations for which is a separate property located in the state or municipal property, in accordance with the terms of the issue, the fulfillment of obligations under such securities may be carried out by transferring to the ownership of the owners of these state or municipal securities, the property that served as security for the issue of these state or municipal securities.

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

3. State and municipal guarantees

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

The written form of the state or municipal guarantee is obligatory.

Failure to comply with the written form of a state or municipal guarantee shall entail its nullity.

The state or municipal guarantee specifies:

1) information about the guarantor, including its name (Russian Federation, constituent entity of the Russian Federation, municipality) and the name of the body that issued the guarantee on behalf of the said guarantor;

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

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

Guarantees are mainly provided on a competitive basis.

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

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

Guarantees for obligations constituting the state external debt of the Russian Federation may provide for joint and several liability of the guarantor. The execution of state and municipal guarantees is subject to reflection in the composition of budget expenditures as the provision of loans.

Provision of state guarantees of the Russian Federation

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

The total amount of state guarantees provided by the Russian Federation to secure obligations in foreign currency is included in the state external debt of the Russian Federation as a type of debt obligation. Separately, state guarantees of the Russian Federation for an amount exceeding the equivalent of 10 million US dollars must be approved.

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

Based on the data of this report, the State Duma is provided with a detailed report on the issued guarantees for all recipients of these guarantees, on the fulfillment by these recipients of obligations secured by these guarantees, and on the state's payments on the issued guarantees.

State guarantees RF provided by the Government of the Russian Federation. The Ministry of Finance of the Russian Federation at all negotiations on the provision of state guarantees of the Russian Federation concludes relevant agreements on behalf of the Government of the Russian Federation.

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

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

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

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

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

When the recipient of the guarantee fulfills his obligations to a third party, the debt of the constituent entity of the Russian Federation, municipal debt is reduced by the appropriate amount, which is reflected in the report on budget execution. Corresponding financial authority keeps records of the issued guarantees, fulfillment by the recipients of the said guarantees of their obligations secured by the said guarantees, as well as records of payments made under the issued guarantees.

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

Municipal guarantees are provided by the authorized body of local self-government.

If a state or municipal guarantee is provided, the relevant financial authority is obliged to conduct an audit of the financial condition of the recipient of the specified guarantee. The representative body instructs the control body of the constituent entity of the Russian Federation, municipality to conduct an audit of the financial condition of the recipient of the state or municipal guarantee.