State debt of the Russian Federation. State and municipal debt State debt is secured by all state property constituting

As a result of government borrowing Money public debt is generated.

public debt Russian Federation are debt obligations of Russia to individuals and legal entities, foreign states, international organizations and other subjects of international law, including obligations under state guarantees provided by the Russian Federation. In Russia operates one system accounting and registration of government borrowings in the debt book maintained by the Ministry of Finance of Russia (the requirements for the structure of the debt book, as well as the procedure for its maintenance and storage are determined by the Procedure for Maintaining the State Debt Book of the Russian Federation in the Ministry of Finance of the Russian Federation).

Public debt must be distinguished from subfederal debt, which is the public debt of a constituent entity of the Russian Federation, which is a set of debt obligations of the corresponding region.

The Russian Federation shall not be liable for the debt obligations of the constituent entities of the Russian Federation, if these obligations were not guaranteed by the Russian Federation. In turn, the constituent entities of the Russian Federation are not liable for the debt obligations of the Russian Federation, as well as for each other's sub-federal debts, if these obligations were not guaranteed by them.

Public debt is a direct consequence credit policy state, and its composition depends on the forms state loan used to attract temporarily free funds at the disposal of public authorities. In this regard, Art. 98 BC reasonably include in the scope public debt Russian Federation only the amounts of the principal debt on loans, the nominal amount of debt on government securities and the volume of obligations under guarantees issued by Russia. Does not form the composition of the public debt and the payment of interest and non-interest income on government borrowings, because according to Art. 69 BC they are an independent form of federal budget expenditures. Consequently, the composition of the public debt is formed not by all the debt obligations of the Russian Federation, but only by those that have become objects of legal relations under the state loan.

The guarantor of the solvency of the state in its credit obligations the state treasury acts, at the expense of whose property the state debt is fully and without conditions provided. The state debt of a constituent entity of the Russian Federation is fully and unconditionally secured by all property owned by a constituent entity of the Russian Federation and constituting the treasury of a constituent entity of the Russian Federation.

Although credit relations states are provided by its treasury, the repayment of debt obligations and their servicing are carried out at the expense of federal budget revenues. The Budget Code instructs federal government bodies to use all the powers to generate federal budget revenues in order to repay debt obligations and service the public debt of the Russian Federation.

State debt classified on several grounds..

Depending on maturity public debt is allocated public debt:

• capital, representing the total amount of the state's debt on outstanding debt obligations and unpaid interest on them;
• current, which is the amount of government spending on all debt obligations that have already matured.

Depending on the recruitment period government debt obligations are divided into:

• for short-term (attracted for up to one year);
• medium-term (attracted for a period of one to five years);
• long-term (attracted for a period of five to 30 years).

Russia's debt obligations cannot exceed a term of 30 years.

Depending on the currency obligations allocate public debt:

• domestic (expressed in the currency of the Russian Federation, i.e. in rubles; the volume of public domestic debt includes: the principal nominal amount of debt on government securities of the Russian Federation; the volume of principal debt on loans received by the Russian Federation; the volume of principal debt on budget loans and budget credits received by the Russian Federation from the budgets of other levels; the volume of obligations under state guarantees provided by the Russian Federation);
• external (expressed in foreign currency; in the volume of the state external debt includes the volume of obligations under state guarantees provided by the Russian Federation, as well as the volume of principal debt on loans received by the Russian Federation from governments of foreign states, credit organizations, firms and international financial institutions).

In some cases, the subject composition can serve as an additional criterion for distinguishing between external and internal public debt. The provision of credit funds to the state by residents indicates the formation of internal debt; borrowing money from non-residents leads to the formation of external debt.

Modern lending activity in Russia points to the increased interaction of external and internal debt. Thus, part of the internal debt on government short-term bonds was transformed into short-term external debt, while new government securities are issued to pay off external debt and are placed on the domestic stock market.

As a consequence lending activities a state that has legal form, public debt can exist only in certain forms, developed economic practice and fixed by law.

Therefore, the form of public debt is legally economic relations forming the debt obligations of the Russian Federation.

According to Art. 98 BC the structure of the public debt of the Russian Federation is a grouping of debt obligations of the Russian Federation by types of debt obligations.

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

1. on loans raised on behalf of the Russian Federation as a borrower from credit institutions, foreign states, including for targeted foreign loans(borrowing) of international financial organizations, other subjects of international law, foreign legal entities;
2. government securities issued on behalf of the Russian Federation;
3. budget loans attracted to the federal budget from other budgets budget system RF;
4. state guarantees of the Russian Federation;
5. other debt obligations previously classified in accordance with the legislation of the Russian Federation as the state debt of the Russian Federation.

Public debt is a complex economic-legal entity, a special mechanism financial relations, requiring regulation by the system of various methods.

Public debt management- is a collection financial transactions of the state to ensure the unity of planning and accounting for all operations to attract, repay and service external and internal government borrowings, as well as regarding the provision state guarantees.

Management of the state internal and external debt is within the competence of the Government of the Russian Federation.

The functions of public debt management are directly carried out by the Ministry of Finance of Russia, whose main tasks are the development of government borrowing programs and their implementation on behalf of the Russian Federation, as well as the management of the public internal and external debt of the Russian Federation. In accordance with the tasks assigned to it, the Ministry of Finance of Russia, together with the Bank of Russia, carries out operations to service the public debt, takes the necessary measures to improve its structure and optimize the costs of servicing it.

The management of public debt is assigned by federal legislation to the duties of the Bank of Russia, which advises the Ministry of Finance of Russia on the schedule for issuing government securities and repaying government debt, taking into account their impact on the state banking system Russia and the priorities of the unified monetary policy. The Bank of Russia carries out operations to service the state debt without charging a commission.

The main methods of regulating public debt are: restructuring, conversion, innovation, prolongation and assignment of the right to claim.

Restructuring means, based on the agreement of the parties, the termination of debt obligations constituting the state debt, with the replacement of these debt obligations with other debt obligations providing for other terms of service and repayment. In the process of restructuring, a partial write-off of the amount of the principal debt may be carried out.

In the context of the debt crisis, debt restructuring becomes one of the primary mechanisms for managing public debt, as it provides the debtor with the opportunity to defer debt repayment, change the repayment schedule, or service issued securities. An intermediate result of the restructuring is to provide the debtor with grace period during which only the interest on the debt is paid. Providing a grace period is beneficial not only to the debtor, but also to the creditor, since during this time the borrower can mobilize additional financial resources to boost the domestic economy and thereby create favorable conditions for repaying the public debt. In particular, in 1996 domestic debt of Russia in foreign currency was reissued into government bonds (see Decree of the President of the Russian Federation dated 31.01L 996 No. 126 “On Certain Measures to Streamline Work with the Foreign and Domestic Foreign Currency Debt of the Russian Federation”).

The conditions for restructuring the internal debt are determined by the BC and consist in the repayment of debt obligations by issuing new debt obligations in the amount of redeemable ones with the simultaneous establishment of new terms of service and repayment terms for the placed debt. For example, Art. 23 of the Law on the budget for 2008 and the planning period of 2009 and 2010. restructuring is envisaged monetary obligations(debt) to the Russian Federation, which is carried out by consolidating financial obligations with the simultaneous write-off of debt on accrued penalties and fines and the provision of a uniform installment plan for the payment of the consolidated debt. Restructuring as a method of managing public debt is used when rescheduling domestic monetary obligations to the Russian Federation (see, for example, Decree of the Government of the Russian Federation of July 21, 2004 No. Federation).

The restructuring of external debt is possible, as a rule, with the consent of international financial organizations - creditors, subject to the conditions developed by international financial and credit practice. The Debt-Reduction Facility Fund, which provides countries with soft loans to pay off high external debt.

One of the main conditions for the restructuring of external debt is the fact that the debtor state is on the verge of bankruptcy. In particular, external creditors may propose to the debtor state to adopt a financial stabilization program developed and financed by the International Monetary Fund, a program to improve the public administration system, a program to improve the efficiency economic policy developed and funded international bank reconstruction and development.

The conversion of public debt means a set of financial and legal mechanisms aimed at reducing debt. As a result of the conversion, the external debt is replaced by other types of obligations, both financial and legal and civil. Thus, the following are possible: the transfer of public debt into investment by the industry of the creditor state; debt repayment by commodity deliveries; redemption of own debt on special terms; exchange of debt for debt obligations of states that are not the original parties to the loan agreement; netting financial claims and others (see, for example, the order of the Ministry of Finance of Russia "On approval of the Regulations on servicing government savings bonds"; Decree of the Government of the Russian Federation of March 21, 2007 No. 169 "On the procedure for conducting conversion operations "debt in exchange for goods and (or) services" associated with the repayment and servicing of the state external debt of the Russian Federation”).

Unlike restructuring, the conversion is not aimed at postponing payments, but at reducing the monetary volume of public debt. Concerning loans issued by Russia to other countries, conversion is one of the most best ways public debt management, since it creates the possibility of preferential treatment for exporting profits, investing in the most profitable sectors of management, access to closed markets, etc. For example, Ukraine is currently partially repaying its debt to Russia without charging rent for the use of the bays of Sevastopol.

At the same time, it should be taken into account that in case of excessive conversion of public debt by these methods, control over the flow of foreign exchange funds and cheap imported goods into Russia is possible, which can lead to inflationary processes.

The novation of public debt means the termination of the obligation by agreement of the parties to replace the original loan agreement another obligation. The new obligation provides for a different subject matter or method of performance. The main condition for innovation is the preservation of the subject composition of the obligation. So, on the basis of Decree of the Government of the Russian Federation of August 11, 2005 No. 506 “On the limitation of the period for novation of bonds of the domestic state currency bonded loan Series III» novation of domestic government bonds of the named series was carried out for bonds of the state currency bonded loan of 1999.

Innovation can also affect other elements of the obligation, including its very essence. So, it is possible to transfer into a debt obligation a debt arising from any other basis, for example, the sale, lease of property and vice versa. In particular, in 1993 the states - the former republics of the USSR repaid their public debts to the Russian Federation in property form: supply of goods, transfer of property, blocks of shares of key production facilities. In 1995-1996 Russia's public debt to member countries former Council economic mutual assistance was repaid by deliveries of Russian goods (Decree of the Supreme Council of the Russian Federation dated June 30, 1993 No. 5301-1 “On state loans to the governments of the states - former republics of the Federation to the countries - members of the former CMEA with commodity deliveries"), In 2007, obligations on bonds of the internal state currency bonded loan were terminated by concluding agreements with the owners of these obligations on compensation (Decree of the Government of the Russian Federation dated 20.06.2007 N-387 "On the procedure for concluding with holders of bonds of the domestic state currency bonded loan of the III series, who did not novate these bonds, agreements on compensation and redemption of these bonds”).

Rolling over the public debt means extending the life of debt obligation.
Assignment of the right of claim is the replacement of one creditor by another. This method regulation of public debt can be expressed in the sale by the state of its receivables to third parties.

The Budget Code establishes requirements for the maximum amount of public debt and for the maximum amount of government borrowing in Russia. By general rule maximum amount state external borrowings should not exceed the annual volume of payments for servicing and repayment of the state external debt of Russia. Specific limits on the state internal debt and the state external debt, as well as limits on external borrowing are approved federal law about federal budget for the next fiscal year.

non-compliance limit sizes public debt and the cost of servicing it is the basis for the application of coercive measures for violation of the budget legislation of the Russian Federation.

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

Debt obligations by the terms of existence can be:

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

In accordance with the Decree of the Government of the Russian Federation “On a unified system for managing the state debt of the Russian Federation” dated March 4, 1997, a unified system for managing the state debt of the Russian Federation is being created in the Ministry of Finance of the Russian Federation to ensure a reduction in the cost of servicing government borrowings.

State (municipal) debt management is understood as a set of financial activities the state (local governments) to repay loans, organize the payment of income on them, change the terms and conditions of previously issued loans, as well as to place new debt obligations. Among such financial measures, the most common in world practice are the following:

• refinancing - the issuance of new loans in order to cover previously issued debt obligations;
• conversion - a change in the size of the yield of a loan (can be carried out both in the direction of decreasing and in the direction of increasing the interest rate of income);
• consolidation - changing the validity of previously issued loans (in accordance with Article 817 of the Civil Code of the Russian Federation, changing the terms of a loan put into circulation is not allowed, therefore, if consolidation is necessary, this can only be done in agreement with creditors, i.e. with legal entities and individuals who are holders of state (municipal) bonds, while it is customary to be guided by articles 414 and 818 of the Civil Code of the Russian Federation on innovation - termination of the obligation by agreement of the parties to replace the original obligation that existed between them with another obligation between the same persons, providing for a different subject or method of performance);
• unification - the exchange of several previously issued loans for one new one;
• annulment of the state internal debt, i.e., a complete rejection of debt obligations (as a rule, when managing internal debt, this is a last resort).

At financial crisis there is a need for debt restructuring.

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

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

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

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

• the maximum amount of the relevant state or municipal debt;
• volume limit borrowed money allocated by the Russian Federation, a constituent entity of the Russian Federation or a municipality during the current financial year to finance the budget deficit of the corresponding level;
• expenses for servicing the relevant state or municipal debt in the current financial year.

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

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

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

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

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

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

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

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

Borrowed funds of the Russian Federation are mobilized in two ways:

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

The procedure for issuing and placing securities is regulated by the Federal Law No. 136-FZ dated July 29, 1998 “On the Peculiarities of the Issue and Circulation of State and Municipal Securities”. In accordance with this Law, securities issued on behalf of the Russian Federation are recognized as federal government securities.

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

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

The Russian Federation has a unified system of accounting and registration of state borrowings of the Russian Federation. Maintaining state books of internal and external debt of the Russian Federation is entrusted to the Ministry of Finance of the Russian Federation. Information on borrowings by a constituent entity of the Russian Federation or a municipal formation is entered in the debt book of a constituent entity of the Russian Federation or in the municipal debt book, respectively.

Domestic public debt is the total amount of previously issued and not yet repaid government loans, together with interest. In the domestic securities market, the Russian Federation is the largest borrower. As of June 1, 1998, the government's debt under GKO - OFZ amounted to 435.3 billion rubles.

GKO government short-term (zero-coupon) bonds were first issued in the Russian Federation in 1993. GKOs are issued for three and six months. They are sold at a discount, repayment is always made at face value. T-bills can be sold ahead of time redemption in the secondary securities market. OFZ federal loan bonds with a variable coupon have been issued since June 14, 1995. OFZ bonds can be medium-term or long-term. Issued in documentary form with mandatory centralized storage. OFZ holders may be Russian and foreign legal entities and individuals. OVVZ domestic bonds currency loan were issued on May 14, 1993 in five tranches with maturities of 1, 3, 6, 10, 15 years for a total amount of USD 7,885 mln. December 7, 1992 "On measures to settle the internal foreign exchange debt of the former USSR." The loan currency is US dollars.

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

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

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

In addition, gold certificates of 1993 (the issuer is the Ministry of Finance of the Russian Federation) with a face value of 10 kg of gold assay 0.9999 were issued on the territory of the Russian Federation as debt obligations guaranteed by the Government of the Russian Federation, as well as in 1994, treasury bills in the amount of 1,100 billion rubles . (non-denominated) and treasury bills (issued by the Ministry of Finance of the Russian Federation).

As of January 1, 1999, Russia's external debt amounted to $140.8 billion. It includes:

• state debt to foreign governments and debt obligations guaranteed by foreign governments;
• external debt to foreign commercial banks;
• debt of foreign trade associations on centralized import deliveries, formed before 1991

Eriashvili N.D. Financial right. 2000

Public debt is also divided into capital and current.

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

Current debt is the cost of paying income and repaying liabilities.

Capital debt includes the totality of the government's debt obligations at a given date; current consists of payments on obligatory

benefits that the borrower is required to repay in reporting period.

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

public debt of the Russian Federation (debt of the central government);

public debt of a constituent entity of the Russian Federation (a set of debt obligations of a constituent entity);

municipal public debt (the totality of debt obligations of the municipality).

The debt of the subject of the federation and the municipal debt consist of the corresponding loan agreements and contracts; loans of a constituent entity of the Russian Federation or a municipality and re-issued debt obligations of third parties into debt of a constituent entity of the Russian Federation or municipal debt.

2. Public debt management

2.1 Public debt security

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

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. The state debt of a constituent entity of the Russian Federation is a set of debt obligations of a constituent entity of the Russian Federation, secured by all property owned by the constituent entity of the Russian Federation, constituting the treasury of the constituent entity of the Russian Federation.

Municipal debt management is carried out by the authorized body of local self-government. Municipal debt consists of a set of debt obligations of the municipality. It is provided by all municipal property constituting the municipal treasury.

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

The amount of public debt is considered acceptable if there are sources of repayment of both the principal and interest on it.

Sources of repayment of the principal amount of the debt include the size of the gross domestic product, the level of exports of goods and services and the gold and foreign exchange reserves of the state. Sources of debt service (interest payments) include tax income and the level of monetization of the economy.

When assessing the security of the state external debt, indicators such as the ratio of the size of external debt and the volume of exports of goods and services are used; ratio of external debt to GDP; the ratio of debt service payments to the volume of exports of goods and services.

To assess the security of domestic debt, it is compared with budget revenues received by monetary form, and the level of monetization of the economy.

Consideration should be given to the degree to which the "danger boundary" is approached, beyond which there is a risk of default. An excess of external debt over GDP by 50% is considered unacceptable. In other sources - 80% (see clause 2.3.). In Russia - 65%.

As follows from the practice of most countries, debts of the order of 50-70% of GDP usually do not cause concern.

2.2 Ways to reduce debt dependence

Public debt management is understood as a set of government measures to pay income to creditors and repay loans, change the terms of already issued loans, determine the conditions and issue new government securities.

The country's debt policy is a system of government measures to maintain the amount of debt necessary and acceptable for the country's finances and the cost of servicing it.

The payment of income on loans and their repayment are usually made at the expense of budget funds. Methods of restructuring and refinancing of public debt can also be used. To achieve the effectiveness of public credit, such public debt management measures as conversion, consolidation, unification, exchange of bonds according to a regressive ratio, deferral of repayment and cancellation of loans are also used. They are designed to ease the debt burden on the state budget.

Refinancing is the issuance of new loans in order to attract financial resources to pay off existing debt.

For example, our country used refinancing to pay off the debt on the state 3% domestic winning loan of 1966. After the expiration of this loan, the bonds were exchanged within one year for bonds of a new loan - the domestic winning loan of 1982 without paying the exchange rate difference.

Refinancing is actively used in the payment of interest and repayments on the external part of the public debt. However, an indispensable condition for the provision of new loans is the good reputation of the debtor country in international circles. financial market, its economic and political stability.

Restructuring is the repayment of debt obligations with the simultaneous implementation of borrowings or the assumption of other debt obligations in the amount of debt obligations to be redeemed with the establishment of other terms of service and repayment periods. Debt restructuring can be carried out with a partial write-off or a reduction in the amount of the principal debt.

A conversion is usually understood as 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. Such an operation was carried out, for example, in 1990, when the yield on bonds of a 3% winning loan was increased to 9%, and treasury bonds - from 5 to 10%.

It is also possible to exchange the main part of bonds for bonds of another issue that do not cover the entire amount of the debt, but have high security, as well as early redemption of bonds from creditors at a discount.

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The state is interested in obtaining loans for long terms. An increase in the duration of loans already issued can be achieved through the consolidation of public debt. Thus, consolidation is understood as a change in the terms of loans associated with these terms. For example, in 1938, freely tradable loans were consolidated with the exchange of old bonds for new ones, the term of which was doubled (up to 20 years). However, the reverse operation is also possible - reducing the validity period of government securities. Thus, in 1990, the term of treasury obligations was reduced from 16 to 8 years.

It is possible to combine consolidation with conversion. Such an operation was carried out, for example, in 1936, when the bonds of seven government loans, placed among the population by subscription with installment payment, were exchanged for bonds of a new loan with a lower yield and with a doubling (up to 20 years) of the term of the securities.

Types of public debt

The functioning of the mechanism of public credit leads to the formation of public debt.

State debt- the amount of issued but not repaid government loans with accrued interest, which must be paid together with interest by a certain date or through certain period.

Distinguish between capital and current public debt.

Capital public debt is the total amount of issued and outstanding debt obligations of the state, including accrued interest on them, on a certain date.

Current public debt is the cost of paying income to creditors on all debt obligations of the state and the repayment of obligations that are due.

Russia's national debt includes federal debt(debt of the Government of the Russian Federation), the state debt of the constituent entities of the Russian Federation and the debt of municipalities.

Public debt, depending on the type of currency, is divided into interior debt (expressed in Russian currency) and external debt (expressed in foreign currency).

External debt - it is a debt of foreign states, organizations, individuals. It is very burdensome for the country, since it is necessary to give away valuable raw materials, goods, provide certain services in order to pay interest and pay off the debt. If payments on external debt amount to 20-30% of proceeds from foreign economic activity, then the country falls into the category of debtors and it will be very difficult for this country to attract new loans.

domestic debt the state is a debt to its population, i.e. debt obligations of government bodies to legal and individuals.

The debt obligations of the state are as follows:

• Government loans.
• Government loans made through the issuance of securities on behalf of the government or the Central Bank.
• Other debt obligations guaranteed by the Government of the Russian Federation.

Internal debt necessitates a redistribution of income within the country.

Classification and types of public debt

There are the following main types of public debt, depending on the feature underlying the classification (Fig. 1).

Internal and external public debt - the most significant classification of government debt obligations by source of borrowing. In the Russian Federation, debt obligations denominated in foreign currency are included in external debt; debt obligations in ruble terms are included in domestic debt. In addition to the currency of the loan, this classification may take into account another feature - the category of holders of government securities or creditors (residents or non-residents).

Depending on the frequency of servicing and repayment of debt obligations, public debt can be divided into its capital and current components. Capital public debt - the entire amount of issued and outstanding debt obligations of the state, including accrued interest on these obligations. current debt includes debt obligations of the state, which have come due.

Rice. 1. Classification of public debt

Active and passive public debt - characteristics of debts depending on their socio-economic significance and use as an instrument of the state's economic policy. The active component of the public debt is borrowings placed to finance specific socio-economic programs, investment projects, the implementation of which is designed for medium and long term. Passive public debt - attracting loans to finance current spending and cover the budget deficit.

A certain value for characterizing the general state of debt dependence of the state has concept of net public debt- a positive or negative value, determined by subtracting from the total volume of debt obligations and foreign assets of the state the amount of debts of other countries to this state. In practice, the concept of "net borrowings" is also often used as the difference between the attraction and repayment of debt obligations.

Speaking about the total volume of debt obligations and taking into account different level management of them, it is necessary to distinguish the concepts municipal, state and national debt. The latter concept is broader and includes the debt not only of the Russian Federation, but also of the constituent entities of the Russian Federation, as well as municipalities.

In addition, as the practice of public debt management shows, this classification needs to be clarified and supplemented by including debt obligations in the composition of the national debt.
pledges state enterprises. Yes, according to international standards, external debt public sector in the extended definition covers external debt of governments, monetary authorities, and those banks and non-financial enterprises in which the government and monetary authorities directly or indirectly own 50 percent or more of the capital or otherwise control them.

Within each type of public debt, one can distinguish forms of debt. So, debt obligations can exist in bonded and non-bonded forms: securities, commercial, financial and budget loans, budget loans, guarantees and guarantees.

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Debt obligations can also be grouped depending on the conditions of their functioning. So, for example, bonded loans are usually classified according to the following features:

• by issuers - central and territorial;
• negotiability in the market - market and non-market;
• categories of creditors;
• registration - documentary and non-documentary;
• urgency - short-term (with a circulation period of up to one year), medium-term (from one to five years) and long-term (more than five years);
• yields - coupon (interest), zero-coupon (interest-free, with a zero coupon) and winning;
• terms of repayment - with the right of early and without the right early repayment and etc.

Thus, the classification of public debt can be built on several detailed levels (steps), which is of no small importance for the correct and complete accounting of public debt and effective management them. It should be noted that the Russian Federation has not yet created a universal system that meets the requirements of world standards for accounting for debt obligations of authorities at all levels. The Budget Code of the Russian Federation establishes only General requirements regarding the structure of state and municipal debt and the need to maintain a debt book.

State debt of the Russian Federation its obligations to individuals and legal entities, foreign states, international organizations and other subjects of international law are recognized, including obligations under state guarantees provided by the Russian Federation. The Russian Federation acts as a borrower of funds on the terms of repayment and compensation. Borrowed funds must be returned by the state to the population, economic entities, other lenders within a certain period and on the conditions specified in the contract (agreement). The state debt of the Russian Federation is fully secured by all federally owned property constituting the state treasury (Article 97 of the RF BC).

External public debt - this is the debt of the state on outstanding foreign loans and unpaid interest on them. It consists of the debt of this state to international and state banks, governments, private foreign banks and etc.

Domestic public debt - this is internal debt the state to organizations, enterprises and the population, formed in connection with the attraction of their funds for the implementation government programs and orders, issuance into circulation paper money, government bonds and other government securities, as well as due to the presence of deposits of the population in state banks.

According to Art. 98 BK RF The state debt of the Russian Federation exists in the following forms:

1) credit agreements (contracts) with credit organizations, 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 budgetary loans from the budgets of other levels of the budgetary system of the Russian Federation;

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

5) agreements and agreements on the prolongation and restructuring of the debt obligations of the Russian Federation of previous years.

The composition of the external public debt of the Russian Federation includes:

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

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

The composition of the internal public 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.

By maturity, the debt obligations of the Russian Federation are classified into short-term(up to 1 year), medium-term(from 1 year to 5 years) and long-term(over 5 years). The maximum maturity of the Russian Federation's debt obligations is 30 years. At the same time, the RF BC contains a ban on changing the terms of a state loan put into circulation, including the terms of payment and the amount of interest payments, as well as the term of circulation.

State debt of the subject of the Russian Federation

According to the provisions enshrined in Art. 99 BK RF, state debt of a constituent entity of the Russian Federation - is the total debt obligations of the subject of the Russian Federation. The state debt of a constituent entity of the Russian Federation is fully and without conditions secured by all property owned by a constituent entity of the Russian Federation that constitutes the treasury of a constituent entity of the Russian Federation (clause 2, article 99 of the RF BC).

Forms of public debt of a constituent entity of the Russian Federation are generally similar to the forms of public debt of the Russian Federation:

2) government loans of a subject of the Russian Federation, carried out by issuing their own securities;

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 on behalf of a subject of the Russian Federation, including international ones, on the prolongation and restructuring of debt obligations of a subject of the Russian Federation of previous years (clause 3, article 99 of the RF BC).

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 constituent entity of the Russian Federation (clause 4, article 99 of the RF BC).

The state debt of a constituent entity of the Russian Federation must be repaid within the terms determined by the conditions for granting loans. The deadline for repayment of debt obligations of a constituent entity of the Russian Federation is 30 years.

The forms and types of government securities issued on behalf of a constituent entity of the Russian Federation are determined by the relevant state authorities of that constituent entity of the Russian Federation. At the same time, government securities issued on behalf of a constituent entity of the Russian Federation, the conditions for their issuance and circulation by the relevant state authorities of the constituent entity of the Russian Federation must comply with the requirements of the Federal Law of July 29, 1998 No. 136-FZ "On the Features of the Issue and Circulation of State and Municipal Securities" .

The Budget Code of the Russian Federation obliges representative (legislative) bodies and executive authorities of a constituent entity of the Russian Federation to use all the powers granted to them to generate budget revenues of a constituent entity of the Russian Federation to pay off their debt obligations and service their debt. At the same time, the maximum amount of borrowed funds allocated to finance the budget deficit of a constituent entity of the Russian Federation should not exceed 30% of the volume. own income of this budget for the current financial year, excluding financial assistance from the federal budget and borrowed funds attracted in the current financial year.

Municipal debt

Municipal debt– the totality of debt obligations of the respective municipality. The municipal debt is secured in full and without conditions by all municipal property constituting the municipal treasury (Article 100 of the RF BC).

The debt obligations of the municipality may exist in the following forms:

1) credit 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.

At the same time, the debt obligations of the municipality cannot exist in the form of agreements and agreements on the prolongation and restructuring of the debt obligations of the municipality of previous years.

The total 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.

Debt obligations of the municipality are repaid within the terms determined by the terms of borrowing. The maturity limit for the debt obligations of the municipality is 10 years.

Forms and types of securities issued on behalf of the municipality are currently determined by the Federal Law of September 25, 1997 No. 126-FZ "On financial fundamentals local self-government in the Russian Federation”. At the same time, municipal securities, the terms of their issue and circulation must comply with the requirements of the Federal Law "On the Peculiarities of the Issue and Circulation of State and Municipal Securities". Placement or investment of free balances of the local budget through the purchase of state and municipal bonds, as well as the placement of municipal bonds is carried out through authorized banks in accordance with the concluded agreement. A municipal loan agreement may be concluded through the acquisition by a citizen or legal entity of municipal bonds issued by a local self-government body in the manner prescribed by the charter of the municipality.

The RF BC obliges local governments to use all the powers granted to generate local budget revenues to pay off their debt obligations and service the debt. At the same time, the maximum allowable amount of debt obligations of local governments cannot exceed 15% of the volume of the expenditure side of the local budget, and short-term borrowing in any form cannot be made before the approval of the local budget for the current financial year.

National Debt - Deficit Aggregate state budget for a certain period. it economic definition public debt. AT Budget Code The Russian Federation has been given a legal definition of public debt as debt obligations of the Russian Federation to individuals and legal entities, foreign states, international organizations and other subjects of international law.

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

Schematically, public debt can be represented in the following way.

Government 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 budgetary credits from the budgets of other levels of the budgetary system of the Russian Federation;
• 4. agreements on the provision of state guarantees by the Russian Federation;
• 5. agreements and contracts, including international ones, concluded on behalf of the Russian Federation, on the prolongation and restructuring of the debt obligations of the Russian Federation of previous years.

The debt obligations of the Russian Federation may be short-term (up to one year), medium-term (over one year to five years) and long-term (over five years and up to 30 years). The maturity of debt obligations cannot exceed 30 years. It is also not allowed to change the terms of the state loan issued into circulation, including the terms of payment and the amount of interest payments, the circulation period.

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

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

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

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

Public debt is also divided into capital and current.

Capital debt - the entire amount of issued and outstanding debt obligations of the state, including interest.

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

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

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

Internal debt is the debt of the state to its population. Debt obligations may take the form of: loans received by the government; government loans made through the issuance of securities on behalf of the government; other debt obligations.

The size and structure of the state internal debt are given in the program of state internal borrowings of the Russian Federation, subjects of the Federation and municipalities. The program is one of the documents submitted simultaneously with the draft budget for the next financial year. The structure of public domestic debt by maturity and types of obligations can be presented in the form of table 1 (Appendix 1) or graph 1 .

Limiting volumes of internal debt are approved by the law on the budget for the corresponding financial year (federal law, law of the subject of the federation or local authority). The limit may be exceeded by the Russian government if this reduces the cost of servicing the public debt. The law on the budget also approves the maximum amount of borrowed funds directed by Russia, subjects of the Federation or municipalities to finance the budget of the corresponding level.

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

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

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

Domestic debt obligations can be divided into two groups:

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

The size and structure of Russia's external debt are reflected in the program of external borrowings of the Russian Federation and government loans provided by Russia. This program is part of the documents submitted at the same time as the budget for the next financial year. It provides a list of external borrowings for the next financial year, indicating the purpose, sources, terms of repayment, and the volume of borrowings. The program reflects all loans and guarantees in excess of $10 million for the life of the loan. It is approved by the Federal Assembly of the Russian Federation. The structure of the state external debt of the Russian Federation is shown in Chart 2.

The Government of the Russian Federation may carry out external loans not included in the program if this leads to a reduction in external debt servicing costs. It includes loan agreements entered into in previous years.

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

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

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

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

The classification of debt by type of debt obligation is of great analytical importance, as it reveals the types of debt assets and characterizes the types of assets held by creditors:

• 2. domestic debt (long-term bonds, short-term bonds and bills, long-term loans n.e.c., short-term loans and bills n.e.c.);
• 3. external debt (similar to the list of internal debt items).

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

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

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

For a better understanding of the essence and functions of public debt, we will take a closer look at the management of public debt, as well as the scheme for its placement and guarantees provided by the state for its repayment.