What is meant by the current public debt. Internal and external public debt. Methods of public debt management. On the example of the Russian Federation

The general concept of the public debt of the Russian Federation, its composition, management principles and service procedures are formulated and legally enshrined in the Budget Code of the Russian Federation. Public debt refers to 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, public debt is divided into:

State debt of the Russian Federation;

State debt of the subject of the Russian Federation;

municipal debt.

Under the state debt of the subject of the Russian Federation the totality of its debt obligations is understood; it is fully and unconditionally secured by all the property owned by the subject, constituting his treasury. Under municipal debt accordingly, the totality of debt obligations of the municipality is understood; it is fully and unconditionally secured by all the property constituting the municipal treasury. At the same time, each budgetary level is liable only for its own obligations and is not liable for the debts of other levels, if they were not guaranteed to them. To pay off their obligations and service the debt, the legislative and executive authorities of the appropriate level use all their powers.

Depending on the borrowing market and the currency of arising obligations, domestic and external debt are distinguished. Under internalhim public debt refers to the debt of the state to citizens, firms and institutions of its country, expressed in the currency of the Russian Federation. Foreign currency, conditional monetary units and precious metals can be indicated only as a relevant clause. They must be paid in Russian currency. Under external government debt means the debt of the state to foreign individuals and legal entities, other states, international organizations and other subjects of international law, expressed in foreign currency.

Depending on the maturity and volume of obligations, capital and current public debt are distinguished. Under capitalpublic debt understand the entire amount of issued and outstanding debt obligations of the state, including accrued interest on these obligations. Under current statedebt understand the costs of paying income to creditors for all debt obligations of the state and for repaying obligations that are due.

The debt obligations of the Russian Federation may be short-term (up to one year), medium-term (from one year to five years) and long-term (from five to 30 years). The debt obligations of the Russian Federation are repaid within the terms determined by the specific terms of the loan and may exceed 30 years. For debt obligations of a constituent entity of the Russian Federation, maturities cannot exceed 30 years, and for obligations of a municipality - 10 years.

Credit agreements and contracts in the system of state credit are, first of all, with credit organizations of various kinds, as a rule, commercial banks. Their services are most often resorted to by the subjects of the Federation and municipalities. Traditionally, loans to the Government of the Russian Federation were provided by the Central Bank, which used its own funds, reserve funds of banks, as well as household deposits in institutions of the Savings Bank of the Russian Federation in the volumes determined by annual agreements as credit resources. However, with the adoption of a new version of the Federal Law of April 26, 1995 No. 65-FZ "On the Central Bank of the Russian Federation (Bank of Russia)", the Central Bank is not entitled to provide loans to finance state and local budgets, as well as the budgets of state non-budgetary funds

government securities, that is, obligations issued on behalf of the state or guaranteed by it, in economically developed countries, are the main source of the formation of public debt. The issue of government securities in unpaid domestic debt varies in different countries from 20 to 90%: in Germany they reach 40%, in the US - 70, in the UK - 90%. In Russia, debt obligations in the form of securities accounted for 93% of all domestic debt in 2000.

The global government securities market is quite diverse and includes bonds, treasury bills, treasury notes, etc. The most common type of government securities is bonds.

Bond(from lat. obligatio - obligation) is a security debt security, an obligation confirming a loan relationship between an investor and an issuer, according to which the issuer (borrower) guarantees to the investor (creditor) payment of the principal amount of the debt after a specified period, as well as interest on the loan.

Government bonds are issued, as a rule, for a sufficiently long period, and they can be regarded as a special form of investment. They are recognized as the most reliable and liquid, since they are provided with financial and other state resources. This is not hindered even by the fact that the interest rate on government securities is usually lower than on securities of other issuers. In terms of reliability, government bonds and bonds guaranteed by them are in first place, and only then are municipal bonds, bonds of joint-stock companies.

Treasury bill - the main type of short-term government bonds, usually issued for a period of 3, 6, and 12 months (in the US, for example, they are issued for a period of several weeks to a year). Issue and redemption are carried out by the central bank on behalf of the Treasury or the Ministry of Finance. They are usually sold at a discount and are a highly liquid financial instrument.

Treasury notes - valuable medium-term market papers. Issued by the Ministry of Finance or special state financial bodies.

Government securities occupy a certain place in the market of financial assets and play a special role in social production. First of all, they perform fiscal and economic functions. fiscal function consists in mobilizing temporarily free funds of legal entities and individuals (commercial banks and non-banking financial and credit institutions, enterprises, the population, etc.) and concentrating them in the hands of the state. The fiscal function determines economic- the resources attracted by the state allow it to solve current and future tasks (tasks of the country's social and economic development, reducing the budget deficit, etc.).

Government securities are the object of collateral relations, that is, they are used as collateral for a loan provided by the Central Bank to the government, for loans from the Central Bank to commercial banks and for loans provided to enterprises by commercial banks.

This is a unique tool for organizing government loans, when the borrower himself determines the conditions and technology of the loan. With the help of government securities, debt repayment on government loans is also carried out - the so-called debt restructuring. But this conceals the possibility of a financial pyramid, a "debt hole". The most preferable and promising in this regard, including from the investor's point of view, are investment loans.

Government securities largely determine the state of the stock market, the rates of securities of other issuers, so they are often considered as a barometer of changes in the economic and political life of the country.

At the same time, government securities, according to a number of experts, have a number of disadvantages: they “pull” funds from the credit market; contain the possibility of forced placement of loans (for example, Russian wartime loans); in the case of an unregulated market, they can provoke the creation of financial pyramids.

In the Russian Federation, the procedure for issuing state and municipal loans is regulated by Federal Law No. 39-FZ of April 22, 1996 “On the Securities Market” and Federal Law No. 136-FZ of July 29, 1998 “On the Features of Issue and Circulation, State and municipal securities”, as well as the relevant legislative acts of the subject of the Federation or the municipality.

The Central Bank often acts as an agent of the Ministry of Finance, which, in turn, may authorize certain investment institutions or banks to act as official dealers or market makers of a particular issue of government securities. It, or at its discretion, otherwise, an authorized organization performs the functions of a depository, including the function of storing a global certificate for the issue of federal loan bonds, and keeps records of the rights of various organizations to these bonds. Functions of a sub-custodian for these bonds may be performed by authorized organizations. They keep records of the rights to federal loan bonds on deposit accounts of depositors (investors).

Bonds of internal government loans are distributed, as a rule, through the institutions of the Savings Bank of the Russian Federation, and local loans - also through stock exchanges.

The structure of federal debt obligations in 2000 is presented in the table. The above data make it possible, first of all, to determine what are the most significant securities currently represented by federal debt obligations.

The functioning of the state credit leads to the formation of public debt, which refers to 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 is fully and unconditionally secured by federally owned property constituting the state treasury (Article 97 of the RF BC).

Public debt is divided into capital and current. Capital public debt is the entire amount of the government's issued and outstanding debt obligations, including the interest that must be paid on these obligations. Current debt is the cost of paying income to creditors on all debt obligations of the state and the repayment of obligations that are due.

Depending on the subjects-creditors, public debt is divided into internal and external.

Lenders for internal loans are mainly individuals and legal entities that are residents of this state. Domestic loans are issued in national currency. To raise funds, securities are issued that are in demand on the national stock market. Various tax incentives are used to further encourage investors. Budget Code of the Russian Federation in Art. 89 defines state domestic borrowings as 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.

Foreign loans are placed on foreign stock markets in the currency of other states. When placing such loans, the specific interests of investors in the country of placement are taken into account. The legislator defines external borrowings of the Russian Federation as 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 a guarantor of repayment of loans by other borrowers, denominated in foreign currency.

Borrowed funds are mobilized mainly in two ways:

Placement of debt securities;

Obtaining loans from specialized financial and credit institutions.

Depending on which subject has debt obligations as a result of borrowing activities, a distinction is made between the national debt of the Russian Federation, the state debt of the subject of the Russian Federation and municipal debt.

Debt obligations forming the state debt of the Russian Federation may take the form of:

Loans received by the Government of the Russian Federation;

Government loans carried out by issuing securities on behalf of the Government of the Russian Federation;

Other debt obligations guaranteed by the Government of the Russian Federation, including in the form of Agreements on the provision of state guarantees by the Russian Federation, surety agreements to ensure the fulfillment of obligations by third parties;

Re-registration of debt obligations of third parties into the state debt of the Russian Federation on the basis of adopted federal laws;

Agreements and agreements concluded on behalf of the Russian Federation on the prolongation and restructuring of the debt obligations of the Russian Federation of previous years (Article 98 of the RF BC).

In accordance with the Budget Code of the Russian Federation, debt obligations can be short-term (up to 1 year), medium-term (from 1 year to 5 years) and long-term (from 5 to 30 years) in nature. Any debt obligations of the Russian Federation are repaid within the terms determined by the specific terms of the loan and cannot exceed 30 years.

As noted earlier, along with the definition of the state debt of the Russian Federation, the legislator in the Budget Code of the Russian Federation formulates the concept of state debt of a constituent entity of the Russian Federation, as well as municipal debt.

Thus, the state debt of a constituent entity of the Russian Federation is understood as the totality of debt obligations of a constituent entity of the Russian Federation, which are fully and without conditions secured by property owned by the constituent entity of the Russian Federation.

These debt obligations may be in the form of:

Credit agreements and contracts concluded on behalf of the subject of the Russian Federation with individuals and legal entities, credit institutions, foreign states, international financial organizations, in favor of these creditors;

Government loans of a constituent entity of the Russian Federation, carried out by issuing securities of a constituent entity of the Russian Federation;

Agreements on the provision of state guarantees of a constituent entity of the Russian Federation, guarantee agreements of a constituent entity of the Russian Federation to ensure the fulfillment of obligations by third parties;

Re-registration of debt obligations of third parties into the state debt of a constituent entity of the Russian Federation on the basis of the adopted laws of the constituent entity of the Russian Federation;

Agreements and contracts, including international ones, concluded on behalf of a constituent entity of the Russian Federation, on the prolongation and restructuring of debt obligations of a constituent entity of the Russian Federation of previous years.

Debt obligations of a constituent entity of the Russian Federation may not exceed 30 years.

The municipal debt is understood as a set of debt obligations of the municipality, which, in turn, can exist in the form of:

Credit agreements and contracts concluded by the municipality;

Loans of the municipality (municipal loans) carried out by issuing securities on behalf of the municipality;

Agreements on the provision of municipal guarantees, guarantee agreements of the municipality to ensure the fulfillment of obligations by third parties;

Debt obligations of legal entities re-registered as municipal debt on the basis of legal acts of local governments.

The named debt obligations cannot exceed 10 years.

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 the Russian Federation. Subjects of the Russian Federation and municipalities are also 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.

The maximum volumes of the state internal debt and the state external debt, the limits of the country's external borrowings 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 amount 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 country. The Budget Code of the Russian Federation established that government debt obligations can act in the form of state guarantees. Traditionally, the state guarantees the deposits of the population in the Savings Bank. In recent years, the Russian Federation has also acted as a guarantor for the debt obligations of various legal entities. In accordance with the Decree of the President of the Russian Federation of July 23, 1997 "On the provision of guarantees or guarantees for loans and credits" in order to strengthen financial discipline, create a reasonable mechanism for providing guarantees or guarantees of the Government of the Russian Federation, federal executive bodies for loans and credits guarantees or guarantees are not provided to organizations that have arrears in payments to the federal budget or state off-budget funds. Guarantees are provided on a competitive basis. The total amount of guarantees of the Russian Federation in the currency of the Russian Federation is included in the composition of the state internal debt, and in foreign currency - in the composition of the state external debt. Thus, state guarantees provided to secure foreign currency obligations in excess of the equivalent of US$10 million must be approved separately.

State authorities and local self-government bodies are obliged to use the powers to form budget revenues at all levels to pay off debt obligations and service the state and municipal debt of the Russian Federation. In this regard, the question of the activities of these bodies for the management of state and municipal debt is important.

Under the management of state and municipal debt is understood a set of measures of the state and municipality to pay income to creditors and repay loans, as well as the procedure, conditions for issuing (issuing) and placing debt obligations of the Russian Federation. This activity is carried out by the Government of the country in accordance with legislative acts. The Budget Code of the Russian Federation provided for a ban on changing the terms of a state loan put into circulation, including the terms of payment and the amount of interest payments, the maturity (see Article 98 of the RF BC). The main methods of public debt management include the following.

The payment of income on loans and their repayment are usually made at the expense of budgetary funds, but in the context of a constant increase in public debt, the state may resort to refinancing, i.e. to pay off old government debt by issuing new loans. Refinancing was repeatedly used in our country, in particular, when paying off the debt on the state three percent internal winning loan in 1966, as well as when issuing state treasury bills in the mid-1950s. Refinancing is used to pay interest and repay the external part of the public debt.

Prior to the entry into force of the Budget Code of the Russian Federation, such methods of public debt management were used as: conversion, consolidation, deferment. Conversion is a change in the rate of return on a loan, for example, a decrease or increase in the interest rate of income paid by the state to its creditors.

The state is interested in obtaining loans for long periods. Extending the duration of loans already issued is called public debt consolidation.

Together with consolidation, unification of loans can also be carried out, i.e. consolidation of several loans into one.

Deferral of repayment of a loan or issued loans is carried out in conditions when further active development of operations for the issuance of new loans is not effective for the state.

Under the annulment of the public debt is understood as the refusal of the state from debt obligations.

The legislation also provides for debt restructuring, which refers to the repayment of debt obligations with simultaneous borrowing (assuming other debt obligations) in the amount of debt obligations to be redeemed with the establishment of other conditions for servicing debt obligations and their maturity dates. The Budget Code of the Russian Federation notes that debt restructuring can be carried out with a partial write-off (reduction) of the principal amount.

Servicing of the public debt is carried out by the Central Bank of the Russian Federation and its institutions, unless otherwise established by the Government of the Russian Federation, 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.

Control over the state of the state internal debt of the Russian Federation is carried out by the parliament of the country.

The government of the country must annually publish data on the state of the state domestic debt.

The upper limit of the state internal debt is set by the highest representative body when approving the federal budget for the coming financial year.

In order to optimize federal budget expenditures for servicing the public debt of the Russian Federation, timely fulfillment by the state of obligations to internal and external creditors, in accordance with Decree of the Government of the Russian Federation of March 4, 1997 No. 245 "On a unified system for managing the public debt of the Russian Federation" in the Ministry Finance of the Russian Federation, a unified system of public debt management is being created to ensure a reduction in the cost of servicing government borrowings (Department of Management of State Internal Debt and Department of Management of State External Debt). The Ministry of Finance is allowed to reserve part of the proceeds from the placement of external and domestic government securities in a separate account with the Central Bank of the Russian Federation, using these funds only to conduct operations to reduce the cost of servicing public debt. Along with this, the Ministry of Finance, together with the Central Bank of the Russian Federation, is allowed to conduct operations on the domestic market with government securities aimed at stabilizing and consistently reducing the level of interest rates. The Ministry of Finance is responsible for ensuring the unity of planning and accounting for operations to attract, repay and service external and internal government borrowings.

Public debt refers to 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, public debt is divided into the state debt of the Russian Federation, the state debt of the subject of the Russian Federation and the municipal debt.

The public debt of a constituent entity of the Russian Federation is understood as the totality of its debt obligations; it is fully and unconditionally secured by all the property owned by the subject, constituting his treasury.

Under the municipal debt, respectively, is understood the totality of debt obligations of the municipality; it is fully and unconditionally secured by all the property constituting the municipal treasury.

At the same time, each budgetary level is liable only for its own obligations and is not liable for the debts of other levels, if they were not guaranteed to them. To pay off their obligations and service the debt, the legislative and executive authorities of the appropriate level use all their powers.

Depending on the borrowing market and the currency of arising obligations, domestic and external debt are distinguished. Domestic public debt is understood as the debt of the state to citizens, firms and institutions of its country, expressed in the currency of the Russian Federation. Paid in Russian currency. The external state debt is understood as the debt of the state to foreign individuals and legal entities, other states, international organizations and other subjects of international law, expressed in foreign currency.

Depending on the maturity and volume of obligations, capital and current public debt are distinguished. Capital public debt is understood as the entire amount of issued and outstanding debt obligations of the state, including accrued interest on these obligations. Under the current public debt understand the costs of paying income to creditors on all debt obligations of the state and the repayment of obligations that are due.

There are three main forms of covering domestic public debt.

1. Voluntary (market) credit means the placement of securities on a free (or almost free) market. Securities placed in this way include:

State short-term obligations (GKO);

Federal loan bonds (OFZ);

Savings Loan Bonds (OSBs).

A government bond (a security that certifies a debt obligation of the state) gives its holder the right to receive, upon redemption within a certain period, the principal amount of the debt and interest. The nominal price of a government bond is set by the issuer (i.e., the government): it expresses the amount that the issuer has received for temporary use. It is this amount that is subject to return with the interest accrued on it within the agreed period. The real yield of bonds for investors may deviate from the nominal percentage, since transactions with bonds are concluded at a market price that is based on market conditions.

In world practice, the bond rate is understood as its price in the market, formed on the basis of supply and demand.

Government bonds are a special form of fictitious capital. Indeed, if the source of income on the securities of enterprises is surplus value, then the interest on government securities is paid from budget revenues, since the funds received from government loans, as a rule, are not invested in production, but are used to finance the budget deficit. Consequently, state fictitious capital is not connected directly with the production of surplus value; Investors in government securities become owners of a portion of the government's future tax and non-tax revenues. This is the specificity of state fictitious capital, which ultimately leads to an increase in the tax burden.

2. A forced loan is understood as the market registration of the actual public debt. This is how they came into being:

Bonds of an internal currency loan (OZVZ);

Treasury bills (CO).

3. An administrative loan is a loan from the Central Bank of Russia to the Ministry of Finance of the Russian Federation.

In addition to the above categories of coverage of domestic public debt, there is a debt of the federal budget to economic entities that arose due to the failure of the state to fulfill its obligations.

Public debt management is a set of measures taken by the state, represented by its authorized bodies, to determine the places and conditions for placement and repayment of government loans, as well as to ensure the harmonization of the interests of the borrower, investors and creditors.

The purpose of public debt management is to optimize the costs associated with financing the state budget deficit.

The management and servicing of the internal and external debt of the Russian Federation is entrusted to the Central Bank of the Russian Federation and the Federal Treasury under the Ministry of Finance of the Russian Federation. All debt servicing costs are covered by the state budget.

In the management of the country's public debt, the following basic principles can be distinguished:

Unconditionality - ensuring the regime for the unconditional fulfillment by the state of all obligations to investors and creditors that the state, as a borrower, assumed when concluding a loan agreement;

Unity - accounting in the process of public debt management of all types of obligations issued by both the sovereign and the constituent entities of the Russian Federation;

Risk reduction - placement and repayment of loans in such a way as to minimize the impact of fluctuations in the global capital market and speculative trends in the securities market on the government obligations market;

Optimality of the structure - maintaining the optimal structure of debt obligations in terms of circulation and maturity;

Maintaining financial independence - maintaining an optimal structure of government debt obligations between resident investors and non-resident investors;

Transparency - observance of openness when issuing loans, ensuring access by international rating agencies to reliable information about the economic situation in the country in order to maintain a high credit reputation and rating of the borrowing country.

In the process of public debt management, the following tasks are solved:

Keeping the amount of internal and external public debt at a level that ensures the preservation of the economic security of the country, the fulfillment by the authorities of the debt obligations assumed without significant damage to the financing of socio-economic development programs;

Minimizing the cost of debt by extending the term of borrowing and reducing the yield of government securities, moving to other markets and shifting attention to other groups of investors;

Maintaining the stability and predictability of the public debt market;

Ensuring timely repayment of state loans and payment of interest on them;

Diversification of debt obligations in terms of borrowing terms, yield, forms of income payment and other parameters to meet the needs of various groups of investors.

One of the widely used methods of public debt management is the refinancing of public debt, i.e. repayment of principal and interest with funds received from the placement of new loans. Successful application of the refinancing mechanism requires a high financial reputation of the borrowing country. Its achievement and maintenance is an important factor for public debt management.

In conditions of impossibility for the state for any reason to ensure the repayment of loans and interest payments on them, decisions can be made on novation, unification, conversion, consolidation, deferral of loan repayments or cancellation of the public debt.

Novation - an agreement between the borrower and creditors to replace the obligation under the specified financial loan with another obligation.

Unification is a government decision to combine several previously issued loans. At the same time, bonds and certificates of previously issued loans are subject to exchange for bonds and certificates of a new loan.

Conversion is a unilateral change in the yield of loans, i.e. the state announces a decrease for creditors in the yield on loans received by the state.

Consolidation is a change in the terms of circulation of loans in terms of their maturity, that is, a decision to postpone the payment date for obligations to a later date.

Deferral of repayment of loans is a consolidation while the state refuses to pay income on loans.

Cancellation of public debt is the refusal of the state from all obligations on previously issued loans.

Every year, in the law on the federal budget, the Federal Assembly and the President of the Russian Federation establish: the maximum volumes of the state internal and external debt; sources of internal financing of the budget deficit, including income from the issue of government securities; the maximum size of external borrowings, the maximum size of government loans to foreign states and CIS member states; areas of use, conditions for granting and limiting amounts of budget credits (loans) to legal entities and constituent entities of the Russian Federation; upper limits of state internal and external guarantees.

The main national differences in domestic public debt in developed countries lie in the institutional forms of public debt management, the degree of subordination of public debt management to current budget execution goals and the monetary policy of the national (central) bank. Differences are typical in terms of the composition of holders of government securities, which characterizes the features of the institutional structure of the national financial market. The structure of the government securities market can also differ significantly in terms of maturity, the ratio of various methods of placement and circulation of government securities.

State debt of the Russian Federation

Commentary on article 97 of the RF BC:

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

It is customary to classify public debt on various grounds. According to the volume of debt obligations, public debt is divided into capital and current. Capital public debt is the entire amount of the government's issued and outstanding debt obligations, including the interest that must be paid on these obligations. Current debt is the cost of paying income to creditors on all debt obligations of the state and the repayment of obligations that are due.

Depending on the subjects of creditors and the currency of payment, public debt is divided into internal and external.

Lenders for internal loans are mainly individuals and legal entities that are residents of this state. Domestic loans are issued in national currency. To raise funds, securities are issued that are in demand on the national stock market. Various tax incentives are used to further encourage investors.

Foreign loans are placed on foreign stock markets in the currency of other states. When placing such loans, the specific interests of investors in the country of placement are taken into account. The legislator defines external borrowings of the Russian Federation as 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 a guarantor of repayment of loans by other borrowers, denominated in foreign currency.

Borrowed funds are mobilized mainly in two ways:

Placement of debt securities;

Obtaining loans from specialized financial and credit institutions.

Depending on which subject has debt obligations as a result of borrowing, a distinction is made between the national debt of the Russian Federation, the state debt of the subject of the Federation and municipal debt.

By terms, public debt is divided into short-term - up to 1 year, medium-term - from 1 year to 5 years and long-term - from 5 to 30 years (paragraph 3 of article 98), for municipalities - from 5 to 10 years (article 100 ).

public debt are debt obligations of the Russian Federation to individuals and legal entities, foreign states and international organizations.

• External debt are liabilities to non-residents in foreign currency.
• domestic debt— liabilities to residents in rubles.

The public debt is secured in federal ownership.

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

• loan agreements signed on behalf of the Russian Federation with credit institutions, foreign states and international financial institutions;
• government securities;
• agreements on the provision of state guarantees;
• re-registration of debt obligations of third parties into public debt.

public debt can be short-term(up to one year) medium term(one to five years) and long-term(from five to thirty years).

The public debt is repaid within the terms established by the terms of the loans, but these loans cannot exceed 30 years.

Public debt management is carried out by the government of the Russian Federation.

The Russian Federation shall not be liable for the debt obligations of the constituent entities of the Russian Federation and municipalities unless they have been guaranteed by the federal government.

Maximum volumes of state internal and external debt are determined by the law on the federal budget for another year. In accordance with Article 106 of the Budget Code of the Russian Federation, the maximum volume of state external borrowing should not exceed the annual volume of payments for servicing and repaying the state external debt.

The Law on the federal budget for the next financial year approves the Program of State External Borrowings. This program is a list of external borrowings of the federal budget for the next financial year, indicating the purpose, sources, terms of repayment and the total amount of borrowings. It covers all loans and government guarantees in excess of the equivalent of $10 million.

The decision to issue government securities is taken by the government, respectively, in accordance with the limits on the budget deficit and public debt established in accordance with the budget law, as well as with the Domestic Borrowing Program.

The decision on the issue of government securities reflects information about the issuer of securities, the volume and conditions of the issue.

State guarantee is a way to ensure legal obligations, by virtue of which the Russian Federation, as a guarantor, gives a written obligation to be responsible for the fulfillment by the person who received the guarantee of his obligations to third parties.

The law on the federal budget for the next year determines the maximum amount of state guarantees. The total amount of government guarantees denominated in rubles is included in the public domestic debt.

The total amount of state guarantees denominated in foreign currency is included in the state external debt.

In accordance with Article 118 of the Budget Code of the Russian Federation, budgetary institutions are not entitled to take loans from credit institutions. But they have the right to receive loans from budgets and state off-budget funds. The register of debts of state unitary enterprises is maintained by the Treasury.

The state books of internal and external debt of the Russian Federation are maintained by the Ministry of Finance of the Russian Federation.

AT State debt book information is entered on the volume of debt obligations of the Russian Federation, constituent entities of the Federation and municipalities on issued securities.

Information on borrowings is entered by the issuer into the State Debt Book of the Russian Federation within a period not exceeding three days from the moment the corresponding obligation arises.

To reduce the debt burden can be used debt restructuring. It is understood as the repayment of previous debt obligations with the simultaneous implementation of new borrowings in the volume of repaid debt obligations and with the establishment of new debt service conditions.

The following public debt management tools are also used:

• consolidation- consolidation of several loans into one longer-term one with a change in the interest rate;
• government loan conversion— change in the original terms of the loan, relating to profitability. Most often, in the course of the conversion, the government lowers the rate of interest;
• foreign debt conversion- a means of reducing external debt by fulfilling debt obligations to creditors by transferring bills of exchange and shares to them in national currency;
• innovation- replacement of the original obligation between the parties by another obligation between the same parties, providing for a different method of performance.

In 1985, the external debt of the USSR amounted to 22.5 billion dollars, in 1991 - 65.0 billion dollars. Russia's external debt, including the debt of the USSR, amounted to 124.5 billion dollars as of January 1, 2003. For its full repayment within 30 years, along with interest payments, at least 300 billion dollars will have to be paid.

In order to ensure its foreign policy and foreign economic interests, Russia provides loans to foreign states. The program for providing such loans is approved by the law on the federal budget for the next year. This program consists of a list of loans indicating the purpose of their provision, recipients and amount. Agreements on debt restructuring or debt cancellation of foreign states to the Russian Federation must be ratified by the State Duma.

The concept and structure of external financing and external debt

External financing of the state is a consequence of the objective need to attract additional sources to finance government spending and the state budget deficit when all possible sources of mobilization of financial resources within the country have been exhausted.

External funding is attracted by the state to finance its expenses and the state budget deficit if it is impossible to mobilize these funds within the country. In other words, international funding is used when public finances are in high deficit and need to finance spending. External funding is attracted in two directions: state and private (according to sources)(Fig. 50).

External funding also varies by forms. It is carried out in the form of a gratuitous funding, and in the form of a return lending(Fig. 51).

International funding is structured and by deadline(in terms of lending) for short-term (up to 1 year), medium-term (from 1 to 7 years) and long-term.

Public debt management

The system creates public debt system: internal and external

System debt service requires a system debt management.

The public debt system requires the creation of a debt management system. Servicing public debts, internal and external, includes in stages: repayment of interest; repayment of the capital amount of the debt and its refinancing if necessary.

If the conditional debt of the state is 100 thousand units. and it is presented from 20% per annum (the usual interest on the international loan capital market for states - doubtful borrowers) for 4 years with a one-year grace period (the period when only interest is paid off), and the amount of debt is not paid off, then to the real amount of debt (100 thousand units) you need to add 80 thousand units. percent (80% per annum multiplied by 4 years). Then the schedule for servicing such a debt will look like this (Fig. 52): 180 thousand. units for 4 years.

Rice. 52. Public debt service schedule (with a term of 4 years out of 20% per annum)

Thus, the simplest scheme for servicing the public debt illustrates the sufficient complexity of managing it. Due to the high cost of public debt, the debt management system includes negotiations to change the terms of debt, the debt refinancing mechanism itself, and monitoring indicators of the volume and level of debt, and comparing them with other public finance indicators (GDP, state budget, etc.).

Debt refinancing is a whole mechanism (another name is restructuring) (Fig. 53).

Public debt management is one of the main directions of the state financial policy.

Debt refinancing is a system of measures to change the conditions of loans: terms, volumes, cost (interest).

Cancellation implies the complete cancellation of the debt (applies only in the event of the complete bankruptcy of the state as a debtor).

Prolongation It is the lengthening of the terms of the debt and the repayment of interest.

Securitization is the resale of government bonds on the open market (stock exchange).

Capitalization is the restructuring of government bonds into private shares through their resale on the stock exchange.

Public debt and methods of public debt management

The state internal debt of the Russian Federation consists of debts of past years and newly emerging debts. The state internal debt of the Russian Federation is secured by all assets at the disposal of the Government of the Russian Federation.

The debt obligations of the Russian Federation can be in the form of:

• loans received by the Government of the Russian Federation;
• government loans carried out by issuing securities on behalf of the Government of the Russian Federation;
• other debt obligations guaranteed by the Government of the Russian Federation.

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

The maintenance of the state internal debt of the Russian Federation is carried out by the Central Bank of the Russian Federation and its institutions, unless otherwise established by the Government of the Russian Federation, and is carried out with the help 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.

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

Managed by public domestic debt refers to the totality of state measures to pay income to creditors and repay loans, as well as the procedure, conditions for issuing (issuing) and placing debt obligations of the Russian Federation.

To the main public debt management methods should include:

• Refinancing- repayment of old government debt by issuing new loans.
• Conversion- change in the size of the loan yield, for example, a decrease or increase in the interest rate of income paid by the state to its creditors.
• Consolidation— Extension of the term of already issued loans.
• Unification- consolidation of several loans into one.
• Deferral of loan repayment is carried out in conditions when the further active development of operations for the issuance of new loans is not effective for the state.
• Debt Cancellation- refusal of the state from debt obligations.
• Debt restructuring— repayment of debt obligations with the simultaneous implementation of borrowings (assuming other debt obligations) in the amount of debt obligations to be redeemed with the establishment of other conditions for servicing debt obligations and their maturity dates. The Budget Code of the Russian Federation notes that debt restructuring can be carried out with a partial write-off (reduction) of the amount of the principal debt.