Size public debt in absolute terms does not give a complete picture of the state of the economy and the solvency of the country. To assess the ability of the debtor country to fulfill obligations to repay and service the accumulated volume of public debt, world practice has developed debt indicators (coefficients). One of the criteria for assessing debt sustainability is the analysis of the amount of resources available to the debtor country, that is, the size and growth rate of GDP compared to public debt.

This indicator allows assessing the level of debt burden on the country's economy and reflects its potential to reorient national production for export in order to obtain foreign exchange and ensure the ability to repay external debt. The higher this indicator, the greater the share of income from the sale of the manufactured product, the state is forced to direct not to internal development, but to the fulfillment of debt obligations to external creditors.

If the accumulated debt exceeds the amount of funds that, in the medium and long term, the debtor country can allocate to fulfill its debt obligations, a "debt overhang" situation arises. The conditional boundary of the beginning of such a dangerous state external debt It is generally accepted that the amount of debt exceeds 50% of GDP. A similar situation has been characteristic of the economy of the Russian Federation since the early 1990s. and up until 2001. In recent years, the volume of public debt, its share in the volume of GDP has a steady downward trend. If in 2002 the volume of external borrowings was 35.88% of GDP, in 2008 it was 7.12%.

In order to regulate the amount of public debt, its maximum volume is established. The maximum volumes of the state internal debt and external debt for the next financial year are approved by the federal law on federal budget with a breakdown of debt by form of security obligations. The law of the subject of the Russian Federation on the budget, the legal act of the local government on the local budget establishes the upper limit of the debt of the subject of the Russian Federation, municipal debt. The maximum amount of public debt of a constituent entity of the Russian Federation, municipal debt cannot exceed the amount of revenues of the corresponding budget, excluding financial assistance from budgets of other levels budget system RF.

Issue of state and municipal valuable papers is carried out upon approval by a federal law, a law of a constituent entity of the Russian Federation or a decision of a local government body on the budget of the following indicators:

* 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 in the current financial year to finance the budget deficit of the corresponding level;
* expenses for servicing the state and municipal debt in the current year.

If, during the execution of the budget of a subject of the Russian Federation or the local budget, the costs of servicing the state debt of the subject exceed 15% of the costs of its budget, as well as in case of exceeding the maximum amount of borrowed funds, and at the same time, the subject of the Russian Federation is not able to ensure the servicing and repayment of its debt obligations, the authorized body The state authorities of the Russian Federation may apply the following measures:

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

All revenues to the budget from borrowings and other debt obligations, including funds spent on servicing and repaying state or municipal debt, are reflected in the budget as sources of financing the budget deficit.

All debt servicing costs, including the discount on discount securities, are reflected in the budget as state or municipal debt service costs.

The repayment of obligations of the state debt of the Russian Federation is taken into account in the federal budget by subtracting the amount of repaid obligations from the amount of receipts from the sources of financing the federal budget deficit and is reflected accordingly in the Program of state internal or external borrowings of the Russian Federation.

All expenses for the repayment of obligations of the state debt of the constituent entities of the Russian Federation, municipal debt are accounted for in the expenditure side of the budgets of the constituent entities of the Russian Federation, local budgets as expenses for the repayment of state or municipal debt.

Budget Code of the Russian Federation. Article 106

1. The maximum volumes of the state internal debt and the state external debt, the limits of the external borrowings of the Russian Federation for the next financial year are approved by the federal law on the federal budget for the next financial year, with a breakdown of the debt by form of securing obligations.
2. The maximum volume of state external borrowings of the Russian Federation shall not exceed the annual volume of payments for servicing and repayment of the state external debt of the Russian Federation. The Government of the Russian Federation has the right to carry out external borrowings in excess of the maximum volume of state external borrowings established by the federal law on the federal budget for the next financial year, if at the same time it carries out such a restructuring of the state external debt that leads to a reduction in the cost of servicing it, within the established limit volume of public external debt.
3. The Government of the Russian Federation shall have the right to carry out internal (external) borrowings in excess of the maximum volume of the state internal (external) debt established by the federal law on the federal budget for the next financial year instead of external borrowings, if this reduces the cost of servicing the public debt within the limits established by federal law on the federal budget for the next financial year, the amount of public debt (the amount of internal and external debt) and other restructuring procedures are not provided for by the federal law on the federal budget for the next financial year.

Budget Code of the Russian Federation. Article 107

1. The law of the constituent entity of the Russian Federation on the budget, the legal act of the local self-government body on the local budget for the next financial year must establish an upper limit on the debt of the constituent entity of the Russian Federation, municipal debt, indicating, among other things, the maximum volume of obligations under state or municipal guarantees.
2. The maximum amount of public debt of a subject of the Russian Federation, municipal debt must not exceed the amount of revenues of the corresponding budget, excluding financial assistance from the budgets of other levels of the budget system of the Russian Federation.

Federal Law of the Russian Federation of November 24, 2008 N 204-FZ: "On the federal budget for 2009 and for the planning period of 2010 and 2011." Article 1

1. Approve the main characteristics of the federal budget for 2009, determined on the basis of the forecast volume of gross domestic product in the amount of 51,475.0 billion rubles and an inflation rate not exceeding 8.5 percent (December 2009 to December 2008):
1) the projected total volume of federal budget revenues in the amount of 10,927,137,733.0 thousand rubles, including the projected volume of oil and gas revenues of the federal budget in the amount of 4,692,509,635.0 thousand rubles;
2) the total volume of federal budget expenditures in the amount of 9,024,654,998.3 thousand rubles;
3) volume of oil and gas transfer in the amount of 2,531,125,000.0 thousand rubles;
4) standard value Reserve Fund in the amount of 5,147,500,000.0 thousand rubles;
5) the upper limit of the state internal debt of the Russian Federation as of January 1, 2010 in the amount of 2,119,739,195.3 thousand rubles;
6) the upper limit of the state external debt of the Russian Federation as of January 1, 2010 in the amount of 41.4 billion US dollars, or 27.8 billion euros;
7) the projected federal budget surplus in the amount of 1,902,482,734.7 thousand rubles.

1. The maximum amount of public debt of a constituent entity of the Russian Federation for the next financial year and each year of the planning period, municipal debt for the next financial year (the next financial year and each year of the planning period) is established by the law (decision) on the relevant budget within the limits established by paragraphs 2 and 3 of this article.

Legislative (representative) body of state power of a constituent entity of the Russian Federation, representative body municipality has the right, for the purpose of managing the relevant debt, to approve additional restrictions on the state debt of a constituent entity of the Russian Federation, municipal debt.

For the purposes of this Code, the maximum amount of the state debt of a constituent entity of the Russian Federation, the debt of a municipal formation (municipal debt) means the amount of debt of a constituent entity of the Russian Federation, the amount of municipal debt that cannot be exceeded in the execution of the relevant budget.

2. The maximum amount of public debt of a constituent entity of the Russian Federation must not exceed the approved total annual volume of budget revenues of a constituent entity of the Russian Federation, excluding the approved volume of gratuitous receipts.

For a constituent entity of the Russian Federation, in respect of which the measures provided for by paragraph 4 of Article 130 of this Code are being implemented, the maximum amount of debt should not exceed 50 percent of the approved total annual budget revenues of the constituent entity of the Russian Federation, excluding the approved volume of gratuitous receipts.

3. The maximum volume of municipal debt should not exceed the approved total annual volume of local budget revenues, excluding the approved volume of gratuitous receipts and (or) receipts tax revenue according to additional standards of deductions.

For a municipal formation in respect of which the measures provided for by paragraph 4 of Article 136 of this Code are being implemented, the maximum amount of municipal debt should not exceed 50 percent of the approved total annual volume of local budget revenues, excluding the approved volume of gratuitous receipts and (or) receipts of tax revenues under additional standards deductions.

4. Exceeding the limits established by this article in the execution of the relevant budget is a violation of the budgetary legislation of the Russian Federation and entails the application of coercive measures for violation of the budgetary legislation of the Russian Federation provided for by this Code.

5. If, during the execution of the relevant budget, the amount of debt of a constituent entity of the Russian Federation, municipal debt exceeds the maximum amount of state debt of a constituent entity of the Russian Federation, municipal debt established by the law (decision) on the relevant budget, the authorized body of state power of the constituent entity of the Russian Federation, the local self-government body shall have the right to adopt new debt obligations only after bringing the volume of debt of the subject of the Russian Federation, municipal debt in accordance with the requirements of this article.

6. The law on the budget of the subject of the Russian Federation establishes the upper limit of the state internal debt of the subject of the Russian Federation, the upper limit of the state external debt of the subject of the Russian Federation (if any) as of January 1 of the year following the next financial year and each year of the planning period, representing is a calculated indicator, indicating, among other things, the upper limit of the debt under state guarantees of the constituent entity of the Russian Federation.

Article 107

checked today
code dated 07.01.2019
entered into force on 01.01.2000

There are no new versions of the article that have not entered into force.

Compare with the version of the article dated 01/01/2008 08/08/2000 01/01/2000

The maximum amount of public debt of a constituent entity of the Russian Federation for the next financial year and each year of the planning period, municipal debt for the next financial year (the next financial year and each year of the planning period) is established by a law (decision) on the relevant budget within the limits established by paragraphs 2 and 3 of this article.

The legislative (representative) body of state power of a constituent entity of the Russian Federation, the representative body of a municipal formation shall have the right, for the purpose of managing the corresponding debt, to approve additional restrictions on the state debt of a constituent entity of the Russian Federation, municipal debt.

The maximum amount of public debt of a subject of the Russian Federation should not exceed the approved total annual budget revenues of the subject of the Russian Federation, excluding the approved amount of gratuitous receipts.

For a constituent entity of the Russian Federation, in respect of which the measures provided for by paragraph 4 of Article 130 of this Code are being implemented, the maximum amount of debt should not exceed 50 percent of the approved total annual volume of budget revenues of the constituent entity of the Russian Federation, excluding the approved volume of gratuitous receipts.

The maximum volume of municipal debt should not exceed the approved total annual volume of local budget revenues, excluding the approved volume of gratuitous receipts and (or) tax revenues for additional deductions.

Exceeding the limits established by this article in the execution of the relevant budget is a violation of the budgetary legislation of the Russian Federation and entails the application of coercive measures for violation of the budgetary legislation of the Russian Federation provided for by this Code.

If, during the execution of the relevant budget, the amount of debt of a constituent entity of the Russian Federation, municipal debt exceeds the maximum amount of public debt of a constituent entity of the Russian Federation, municipal debt established by a law (decision) on the relevant budget, an authorized state authority of a constituent entity of the Russian Federation, a local government body has the right to accept new debt obligations only after bringing the amount of debt of the subject of the Russian Federation, municipal debt in line with the requirements of this article.

The law on the budget of the subject of the Russian Federation establishes the upper limit of the state internal debt of the subject of the Russian Federation, the upper limit of the state external debt of the subject of the Russian Federation (if any) as of January 1 of the year following the next financial year and each year of the planning period, which is the estimated indicator, indicating, among other things, the upper limit of the debt under state guarantees of the constituent entity of the Russian Federation.

The decision on the local budget establishes the upper limit of the municipal debt as of January 1 of the year following the next financial year (the next financial year and each year of the planning period), which is a calculated indicator, indicating, among other things, the upper limit of debt under municipal guarantees.

The maximum amount of public debt of a constituent entity of the Russian Federation, municipal debt for the next financial year (the next financial year and each year of the planning period) is established by a law (decision) on the relevant budget within the limits established by paragraphs 2 and 3 of this article.

The amount of expenses for servicing a restructured debt is not included in the amount of expenses for servicing a debt obligation in the current financial year, if the specified amount is included in the total amount of restructured obligations.

Article 106

The maximum amount of borrowings of constituent entities of the Russian Federation, municipal borrowings in the current financial year, taking into account the provisions of Article 104 of this Code, must not exceed the amount directed in the current financial year to finance the deficit of the relevant budget and (or) repay the debt obligations of the relevant budget.

Article 107

For the subject of the Russian Federation, in respect of which the measures provided for by paragraph 4 of Article 130 of this Code are being implemented, the maximum amount of debt should not exceed 50 percent of the approved total annual budget revenues of the subject of the Russian Federation, excluding the approved amount of gratuitous receipts.

6. The law (decision) on the relevant budget establishes the upper limit of the state internal debt of the subject of the Russian Federation, the upper limit of the state external debt of the subject of the Russian Federation (if any), the upper limit of the municipal debt as of January 1 of the year following the next financial year ( the next financial year and each year of the planning period), which is a calculated indicator, indicating, among other things, the upper limit of debt under state guarantees of a constituent entity of the Russian Federation, municipal guarantees.

The upper limit of the state internal debt of a constituent entity of the Russian Federation and the upper limit of the state external debt of a constituent entity of the Russian Federation are established subject to the restrictions established by paragraph 2 of this article.

Article 119. Service of the state (municipal) debt

1. Servicing the state (municipal) debt means operations to pay income on state and municipal debt obligations in the form of interest on them and (or) discount, carried out at the expense of the relevant budget.

2. The performance by the Central Bank of the Russian Federation, a credit institution or other specialized financial institution of the functions of a general agent (agent) of the Government of the Russian Federation for servicing the debt obligations of the Russian Federation, as well as their placement, redemption, exchange and redemption, is carried out on the basis of agency agreements concluded with the Ministry Finance of the Russian Federation.

3. central bank The Russian Federation performs the functions of the general agent specified in paragraph 2 of this article free of charge.

4. Payment for the services of agents for the implementation of their functions, provided for by agency agreements concluded with the Ministry of Finance of the Russian Federation, is made at the expense of the federal budget.

5. The performance by a credit institution or other specialized financial institution of the functions of a general agent (agent) of the executive body of state power of a constituent entity of the Russian Federation for servicing debt obligations of a constituent entity of the Russian Federation, as well as for their placement, redemption, exchange and redemption, is carried out on the basis of agency agreements concluded with executive body state authorities of the subject of the Russian Federation, carrying out state borrowings on behalf of the subject of the Russian Federation.

6. Payment for the services of agents for the implementation of their functions, provided for by agency agreements concluded with the executive body of state power of a constituent entity of the Russian Federation, carrying out state borrowings on behalf of a constituent entity of the Russian Federation, is made at the expense of the budget of the constituent entity of the Russian Federation.

7. The performance by a credit organization or other specialized financial organization of the functions of a general agent (agent) of the local administration for servicing municipal debt obligations, as well as for their placement, redemption, exchange and redemption, is carried out on the basis of agency agreements concluded with the local administration.

8. Payment for the services of agents for the implementation of their functions, provided for by agency agreements concluded with the local administration, is made at the expense of the local budget.

Article 120. Accounting and registration of state and municipal debt obligations

Accounting and registration of state debt obligations of the Russian Federation are carried out in the state debt books of the internal and external debt of the Russian Federation (hereinafter referred to as the State Debt Book of the Russian Federation).

Accounting and registration of state debt obligations of the subject of the Russian Federation are carried out in the state debt book of the subject of the Russian Federation.

Accounting and registration of municipal debt obligations of the municipality are carried out in the municipal debt book of the municipality.

39 question!!!

Article 103

1. Under government borrowings of the Russian Federation understood government loans, carried out by issuing government securities on behalf of the Russian Federation, and loans attracted from other budgets of the budgetary system of the Russian Federation, credit organizations, foreign states, including targeted foreign loans (borrowings), international financial institutions, other subjects of international law, foreign legal entities, for which the debt obligations of the Russian Federation arise.

2. State and municipal internal borrowings are carried out in purposes financing the deficits of the respective budgets(non-oil and gas federal budget deficit a) and also to pay off debt .

3. Under government domestic borrowing The Russian Federation refers to government loans made by issuing government securities on behalf of the Russian Federation, and loans attracted from other budgets of the budgetary system of the Russian Federation, credit institutions and international financial organizations, which give rise to debt obligations of the Russian Federation as a borrower, denominated in the currency of the Russian Federation. Federation.

The right to carry out state internal borrowings on behalf of the Russian Federation in accordance with this Code belongs to the Government of the Russian Federation or the Ministry of Finance of the Russian Federation authorized by it.

4. Under government external borrowing Russian Federation refers to government loans made by issuing government securities on behalf of the Russian Federation, and loans raised from credit institutions, foreign states, including targeted foreign loans (borrowings), international financial organizations, other subjects of international law, foreign legal entities, which give rise to debt obligations of the Russian Federation denominated in foreign currency.

State external borrowings of the Russian Federation are carried out in order to finance the deficit (non-oil and gas deficit) of the federal budget, as well as to pay off the state debt obligations of the Russian Federation.
The right to carry out state external borrowings of the Russian Federation and conclude agreements on the provision of state guarantees to attract external credits (loans) belongs to the Russian Federation. On behalf of the Russian Federation, external borrowing can be carried out by the Government of the Russian Federation or the Ministry of Finance of the Russian Federation authorized by it.

5. The Government of the Russian Federation or the Ministry of Finance of the Russian Federation authorized by it shall have the right to carry out internal (external) borrowings in excess of the upper limit of the state internal (external) debt of the Russian Federation established for the corresponding financial year by the federal law on the federal budget for the next financial year and the planning period for the purpose of replacing external (internal) borrowings, if this reduces the cost of servicing the state debt of the Russian Federation within the upper limit of the state debt of the Russian Federation (the amount of the upper limit of the state internal debt of the Russian Federation established by the federal law on the federal budget for the next financial year and planning period, and the upper limit of the state external debt of the Russian Federation, established by the federal law on the federal budget for the next financial year and planning period).

6. State borrowings of constituent entities of the Russian Federation are understood as government loans carried out by issuing government securities on behalf of a constituent entity of the Russian Federation, and loans attracted in accordance with the provisions of this of the Code to the budget of the constituent entity of the Russian Federation from other budgets of the budgetary system of the Russian Federation, credit institutions, foreign banks and international financial organizations for which debt obligations of the constituent entity of the Russian Federation arise.

State internal borrowings of constituent entities of the Russian Federation - government loans made by issuing government securities on behalf of a constituent entity of the Russian Federation, and loans attracted in accordance with the provisions of this Code to the budget of a constituent entity of the Russian Federation from other budgets of the budgetary system of the Russian Federation, credit organizations, international financial organizations for which debt obligations of a constituent entity of the Russian Federation arise, denominated in the currency of the Russian Federation.

State external borrowings of constituent entities of the Russian Federation - government loans carried out by issuing government securities on behalf of a constituent entity of the Russian Federation, and loans attracted in accordance with the provisions of this Code to the budget of a constituent entity of the Russian Federation from foreign banks, for which debt obligations of a constituent entity of the Russian Federation arise, expressed in foreign currency.

State external borrowings of a constituent entity of the Russian Federation shall be carried out in accordance with the provisions of this Code in order to ensure the repayment of the existing state external debt of a constituent entity of the Russian Federation and (or) financing the budget deficit of a constituent entity of the Russian Federation.

The right to carry out state internal and external borrowings of the subject of the Russian Federation on behalf of the subject of the Russian Federation in accordance with this Code and the law of the subject of the Russian Federation adopted in accordance with it belongs to the highest executive body of state power of a subject of the Russian Federation or the financial body of a subject of the Russian Federation.

7. Municipal borrowings are understood as municipal loans carried out by issuing securities on behalf of the municipality, and loans attracted in accordance with the provisions of this Code in local budget from other budgets of the budgetary system of the Russian Federation and from credit institutions for which municipal debt obligations arise.

The right to exercise municipal borrowing on behalf of the municipality in accordance with this Code and the charter of the municipality belongs to the local administration.

State and municipal securities issued in the form bonds or other securities, certifying the right of their owners to receive from the issuer Money in the manner prescribed by the terms of issue. State valuable securities form part of the government debt.

The government securities market is represented primarily by:

-government short-term bonds (GKO)- largest segment Russian market valuable papers;

-domestic foreign currency loan bonds (OVVZ)- issued by the Ministry of Finance of Russia and are a public debt instrument denominated in foreign currency.

Bonds of subjects of the Federation are considered the second most reliable after securities issued by the federal center, and the yield on them even exceeded the yield on GKOs.

Municipal bonds have been developed in a number of states by virtue of the provision of substantial tax incentives. The issuer of this type of bonds is the municipality, which has the right to issue debt obligations.

Article 114. Issue of state and municipal securities

1. The maximum volumes of the issue of government securities of the Russian Federation at par value are established by the Government of the Russian Federation in accordance with the upper limit of the government debt of the Russian Federation established by the federal law on the federal budget for the next financial year and planning period.

2. The maximum volumes of the issue of government securities of a constituent entity of the Russian Federation or municipal securities at par value for the next financial year (the next financial year and each year of the planning period) are established respectively by the highest executive body of state power of the constituent entity of the Russian Federation, the representative body of the municipal formation in accordance with the upper limit of the state debt of the constituent entity of the Russian Federation, municipal debt, established by law(decision) on the relevant budget.

3. The procedure for issuing government securities of the Russian Federation, subjects of the Russian Federation, as well as municipal securities is regulated by the federal law on the specifics of the issue and circulation of government and municipal securities.

1. The maximum volumes of the state internal debt and the state external debt, the limits of the external borrowings of the Russian Federation for the next financial year are approved by the federal law on the federal budget for the next financial year, with a breakdown of the debt by form of securing obligations.
2. The maximum volume of state external borrowings of the Russian Federation shall not exceed the annual volume of payments for servicing and repayment of the state external debt of the Russian Federation.
_The Government of the Russian Federation has the right to carry out external borrowings in excess of the maximum volume of state external borrowings established by the federal law on the federal budget for the next financial year, if at the same time it carries out such a restructuring of the state external debt that leads to a decrease in the cost of servicing it, within the established limit volume of public external debt._
_3. The Government of the Russian Federation shall have the right to carry out internal (external) borrowings in excess of the maximum amount of the state internal (external) debt established by the federal law on the federal budget for the next financial year instead of external borrowings, if this reduces the cost of servicing the state debt within the limits established by the federal law on federal the budget for the next financial year of the amount of public debt (the amount of internal and external debt) and other restructuring procedures are not provided for by the federal law on the federal budget for the next financial year._

In accordance with paragraph 1 of the commented article of the RF BC, the maximum size of all debt obligations of the Russian Federation is public debt (internal and external), external borrowings are necessarily reflected in federal law RF for the upcoming fiscal year. It also establishes a direct relationship between external government borrowings of the Russian Federation and the external debt of the Russian Federation. So, in relation to external borrowing RF, the legislator sets an upper limit in the amount of the annual volume of expenses for servicing and repaying the external debt of the Russian Federation (subparagraph 1, paragraph 2 of the commented article of the RF BC). In addition, the legislator recommends reflecting the maximum amount of debt obligations of the Russian Federation in parts corresponding to one specific form of security for this debt obligation.
For example, in accordance with Art. 107 of the Law on the federal budget for 2002, an upper limit was set for the state debt of the Russian Federation as of January 1, 2003, on the debt obligations of the Russian Federation in the amount of 752.1 billion rubles. In addition, the Government of the Russian Federation was to establish the volume of issuance, forms and methods of issuing government securities that are debt obligations of the Russian Federation, and issue them in an amount that would not lead to exceeding the maximum amount of the internal debt of the Russian Federation. In Art. 113 of this Law, as of January 1, 2003, the upper limit of the state external debt of the Russian Federation in the amount of 130.2 billion US dollars and the limit for providing guarantees to third parties for attracting external borrowings in the amount of 2.6 billion US dollars are established. In Art. 112 of the said Law establishes the upper limit of external government borrowings of the Russian Federation in the form of unrelated financial loans for 2002 in the amount of 2.19 billion US dollars.
According to sub. 2 p. 2 of the commented article of the RF BC to the Government of the Russian Federation in order to optimal restructuring external debt of the Russian Federation granted the right to make external borrowings in excess of the upper limit established in the federal law for the upcoming fiscal year. So, for example, according to Art. 112 of the Law on the federal budget for 2002, the Government of the Russian Federation was entitled to carry out external borrowing in excess of the maximum amount of state external borrowing in order to restructure the state external debt of the Russian Federation and reduce the total costs of servicing and repaying it.
Clause 3 of the commented article of the RF BC spells out the conditions necessary for the Government of the Russian Federation to exercise its right to exceed the maximum volume of state internal and external borrowings of the Russian Federation.