Public debt Russian Federation are debt obligations of the Russian Federation to individuals and legal entities, foreign states, international organizations and other subjects of international law, including obligations under state guarantees provided by the Russian Federation. The state debt of the Russian Federation is fully and unconditionally secured by all federally owned property that makes up the state treasury. Federal authorities state power use all powers to generate federal budget revenues to repay the debt obligations of the Russian Federation and service the public debt of the Russian Federation.

Public debt management is a set of actions by the state represented by authorized bodies to regulate the size, structure and cost of servicing public debt. The goal of public debt management is to find the optimal balance between the state's needs for additional financial resources and the costs of attracting, servicing and repaying them.

Principles of public debt management:

1) unconditionality (timely fulfillment of obligations);

2) unity of accounting (accounting for all types of securities issued by federal bodies, bodies of constituent entities of the Russian Federation and local bodies);

3) unity of debt policy;

4) consistency (creditors and borrower state);

5) risk reduction;

6) optimality (minimum costs, risk in fulfilling obligations by the state, minimal negative impact on the country’s economy);

7) publicity.

The definition of public debt policy and its ceiling sets legislatures authorities, and its operational management is carried out by the executive branch.

Debt management methods:

1 Unification - combining several obligations into one large

2. Restructuring - or deferment. The main debt is paid, and then%

3. Conversion - exchange of debt obligations for property, for taxes, for exports.

4. Cancellation - refusal to perform

5. Refinancing - old debts are paid off with new loans

Problems:

The current legislation does not provide for a system of responsibility for the effectiveness of decisions made when borrowing and managing public debt. In the absence of a single center for managing debt policy, the powers and procedure for interaction in the current regime of the Government, the Ministry of Finance, Vnesheconombank, and the Bank of Russia are not clearly defined. In practice, all this reduces the effectiveness of debt policy.

Government securities: concept, purposes of issue, types of securities issued by the state.

Government securities - bonds, treasury bills and other government obligations issued by central governments, local authorities for the purpose of covering budget deficit on behalf of the government or local authorities power, but certainly guaranteed by the government.

They differ:

1) marketable government securities - for example, treasury bills.

Management of the public debt of the Russian Federation

They are freely bought and sold on the money market;

2) non-marketable government securities - for example, savings certificates and so on. Varieties by validity period:

— short term bonds- treasury bills, for a period from a week to 1 year,

- medium-term - notes for a period of 1 to 5 years,

— long-term - bonds for a period of more than 5 years.
Government bonds are issued mainly for the purpose of attracting the population's savings into the sphere of state credit and can be presented for payment at any time, but if presented early, interest payments on them are sharply reduced.

Depending on the purpose of the issue, the following types of government securities are distinguished:

1. Debt securities, intended to cover the constant state budget deficit moving from year to year. These securities are usually medium- and long-term.

2. Securities to cover temporary budget deficits(cash gaps). The cash gap arises due to the fact that, on the one hand, government expenses are constant, and on the other hand, taxes are received unevenly. As a result, from time to time (usually at the end or beginning of a quarter) a temporary budget deficit arises, to eliminate which short-term securities are issued.

3. Target bonds, issued for the implementation of specific projects. For example, in Great Britain transport bonds were issued to generate the necessary monetary resources for the nationalization of transport.

4. Securities to cover government debt by enterprises. Such securities were issued in the Russian Federation in 1994-1996. in the form of treasury bonds. In conditions of budget deficit, these treasury obligations were used by the state to pay for work performed under state orders and financed from the federal budget. Having received treasury bills instead of payment, the company sold them on the secondary market. Buyers of treasury bonds could pay off their debts to the state with these securities (pay taxes).

The state, with the help of securities, regulates the development of the economy, solving the following tasks:

— regulation of the money supply;

— regulation of inflation;

- Influence at exchange rate;

— formation of the level of profitability on securities;

— ensuring the flow of capital from one segment of the financial market to another;

— solving other socio-economic problems.

Positive aspects of government securities:

1) market instrument and method of forming public debt

2) an active instrument of monetary policy, through which influences macroeconomic processes

3) maintaining liquidity of commercial banks

4) government securities can be issued as collateral for enterprises in the real sector

5) the investor himself chooses a loan that is attractive to him and the terms of the loan

6) using securities, the restructuring of internal debt can be carried out.

Flaws:

1) “pulling” funds from the credit market

2) can provoke financial pyramids

3) can be forcibly restructured.

The public debt of the Russian Federation is the debt obligations of the Russian Federation to individuals and legal entities, foreign states, international organizations and other subjects of international law, including obligations under state guarantees provided by the Russian Federation.

Refinancing (novation) – repayment of old debt by issuing new loans

Conversion – increasing the validity period of already issued loans

Unification - combining several loans into one

Deferment - postponement of debt repayment

Cancellation – refusal of the state from debt obligations

Problems:

In recent years, the Government has concentrated on restructuring its obligations, without paying due attention to improving the system itself.

Lack of legislatively established goals for government borrowing. The procedure for applying restructuring operations, exchanging debt obligations for investments, as well as conversion and consolidation of loans remains outside the legal regulation.

The current legislation does not provide for a system of responsibility for the effectiveness of decisions made when borrowing and managing public debt. In the absence of a single center for managing debt policy, the powers and procedure for interaction in the current regime of the Government, the Ministry of Finance, the Ministry of Economic Development and Trade, Vnesheconombank, and the Bank of Russia are not clearly defined. In practice, all this reduces the effectiveness of debt policy.

At the same time, truly reliable accounting of debt transactions has not been established. The State Debt Book, in which, according to the BC, all government borrowings must be registered, does not reflect the debt of the former USSR.

The problem of optimizing payments on external public debt could be significantly mitigated through more active work with the debt of other states to Russia. However, the Ministry of Finance has not been able to establish a separate budget accounting payments from debtor states.

The problem of increasing budgetary returns from Russian property abroad.

Missing system effective management state assets in foreign joint-stock companies, as a result of which the income of a number of joint foreign enterprises with state participation was not sent to the budget, but remained under the control of commercial structures.

GOVERNMENT SECURITIES

State security: definition.

is a security issued by government agencies. power, form of existence of state. internal and external debt, a security issued on behalf of the state.

The most common type of government securities is bonds. A bond is a debt security, an obligation confirming a loan relationship between the issuer and the investor, according to which the issuer (borrower) guarantees the investor (lender) payment of the principal amount of the debt upon expiration of the specified period, as well as interest on the loan.

In the Russian Federation, the procedure for issuing state and municipal loans is regulated by the Federal Law of April 22, 1996 No. 39-FZ “On the issue of securities No. and the Federal Law of July 29, 1999 “On the peculiarities of the issue and circulation of state and municipal securities” No. 136-FZ, and also relevant legislative acts subject of the federation or municipality.

Government securities are securities that are issued or guaranteed by the state, which determines the features of their issue, circulation and redemption. On behalf of the state by the issuer, i.e.

9. Public debt management

The body authorized to issue securities is the MoF. Issuers of securities of constituent entities of the Russian Federation and municipal entities are the relevant bodies of the constituent entity of the Russian Federation or municipal entity. The Central Bank primarily acts as an agent of the MF. The Central Bank (or investment institutions authorized by it) performs the function of a depository, including the function of storing a global certificate for the issue of government loan bonds, and records the rights of various investors to these bonds.

On the Federal Law “On the Peculiarities of the Issue and Circulation of State and Municipal Securities”

Federal Law of July 29, 1998 N136-FZ “On the peculiarities of the issue and circulation of state and municipal securities”, Article 2 (SZ RF, 1998, N31, Article 3814)

The entry into force of this Federal Law has negative consequences for the constituent entities of the Federation and municipalities in terms of attracting financial resources using the mechanism of state and municipal securities.

The main provisions of this law that have negative consequences are as follows:

violation of constitutional norms regarding the implementation of external borrowing by constituent entities of the Russian Federation.

linking the volume of borrowing with the deficit of the corresponding budget and reducing the volume of borrowing to 15% of budget revenue for a constituent entity of the Russian Federation and 10% of revenue for a municipal entity;

the lack of transparent procedures determining the emission activities of municipalities and constituent entities of the Russian Federation, leaving room for departmental arbitrariness of the Federal authorities;

unreasonably complicated procedures for registering loans, which, in particular, contradict the Law “On the Securities Market”;

Public debt is the result of financial borrowings by the state carried out to cover the budget deficit. The public debt is equal to the sum of the deficits of previous years, taking into account the deduction of budget surpluses. Public debt consists of the debt of the central government, regional and local authorities, government organizations, and enterprises.

Public debt is a component of the broader concept of “public credit”

If the state currency is not convertible, then there are two types of public debt.

Domestic - state debt to owners of government securities (GS) and other creditors, expressed in national currency.

External - state debt to other countries, international economic organizations and other persons, expressed in foreign currency. Repaid through the export of goods or new borrowings.

In the case of convertible currency, all creditors (bondholders), both internal and external, have equal rights, and public debt is not divided into internal and external.

3 MAINTENANCE AND METHODS OF PUBLIC DEBT MANAGEMENT

3.1 Methods of public debt management

Issues of managing public external debt in recent years have become one of the central issues in economic and political life Russian Federation. This was due to both the rapid increase in the volume of public external debt of the Russian Federation and a significant increase in the level of expenses for its repayment and servicing. Economic crisis August 1998 revealed the depth of the problems that have accumulated in the field of managing the public external debt of the Russian Federation.

External debt management is one of the elements of the state's macroeconomic policy. On the one hand, the effective use of external debt can become a powerful factor in economic growth, allowing one to attract additional financial resources. The country’s stable position in the international capital market, timely fulfillment of debt obligations contribute to strengthening its international authority and provide an additional influx of investment for more favorable conditions. In addition, confidence in its currency increases and foreign trade relations are strengthened. On the other hand, an external debt crisis can become a serious negative factor of not only economic but also political significance.

As audits by the Accounts Chamber showed as of April 1, 2004 of the Russian Federation, the practice of using external loans provided for structural restructuring of the economy to cover the federal budget deficit, repay and service the external debt of the Russian Federation has become widespread. As a result, the main method of managing public external debt was the constant refinancing of debt, in particular, to international financial organizations, as well as the restructuring of debt to creditors of the Paris and London Clubs, which led to an avalanche-like increase in the external debt of the Russian Federation.

Since the late 1980s in international practice A fairly diverse set of methods for managing the external debt of sovereign borrowers has emerged. This was facilitated by the efforts of both debtors and creditors.

Let's consider the main methods of managing external debt, by applying which the Government of the Russian Federation will be able to reduce the severity of the debt burden. These methods include:

• consolidation - a revision of the terms of debt repayment, which can be implemented either by changing the terms of repayment of existing debt obligations (restructuring) or by refinancing existing debt;
• restructuring - termination of debt obligations constituting state or municipal debt based on an agreement, with the replacement of these debt obligations with other debt obligations providing for other conditions for servicing and repaying obligations.

In other words, restructuring is the preparation of a new debt payment schedule that is more favorable for the debtor than provided for in the original agreement.

In this case, a grace period is usually provided when only interest is paid, and the term for repayment of the principal debt is also extended. Payments on short-term debts are postponed to a later date. Restructuring of external debt can be carried out with a partial write-off (reduction) of the principal amount. The basis for a creditor to write off debt obligations in whole or in part may be a very low probability, or more precisely, the practical absence of opportunities to repay debt obligations due to a decrease in the value of real assets;

refinancing is the process of paying off old loans by attracting new ones;

• conversion is the use of various mechanisms to ensure the replacement of public debt with other types of obligations that are less burdensome for the debtor’s economy. The most common types of conversion are the exchange of debt for shares (property), the exchange of debt for goods, the exchange of debt for environmental activities, the repurchase of debt by the borrower on special terms (with a discount), the conversion of debt into debt obligations of third countries, and others;
• securitization - re-registration of non-market loans into securities that are freely traded on financial markets;
• Cancellation - waiver of all obligations under previously issued loans. But the use of this method leads to irreparable damage to the state’s reputation as a borrower among potential investors and lenders.

The Budget Code of the Russian Federation does not contain the concept of public debt management, and of the variety of existing methods of public debt management, only the restructuring method has been defined in the Budget Code of the Russian Federation. Article 101 of the Budget Code “Public Debt Management” is devoted only to the organizational aspect of public debt management. According to Article 101 of the Budget Code, the management of the public debt of the Russian Federation is carried out by the Government of the Russian Federation, and 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. Organizationally, the system for managing public external debt is currently implemented on the basis of the Ministry of Finance of the Russian Federation and Vnesheconombank as an agent of the Ministry of Finance of the Russian Federation. The Russian Federation is not responsible for the debt obligations of the constituent entities of the Russian Federation and municipalities if these obligations were not guaranteed by the Russian Federation. In turn, the constituent entities of the Russian Federation and municipalities are not liable for the debt obligations of the Russian Federation.

Insufficient legislative development of issues related to public debt management, in particular the lack of a definition of public debt management, the lack of a clear definition of the concepts of repayment and servicing of public debt obligations, creates theoretical and practical problems in the field of public external debt and its management.

The Government of the Russian Federation, in its Concept of a unified system for managing public debt of the Russian Federation, adheres to the most general formulation of the main goals of managing public debt, including

— maintaining the volume of public debt at an economically safe level;

— reducing the cost of servicing public debt;

— ensuring the fulfillment of obligations in full.

An important direction for increasing the efficiency of public debt management of the Russian Federation should be the completion of work on the creation of a unified public debt management system of the Russian Federation, which will make it possible to implement an active debt policy, diversify methods of managing public assets based on their inventory and performance assessment, and will also make it possible to implement the policy in the field of public debt management based on the principle of correlating the total volume of both external and domestic debt Russian Federation with state resources.

Public debt management methods

Domestic public debt management is a set of measures aimed at its optimization. Public debt management is a continuous process that includes three stages: determining the need for additional financial resources, attracting financial resources, repaying and servicing debt obligations.

Question 3. Basic methods of managing the public debt of the Russian Federation

On first stage are determined maximum dimensions government borrowings and guarantees for the next budget year, tools for attracting resources and increasing their use are selected. On second stage resources are attracted in external or internal financial markets by issuing and placing government securities, obtaining a loan or providing state guarantees. Third stage is to search for sources of financial resources to repay and service public debt, reduce overall costs, and timely fulfill debt obligations. Government debt obligations can be repaid through budget revenues, gold and foreign exchange reserves of the country, funds received from the sale state property, as well as new borrowings. A situation in which a debtor is unable to repay its external debt according to a schedule agreed with the creditor is called a debt crisis.

When managing public debt, the following methods can be used:

• refinancing;
• restructuring;
• conversion;
• consolidation;
• deferment of repayment;
• cancellation.

Refinancing- This is the repayment of old debt by accepting new obligations. There are three main ways to refinance public debt: replacing obligations with expired repayments for new ones, equivalent in amount; replacing some obligations with others with longer maturities; the placement of new bonds with the purpose of using the proceeds to pay off expiring bonds.

Restructuring represents a revision of the original schedule for repayment and servicing of the national debt. During restructuring, the debtor is given a grace period during which only interest is paid and the repayment period for the principal amount is increased.

Conversion- this is a change in the terms of government loans in the interests of the debtor, consisting of a lower interest rate, a new method of repaying the debt, a postponement of the repayment period, and a change in the currency of the loan. The most common types of conversion of external public debt are exchange for debt obligations of third countries, repayment of debt with commodity supplies, repurchase of debt by the borrower on special terms, and exchange of debt for property.

Consolidation- this is a change in the repayment terms of loans, usually upward by transferring short-term liabilities to long-term ones. Consolidation can be combined with conversion.

Cancellation public debt represents a waiver by the state of obligations under issued loans.

When managing internal public debt, the use of these methods is possible unilaterally and compulsorily. However, regulating the volume of external debt with their help is, as a rule, always the result of the negotiation process. In the presence of debt crisis Debt to official creditors is regulated on a multilateral basis by the Paris Club, and debt to banks is regulated by the London Club. The Paris Club is an informal association of economic developed countries peace coordinating financial policy member states in relation to debts of third countries. The London Club brings together banks that have provided loans to governments of individual countries or legal entities these countries.

In our country, the management of public debt on behalf of the Government of the Republic of Belarus is carried out by the Ministry of Finance. One of the main tasks of the state in debt management is to limit its size, because upon reaching a certain ratio of payments for servicing public debt and GDP, it slows down the economic growth. In order to prevent uncontrolled growth of public debt, two indicators are approved annually by the Law on the Budget of the Republic of Belarus for the next financial year:

• limit on external public debt;
• marginal increase in the value of domestic public debt.

Payments for repayment and servicing of external public debt are classified as protected items of the republican budget.

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Administrative and market methods of managing public debt.

Public debt management— formation of one of the directions of the state’s financial policy related to its activities as a borrower, lender and guarantor. All assets at the disposal of the Government of the Russian Federation serve as security for Russia's public debt.

Administrative methods(conversion, consolidation, unification, deferment of repayment, debt write-off, debt cancellation):

Conversion is called a change in the original terms of the loan regarding profitability.

Methods of managing public debt in the Russian Federation and assessing the effectiveness of measures

Most often, a change in nominal interest occurs in order to reduce government costs associated with paying interest on the debt.

A change in the terms of loans relating to its terms is called consolidation government debt. At the same time, the state, without changing the yield of bonds, turns short-term obligations into medium- or long-term ones.

Unification– combining several loans into one loan. As a result of this operation, a consolidated (or funded) debt is formed.

Market methods(restructuring, additional placement of bonds, debt repurchase, securitization, debt exchange):

Debt restructuring– change in the repayment schedule of the principal debt and payment of interest on it. Restructuring of external and internal debt can be carried out with a partial write-off (reduction) of the principal amount.

Debt refinancing– repayment of accumulated debt by placing new loans.

Loan repayment is carried out by ransom(early redemption is possible) of bonds from investors, holding drawings of winnings on winning loans, conducting redemption drawings on winning and interest-bearing loans, debt amortization (repayment of debt in installments).

Income is paid when discount bonds are repurchased from investors in the form of the difference between the repurchase price and the loan placement price, through quarterly (semi-annual or annual) payment of coupons or payment of winnings on bonds included in the circulation.

Exchange of bonds using a regressive ratio– several previously issued loan bonds are equal to one new one.

Securitization- one of the forms of attracting financing by issuing securities backed by assets that generate stable cash flows

New methods of covering obligations to creditor countries include: debt repayment with commodity supplies, exchange of debt obligations for shares and bonds of companies debtor country, payment of debt in local currency with its subsequent conversion into investment or property, exchange for debt obligations of third countries and others. These methods of managing public external debt are usually combined into the concept conversion external debt, which in this case means the implementation of all mechanisms that ensure the replacement of external debt with other types of obligations that are less burdensome for the economy of the debtor country.

In addition to these basic methods of managing public debt, the government can buy loans outstanding stock market, giving appropriate instructions to the central and commercial banks.

Methods of public debt management

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Managing government debt is a set of measures, for example, for its optimization. Management of government debt is a continuous process that includes 3 stages: 1. Determining the needs for additional financial resources. 2. Attracting financial resources. 3. Repayment and servicing of debt obligations. At the first stage of the definition, the maximum size of the state. borrowings and guarantees for the next budget year. At the second stage, resources are attracted in external or internal financial markets by issuing and placing government securities. The third stage is to search for sources of financial resources to repay and service government debt.

Debt obligations can be repaid from budget revenues, the country's gold and foreign exchange reserves, funds received from the sale of state property, as well as new borrowings. A situation in which a debtor is unable to repay its external debt is called a debt crisis. When managing public debt, there is a trace methods:

1.Refinancing – repayment of old debts by accepting new obligations. There are 3 main methods of refinancing government debt: 1) Replacement of expired obligations with new ones equivalent in amount. 2) Replacement of some obligations with others, with longer repayment periods. 3) Placement of new bonds in order to use the proceeds for settlements on bonds with expired maturities.2. Restructuring – revision of the original repayment and servicing schedule for the state. debt. When registering, the debtor is given a grace period, during which only interest is paid and the repayment period for the principal amount of the debt is increased.3. Conversion – a change in the terms of government loans in the interests of the debtor, consisting of a lower percentage, a new method of repayment. The most common types of conversion of external government debt are: 1) Exchange for debt obligations of 3 countries 2) Repayment of debt with commodity supplies. 3) Buyback of the borrower's debt on special terms. 4)Exchange of debt for property.4. Consolidation – changing the maturity of loans, usually upward, by transferring short-term obligations into long-term ones. Consolidation can be combined with conversion. 5.Delay of repayment. 6.Cancellation– refusal of the state from obligations on issued loans.

The Paris Club is an informal association of economies of developed countries of the world, coordinating the financial half of states involved in dealing with the debts of third countries.

The London Club unites banks that provide loans to the governments of individual states or legal entities of these countries.

In the Republic of Belarus, government debt is managed by the Ministry of Finance. One of the main tasks of the state in debt management is to limit its size, because Once the ratio of payments for servicing government debt and GDP is achieved, economic growth slows down.

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Distribution and use of profits

The object of distribution is the balance sheet profit of the enterprise. Its distribution means the direction of profit to the budget and by items of use in the enterprise. The distribution of profits is legally regulated in the part that goes to budgets different levels in the form of taxes and other obligatory payments.

Profit distribution is an integral and inseparable part common system distribution relations.

Profits are distributed between the state, the owners of the enterprise and the enterprise itself

The principles of profit distribution can be formulated as follows:

Profit received by an enterprise as a result of production, economic and financial activities, distributed between the state and the enterprise as an economic entity;

Profit for the state goes to the relevant budgets in the form of taxes and fees, the rates of which cannot be arbitrarily changed. The composition and rates of taxes, the procedure for their calculation and contributions to the budget are established by law;

The amount of profit of the enterprise remaining at its disposal after paying taxes should not reduce its interest in increasing production volumes and improving the results of production, economic and financial activities;

the profit remaining at the disposal of the enterprise is primarily directed to accumulation, ensuring its further development, and only the rest - to consumption.

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Characteristics of the state debt of the Republic of Belarus

Currently state time The debt of the Republic of Belarus amounts to $13 billion. Valov. Ext. debt – $33 billion. To assess a country's external debt, the World Bank recommends calculating 2 indicators (%): 1. The ratio of external debt to GDP (should not exceed 50%) 2. The ratio of external debt to exports of goods and services. Based on these criteria, countries are divided into 3 groups : with high, medium and low levels of debt. If the value of the first indicator is comp. more than 80%, and the second 220%, then the debt is considered high.

If the first indicator is in the range from 40% to 80%, and the second from 132% to 220%, then the debt is considered average.

To characterize the state of external debt, a third indicator is calculated - the ratio of payments for debt repayment and exports; its threshold value ranges from 2% to 25%.

The essence of the enterprise OS. Sources of their formation, composition, structure

Basic capital pr-tiya har-t mat base. In the financial statements, fixed capital is reflected as fixed assets. According to the material composition of the main assets, the main funds are represented. OS- money invested in fixed assets for production and non-production purposes. They represent their own material values, used as a medium of labor and acting in kind for a long time. Their initial formation occurs during the establishment of a pr- tiya at the expense of fixed capital. According to the natural composition of the OS, they are divided into: 1) Buildings and structures 2) Workers and power machines and equipment. 3) Measuring and regulating instruments and devices. 4) Calculate. equipment, transport facilities. 5) Production and household. inventory. 6) Perennial plantings, etc. Also included in the main assets are: 1) Capital investments for land improvement. 2) Capital investments in leased basic facilities. 3) Land. By function purpose: Industrial production Participate in production. process and use in the main, auxiliary and ancillary workshops, laboratories, warehouses. Non-productive. Do not participate in production. process, and is used in the social sphere of enterprises, in housing and communal services, etc. By OS affiliation: Own and Rented. Depending on the degree of impact of fixed assets on objects of labor:Active. These include those that, in the production process, directly influence objects of labor, modifying them (machines, equipment) Passive. Those who only create the necessary conditions For production process(buildings, structures) Based on their use, fixed assets are divided: 1)In stock or conservation. 2) In operation. By funding sources: Own and Borrowed. Depreciable property is combined into the following depreciation groups: 1) All short-lived property with a term beneficial use from 1 year to 2 years inclusive. 2) From 2 to 3 years inclusive. 3) From 3 to 5 years. 4) From 5 to 7 years. 5) FROM 7 to 10 years. 6) From 10 to 15 years. 7) From 15 to 20 years. 8) From 20 to 25 years. 9) From 25 to 30 years. 10) Over 30 years.

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The essence of finance of enterprises in economic sectors

F-sy predpr. reflect the economy. phenomena arose. in the process of formation, use and distribution of funds. Conditions for the emergence of FP: 1) product production. 2) mediation of goods production by relations. 3) the presence of a process of distribution of income creation. Signs: 1.always appear in monetary form and are formed only during the creation, accumulation and use of these funds; 2.participate in the turnover of capital, in the change of its forms and value; 3.have an active nature, since they are directly related to the economic interests of the enterprise, its employees, as well as the whole society; 4. in a market economy, the finances of an enterprise are interconnected with the financial market when seeking additional sources of financing for its development, as well as when selling financial assets.

Cost of OS and its types

For accounting, analysis and planning, as well as for determining the volume and structure of capital investments, it is necessary valuation fixed assets.

Valuation of fixed assets – monetary value their cost.

Four types of assessment are used:

1. Initial cost is the sum of the organization’s costs for the acquisition, construction and production, excluding VAT and other refundable taxes, as well as the actual costs of delivering objects and bringing them into a condition suitable for use.

2. Restorative – assessment of fixed assets on the balance sheet of an economic entity, calculations in the amount of funds that can be paid on the date of their revaluation. Magnitude of deviations replacement cost fixed assets from their initial cost depends on the rate of acceleration of scientific and technical progress, the level of inflation, etc. Timely and effective revaluation of fixed assets is very important.

3. Residual

Methods of managing state and municipal debt

Liquidation. It represents revenue from the sale of obsolete fixed assets with an expired useful life, minus the costs of dismantling, sale, and registration. It is established by the liquidation commission of the enterprise.

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Financial relations of enterprises

Groups of financial relations in terms of financial relations: 1) between established at the time of creation of the enterprise. 2) between enterprises, communications. with the production and sale of products. 3) between enterprises regarding internal distribution of funds. 4) between enterprises and employees in the distribution and use of income. 5) between enterprises and higher-level organizations. 6) between enterprises and financiers state-va.7) between enterprises and banks.

In market conditions, there is a new financial group connection with bankruptcy, merger of companies, etc.

Managing domestic public debt is a set of measures aimed at optimizing it. Public debt management is a continuous process that includes three stages: determining the need for additional financial resources, attracting financial resources, repaying and servicing debt obligations.

At the first stage, the maximum amounts of government borrowing and guarantees for the next budget year are determined, tools for attracting resources and increasing their use are selected. At the second stage, resources are attracted in external or internal financial markets by issuing and placing government securities, obtaining a loan or providing government guarantees. The third stage is to search for sources of financial resources to repay and service public debt, reduce overall costs, and timely fulfill debt obligations. Government debt obligations can be repaid from budget revenues, the country's gold and foreign exchange reserves, funds received from the sale of state property, as well as new borrowings. A situation in which a debtor is unable to repay its external debt according to a schedule agreed with the creditor is called a debt crisis.

When managing public debt, the following methods can be used:

· refinancing;

· restructuring;

· conversion;

· consolidation;

· deferment of repayment;

· cancellation.

Refinancing is paying off old debt by accepting new obligations. There are three main methods of refinancing public debt: replacing expired obligations with new ones equivalent in amount; replacing some obligations with others with longer maturities; the placement of new bonds with the purpose of using the proceeds to pay off expiring bonds.

Restructuring is a revision of the original schedule for repayment and servicing of public debt. During restructuring, the debtor is given a grace period during which only interest is paid and the repayment period for the principal amount is increased.

Conversion is a change in the terms of government loans in the interests of the debtor, consisting of a lower interest rate, a new method of repaying the debt, a postponement of the repayment period, and a change in the currency of the loan. The most common types of conversion of external public debt are exchange for debt obligations of third countries, repayment of debt with commodity supplies, repurchase of debt by the borrower on special terms, and exchange of debt for property.

Consolidation is a change in the maturity of loans, usually upward, by transferring short-term liabilities to long-term ones. Consolidation can be combined with conversion.

Cancellation of public debt represents a waiver by the state of obligations under issued loans.

When managing internal public debt, the use of these methods is possible unilaterally and compulsorily. However, regulating the volume of external debt with their help is, as a rule, always the result of the negotiation process. In the event of a debt crisis, debt to official creditors is regulated on a multilateral basis by the Paris Club, and debt to banks is regulated by the London Club. The Paris Club is an informal association of economically developed countries of the world that coordinates the financial policies of member states regarding the debts of third countries. The London Club unites banks that have provided loans to the governments of individual countries or legal entities of these countries.

In our country, the management of public debt on behalf of the Government of the Republic of Belarus is carried out by the Ministry of Finance. One of the main tasks of the state in debt management is to limit its size, because Once a certain ratio of payments to service public debt and GDP is reached, economic growth slows down. In order to prevent uncontrolled growth of public debt, two indicators are approved annually by the Law on the Budget of the Republic of Belarus for the next financial year:

· limit of external public debt;

· marginal increase in the amount of domestic public debt.

Payments for repayment and servicing of external public debt are classified as protected items of the republican budget.

More on the topic Methods of managing public debt:

1. 3.2 GOVERNMENT SECURITIES AS A TOOL FOR PUBLIC DEBT MANAGEMENT
2. 2.8. State and municipal credit. Public debt management
3. Management of public credit and public debt.
4. 62. Public debt. Methods of managing public debt.
5. 66. Methods of managing public internal debt
6. State and municipal credit. Management of public debt of the Russian Federation
7. Public debt content and structure. Public debt management.
8. WAYS AND METHODS OF MANAGING STATE CREDIT AT THE PRESENT STAGE
9. Types of government loans and public debt management.
10. Current problems in managing Russia's public debt
11. Creation of an organizational structure for public debt management and powers of public authorities
12. Organizational and legal basis for managing public debt of a constituent entity of the Russian Federation

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Management is inherent in all areas human activity, including financial. Management is understood as a conscious and purposeful influence on the object of control using a set of techniques and methods to achieve a certain result. Management is based on knowledge of the objective laws of development of nature and society. At the same time, management is greatly influenced by the state represented by the relevant structures, as well as legislative acts.

An important area of ​​management activity is public debt management.

Management of the public debt of the Russian Federation is carried out by the Government of the Russian Federation or the Ministry of Finance of the Russian Federation authorized by it.

Management of the public debt of a constituent entity of the Russian Federation is carried out by the highest executive body of state power of a constituent entity of the Russian Federation or the financial body of a constituent entity of the Russian Federation in accordance with the law of the constituent entity of the Russian Federation.

Management of municipal debt is carried out by the executive and administrative body of the municipality (local administration) in accordance with the charter of the municipality.

There are five stages in the development of the Russian domestic debt market:

Stage 1 is associated with the transition of the Russian monetary authorities from direct financing of the federal budget deficit by the Central Bank of the Russian Federation to the creation of a federal bond market.

Stage 2 is due to the emergence of resource restrictions for the further development of the domestic debt market and its opening to external investors.

Stage 3 - determined by a systemic financial crisis.

Stage 4 - characterized by gradual overcoming of the crisis.

Stage 5 - presents modern development domestic debt market 25. P.2.

In the process of managing the public debt of the Russian Federation, the following general tasks are solved:

maintaining the amount of domestic public debt at a level that ensures the preservation of the economic security of the country, the fulfillment by authorities of their obligations without causing significant damage to the financing of socio-economic development programs;

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

maintaining stability and predictability of the government debt market;

achieving effective and targeted use of funds borrowed by the state and borrowings guaranteed by it;

diversification of debt obligations by borrowing terms, profitability, forms of income payment and other parameters to meet needs various groups investors;

coordination of actions of federal bodies, bodies of constituent entities of the Russian Federation and local governments in the country's debt market.

Public debt management can be strategic or operational. Perspective issues of development of public debt are within the competence of the Federal Assembly, the President of the Russian Federation and the Government of the Russian Federation, legislative (representative) and executive authorities of the constituent entities of the Russian Federation. Executive bodies prepare draft federal and regional laws (the Federal Assembly and the President of the Russian Federation, representative bodies and heads of administrations of the constituent entities of the Russian Federation also have legislative initiative), the Federal Assembly of the Russian Federation and the legislative bodies of the constituent entities of the Russian Federation adopt them, and the President of the Russian Federation and heads of regional administrations reject them or sign them.

In particular, every year in the law on federal budget, the Federal Assembly and the President of the Russian Federation, establish maximum volumes of state internal and external debt; sources internal financing budget deficit, including income from the issue of government securities.

Operational management of public debt is carried out by the Government of the Russian Federation and its special body - the Ministry of Finance of the Russian Federation, as well as central bank of the Russian Federation and Vnesheconombank, as agents of the Ministry of Finance of the Russian Federation. These bodies determine the general conditions for the issuance of individual loans, the procedure for the issue and circulation of debt obligations, the time of issue of the next loan and the conditions for its functioning, organize the primary placement and secondary market of government securities, organize and carry out the payment of income and repayment of debt obligations, organize and carry out the issuance of government (budget) loans and government guarantees, carry out control actions and other measures for the operational management of public debt 40. P.416-418.

Management stages should be distinguished. We can distinguish at least the following five enlarged stages, at each of which specific tasks are solved.

At the first stage, the process of substantiating the maximum volumes of state internal debt, the maximum volumes of state internal borrowing, the maximum volumes of providing state guarantees is underway, and programs of state internal borrowing are being formed.

At the second stage of government debt management, a program for issuing government securities is formed, and specific parameters of upcoming borrowings are determined in terms of circulation periods, the level of probable profitability, the procedure for paying income, restrictions on owners, the placement procedure and other conditions that make each borrowing original and attractive for resident investors and non-residents.

At the third stage, bonds are placed and quotations for government debt are regulated on the secondary government debt market. The impact on government bond quotes makes it possible to regulate the budgetary efficiency of borrowings and the amount of current (domestic and external debt).

The fourth stage - anti-crisis management - is associated with the implementation of measures, the need for which is determined by the presence of problem debts or crisis debt situations. If the government is unable to service and repay its debts, then it enters into negotiations with creditors to revise the payment schedule and debt repayment terms. As a result of negotiations, the parties may come to an agreement on deferment of payments, debt restructuring, partial or complete debt write-off, early redemption obligations, innovation and the like.

The fifth stage is the implementation of original or adjusted payment schedules for servicing and repaying government domestic debts 40. P.417-418.

The basis for public debt management is the following principles:

unconditionality - ensuring accurate and timely fulfillment of the state’s obligations to investors and creditors without imposing additional conditions;

unity of accounting - accounting in the process of managing public debt of all types of securities issued by federal authorities, authorities of constituent entities of the federation and local governments;

unity of debt policy - ensuring a unified approach in the policy of managing public debt on the part of the federal center in relation to the subjects of the federation and municipalities;

consistency - ensuring the maximum possible harmonization of the interests of creditors and the borrower state;

risk reduction fulfillment of all necessary actions allowing to reduce both the risks of the lender and the risks of the investor;

optimality - the creation of such a structure of government loans so that the fulfillment of obligations under them is associated with minimal risk, and also has the least negative impact on the country’s economy;

transparency - provision of reliable, timely and complete information about the parameters of loans to all users interested in it.

In conditions where it is impossible for the state for any reason to ensure the repayment of loans and interest payments on them, limited methods of its management can be used: cancellation of public debt, write-off of debt obligations, restructuring, refinancing, consolidation, deferment of loan repayments, novation, unification, conversion, securitization, buyout.

Cancellation of government debt is the government's waiver of all obligations under previously issued loans. There are two main reasons for debt cancellation: the coming to power of new political forces and the financial insolvency of the state. The use of this method is associated with a number of negative consequences for the debtor country, among which the main ones are: loss of confidence in the debtor country; limiting opportunities for further borrowing on international financial markets; probability of volume reduction foreign trade; growing instability of the domestic market, leakage financial capital from the country.

Write-off of debt obligations means their termination and, accordingly, a reduction in the volume of public debt if there are grounds specified by law. The use of this method is typical for countries with low incomes and at the same time high levels of debt.

Compared to debt cancellation, the consequences of cancellation for the debtor country are considered more favorable, since access to new financial resources is maintained. If neither cancellation nor write-off of the debt can be considered as an optimal option, the parties resort to restructuring.

Restructuring is a revision of the debt service payment schedule, creating a new and more acceptable debt payment schedule by extending the grace period for interest payments and increasing the period for principal payments. Restructuring can help restore the state's ability to service debts by deferring payments, and, accordingly, reducing the amount of payments and freeing up financial resources.

Debt refinancing is the borrower's government attracting new loans to repay old debt (and interest on it) on existing loans. Often, additional financial resources are provided by the same creditors for whom the loans are intended to service the debt. This process is similar to a spiral, accompanied by an endless increase in debt and payments on it. At the same time, opportunities for economic development are declining. Most of the use of this method is motivated by political reasons. There are three ways to refinance government debt:

1. replacement of obligations (with the consent of their holders) with expired repayment periods with new obligations, in amount equivalent to the repaid amounts;

2. early replacement of some obligations with others with longer repayment periods;

3. placement (sale) of new bonds and, using the proceeds, redemption of expired bonds.

The state is interested in obtaining loans for long periods. Increasing the duration of already issued loans can be achieved through consolidation of public debt. Thus, consolidation refers to a change in the terms of loans associated with their terms.

Deferment of loan repayments is consolidation while the state simultaneously refuses to pay loan income.

Novation is an agreement between the borrower and lenders to replace the obligation on a specified financial loan with another obligation.

Unification of loans is the combination of several loans into one, when bonds of previously issued loans are exchanged for bonds of a new loan. Unification of government loans is usually carried out together with consolidation, but can be carried out without it. This measure provides for a reduction in the number of types of securities circulating simultaneously, which simplifies work and reduces government expenses under the state credit system.

Government debt conversion is a change in the original terms of government loans and a change in their profitability. Conversion may be forced when the lender is obliged to exchange the bonds of the old loan for bonds of the new one with a reduced interest rate; voluntary, when the creditor has the right to agree to new conditions or to receive back the amount lent to the state. The term “conversion” covers mechanisms that ensure the transformation of debt obligations into new, improving financial position borrower (either currently or in the future). Conversion may involve the transfer of debt obligations into property, shares, investments, goods supplies, debt obligations of third countries, resources for development purposes, etc. The use of conversion schemes helps reduce overall debt and helps attract foreign direct investment.

Another important market-based debt management tool is securitization. When using this method, new debt is issued in the form of bonds exchanged for old debt or subject to sale on open market. In the process of securitization, there is a reduction in the total volume of external debt, a reduction in interest payments and an increase in the debt repayment period.

In some cases, when the value of debt on the secondary market is significantly lower than its face value, debtors resort to debt repurchase, which reduces the total amount of debt on market terms.

The above methods of managing public debt are fundamentally based on the negotiation process. They belong to market methods public debt management and are widely used by developed countries and international financial organizations.

Thus, public debt management should be understood as a set of measures to regulate its volume and structure, determine the conditions and implement new borrowings, regulate the government borrowing market, and implement measures crisis management problem debts, servicing and repaying debt, determining conditions and providing government guarantees, monitoring the effective use of borrowed funds. In order to manage public internal debt, the Government has the right to use various methods, incl. cancellation of public debt, write-off of debt obligations, restructuring, refinancing, consolidation, deferment of loan repayments, novation, unification, conversion, securitization, buyout.

is a system of financial measures carried out by the state for the purpose of repaying loans, as well as paying income on these loans, changing the terms and conditions of issued loans, and issuing new debt obligations. This is one of the priority areas of the state's financial policy.

Decision-making on the choice of methods for managing public debt is influenced mainly by the following factors: the share of expenses for servicing public debt in the total amount of budget expenditure items and the percentage ratio of GDP and the amount of government borrowing.

When assessing external government debt, indicators are used: the ratio of the amount of external borrowings and the volume of exports and the share of expenses spent on repaying external government debt to the amount of export revenue.

Public debt management- this is a continuous process in which three stages are sequentially distinguished: 1 - placement of securities in order to attract financial resources, 2 - repayment of public debt, 3 - servicing of public debt.

The state debt is repaid using budget funds, gold and foreign exchange reserves, money received from the sale of state property, as well as through new borrowings.

Public debt management involves two major groups of methods: financial and administrative.

Financial methods consist in choosing the forms and methods in which the state will repay the national debt, taking into account financial indicators. They are aimed at achieving maximum efficiency from raising loans and finding ways to reduce the costs associated with their repayment to a minimum.

Administrative methods are based on the rapid implementation of orders from government authorities. Their functions do not include assessing the effectiveness and efficiency of actions related to public debt management.

The main measures that states resort to when managing public debt come down to the following measures.

In conditions of growing debts and budget deficits, the country has the right to resort to such measures as refinancing of government debt– issuing new loans to pay off old debts.

Conversion is a change by the government in the yield of existing loans. As a rule, the state resorts to reducing the amount of loan payments in percentage terms in order to reduce the costs incurred in managing the public debt.

Consolidation– involves making changes to the terms of loans related to their terms. Their change usually occurs in the direction of increase.

Unification of loans– merging several existing loans into one. In this case, previously issued bonds are exchanged for new ones. Often unification is carried out together with consolidation.

Cancellation of public debt- a radical measure in which the state waives all obligations associated with the issued loan.

Public debt management in Russia in recent years has been characterized by a gradual decrease in relative and absolute indicators of public debt. The percentage ratio of debt to GDP at nominal value decreases.

Public debt management is carried out byGovernment of the Russian Federation, within the framework of the powers vested in him, which are established by the Federal Assembly of the Russian Federation.

It consists in forming a policy pursued in relation to public debt, establishing debt boundaries, determining goals and directions of influence on micro- and macro-level indicators, and establishing the feasibility of financing public debt through national programs. All this is implemented through a system of measures that are associated with the issue of debt obligations and its further servicing. This requires government authorities to take an integrated approach and determines the diversity of regulation of emerging debt.

Issues related to public debt management are among the most important in Russian economic policy. This is due to the fact that in recent years there has been an increase in public debt, as well as the costs of repaying it. Hence the main goal of management: reducing debt and reducing the cost of repaying it. But not everything is as simple as it might seem at first glance. Management of internal public debt, as well as external, has features that are associated with the nature of relations with creditors, debt settlement, ongoing servicing and limitations in the choice of debt settlement methods. In this regard, it is worth taking a closer look at what methods of managing public debt exist.

Public debt management methods

· Refinancing – repayment of part of the principal debt (or all in full), as well as interest on it from the funds received from the placement of new loans.

· Cancellation (default) – the state’s refusal to pay the debt and its interest on previously issued loans.

· Conversion – a decision by the state to change the profitability of previously issued loans. To achieve this, the government usually reduces the interest payment.

· Novation - an agreement between the borrower and the lender to terminate obligations, as well as replace them with other obligations that provide for other conditions for repaying debts.

· Unification is a decision by the state to combine several previously issued loans, when bonds of previously issued loans are exchanged for bonds of new loans.

· Consolidation – increasing the validity period of previously issued obligations. The state is always interested in obtaining loans for longer periods.

· Deferment of loan repayment (or all loans issued in advance) - carried out in the case when further issuance of new loans does not bring financial activity for the state.

Methods of public debt management such as conversion, unification and consolidation of public employment are most often carried out in relation to domestic loans. As for the deferment of loan repayment, a similar measure can be applied to external loans.

Principles of public debt management

Public debt management methods were created in order to solve the following problems:

· Keep the volumes of internal and external public debt at the same level. This is necessary in order to maintain the economic security of the country, as well as to ensure that the authorities fulfill the obligations that they have undertaken, without causing significant damage to the financing of socio-economic development.

· Minimize the cost of debt by lengthening the debt term and reducing the yield of government securities.

· Maintain stability and predictability of public debt.

· Achieve the most effective and efficient use of borrowed funds.

· Coordinate the actions of bodies of constituent entities of the Russian Federation, local governments and federal bodies in the country's debt market.

· Diversify debt obligations in terms of borrowing terms, forms of payment and other parameters in order to satisfy the needs of investors.

Main problems of public debt management

· At the moment, the debt problem has not yet been fully resolved. In particular, this concerns the obligations of the Russian Federation under the state guarantees it has presented.

· Regulatory regulation of public debt requires improvement.

· There are no legally established norms for determining the volume of public external debt that correspond to international standards.

9. Public debt management

Public debt is divided into principal and current, depending on the maturity date.

Public debt is the entire amount of issued but not repaid government loans with interest accrued on them as of a certain date or for a certain period.

The national debt is divided:

1. Internal and external.

2. Basic and current.

State domestic debt RF means a debt obligation of the Government of the Russian Federation, expressed in the country's currency, to legal entities and individuals. The forms of debt obligations are loans received by the Government of the Russian Federation, government loans made through the issue of securities on its behalf, and other debt obligations guaranteed by the Government of the Russian Federation.

State external debt- this is debt in foreign currency for outstanding external loans and unpaid interest on them.

The principal debt is the entire amount of government debt that is not due and cannot be presented for payment within a given period.

Current public debt is the state's debt for obligations for which payment has become due.

World experience shows that public debt should not exceed half of the country's GDP. Significant amounts of public debt reflect the crisis state of the Russian economy.

The federal debt does not include debt obligations of national-state and administrative-territorial entities of the Russian Federation, i.e. municipal loans, if they are not guaranteed by the Government of the Russian Federation.

Servicing public debt is expressed in the implementation of operations to place debt obligations, repay them and pay interest on them. These functions are carried out by the Central Bank of the Russian Federation.

Public debt management is understood as a set of financial activities of the state related to the establishment of annual maximum values ​​of public debt, the issuance and repayment of loans, the organization of payment of income on them, carrying out conversions and consolidation of loans.

Payment of income from loans and their repayment is one of the main items of budget expenditures. The government is forced to resort to prolongation of loans and other obligations (extending repayment periods) or conversion (reducing the amount of interest paid on loans).

The main methods of financing public debt are monetary emission and the issuance of government loans.

There are different criteria for assessing external debt. For example, they compare the size of the debt and the need for its repayment and interest payments with the amount of exports. The limit of danger is considered to be an excess of the amount of debt compared to exports by 2 times, increased danger - by 3 times.

Currently, the country is unable to fully service its external debt. Required:

q organization of practical work on the return of interstate debts, because Russia continues to be the world's largest creditor;

q it is necessary to abandon international financial loans used to cover current budget needs, and direct them to the implementation of targeted federal programs related to the revival of production.

Methods of managing public debt are:

Conversion;

Consolidation;

Unification;

Exchange of bonds at a regressive ratio;

Deferment of repayment;

Restructuring;

Cancellations.

Conversion is a change in loan yield. It is carried out in the event of a change in the situation financial market(for example, the level of the central bank discount rate) or a deterioration in the financial position of the state when it is unable to pay the required revenue.

Consolidation- this is the transfer of obligations under a previously issued loan to a new loan in order to extend the loan term. It is carried out in the form of exchanging bonds of the previous loan for new ones. In some cases, a reduction in loan terms may be applied.

Unification of loans- this is the combination of several loans into one, when the bonds of several previously issued loans are exchanged for bonds of a new loan. It simplifies the management of public debt. Unification can be carried out either separately or together with consolidation.

Exchange by regressive ratio The transfer of bonds from previous loans to new ones is carried out with the aim of reducing public debt. This is undesirable, since it represents a partial waiver by the state of its debts.

Postponement repayment is the postponement of debt payments. At the same time, during the period of postponing the debt repayment period, no payment of income is made.

Restructuring - This is the application in full or in part of the above methods.

Cancellation debt means a complete renunciation of the state's debt. However, this option is considered unacceptable. The authority of the state depends on its recognition of its debts and ensuring their full repayment on time.

Management of the state internal debt of Ukraine is carried out by the Ministry of Finance of Ukraine in the manner agreed with National Bank Ukraine.

The placement of debt obligations of the Government of Ukraine and the provision of guarantees on its behalf is carried out on its behalf by the Ministry of Finance of Ukraine.

The maximum size of the state internal debt of Ukraine, its structure, sources and repayment terms are established by the Verkhovna Rada of Ukraine simultaneously with the approval of the state budget of Ukraine for the next year.

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

External debt- these are obligations to non-residents in foreign currency.

Domestic debt- obligations to residents in rubles.

The national debt is secured by federal ownership.

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

credit agreements signed on behalf of the Russian Federation with credit organizations, foreign states and international financial organizations;

government securities;

agreements on the provision of state guarantees;

re-registration of debt obligations of third parties into public debt.

The national debt may be short-term(up to one year), medium term(from one year 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 is not responsible for the debt obligations of the constituent entities of the Russian Federation and municipalities if they were not guaranteed by the federal government.

Maximum volumes of government internal and external debts 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 government external borrowings should not exceed the annual volume of payments for servicing and repaying government 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 from the federal budget for the next financial year, indicating the purpose, sources, repayment deadlines and the total volume of borrowings. It covers all loans and government guarantees that exceed the equivalent of $10 million.

The decision to issue government securities is taken by the government accordingly in accordance with the maximum volumes of the budget deficit and public debt established in accordance with the budget law, as well as the Internal Borrowing Program.

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

State guarantee is a method of ensuring 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 maximum size amounts of government guarantees. The total amount of government guarantees expressed in rubles is included in the government internal debt.

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

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

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

IN State debt book information is entered on the volume of debt obligations of the Russian Federation, constituent entities of the Federation and municipalities for 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.

Can be used to reduce debt burden debt restructuring. It means the repayment of previous debt obligations with the simultaneous implementation of new borrowings in the amount of repaid debt obligations and the establishment of new conditions for debt servicing.

The following public debt management tools are also used:

consolidation- combining several loans into one longer-term loan with a change in the interest rate;

government loan conversion- change in the initial terms of the loan regarding profitability. Most often, during the conversion, the government reduces the interest rate;

external debt conversion- a means of reducing external debt by fulfilling debt obligations to creditors by transferring to them bills and shares in national currency;

innovation- replacement of the original obligation between the parties with another obligation between the same parties, providing for a different method of execution.

In 1985, the external debt of the USSR amounted to 22.5 billion dollars, in 1991 - 65.0 billion dollars. The external debt of Russia, including the debt of the USSR, amounted to 124.5 billion dollars as of January 1, 2003. To fully repay it within 30 years, along with interest payments, at least $300 billion will have to be paid.

Table 6 Dynamics of public external debt of the Russian Federation (billions of US dollars)

Name	At 1.01. 1998	At 1.01. 1999	At 1.01. 2000	At 1.01. 2001	At 1.01. 2002	At 1.01. 2003
External debt of the Russian Federation, including obligations of the USSR Including:
on loans from foreign governments
on loans from foreign banks and companies
for loans from international financial organizations
government securities of the Russian Federation in foreign currency
on loans Central Bank RF
guarantees and reserves for changes in interest rates and exchange rates

In order to ensure its foreign policy and foreign economic interests, Russia provides loans to foreign countries. 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 write-off of debt of foreign states to the Russian Federation must be ratified by the State Duma.

Restructuring of public debt- this is a revision of the terms of debt servicing (loan percentage, amount, repayment terms, etc.). In a general sense, restructuring is relevant when there is a threat of bankruptcy of the borrower, that is, his inability to repay debt obligations in accordance with the original terms of its provision.

The restructuring of public debt is led by the macroeconomic policy of the state, according to which the government increases the amount of debt through loans from foreign countries, as a result of which the total amount of loans far exceeds the account deficit current operations. taken borrowed funds are directed towards the acquisition of foreign assets while they should have been directed towards financing national sectors. economy. This state monetary policy contributes to the outflow of private capital abroad.

Literature

• Part 1 Art. 127 Budget Code Russian Federation

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