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The Russian Federation belongs to the category of states that are at the same time a major global creditor , and debtor. Although it is still very far away. Let's analyze what Russia's external debt is, what is its condition, structure, service.

Russia's external debt

The Budget Code of the Russian Federation, or more specifically, Article 6 of the document, defines Russia's external debt as state obligations arising in foreign currency.

By external it is customary to mean the total external debt of all legal entities - residents of the Russian Federation, that is, both state and business structures.

At the same time, the state external debt of Russia is the obligations:

federal authorities;
subjects of the federation;
Central Bank of the Russian Federation

official source of information on current state, structure, history, payment plans for Russia's external public debt is the Central Bank of the Russian Federation. separate article see about the functions of the Central Bank. Actual debt indicators, as well as a preliminary assessment of its condition on a certain date - for example, on April 12, a rough estimate was given for April 1 - are published in the "External Sector Statistics" section of the CBR web resource: http://www.cbr.ru/statistics/?PrtId=svs .

Detailed official reference Information on the external Russian debt is also available on the website of the Russian Ministry of Finance: https://www.minfin.ru/ru/perfomance/public_debt/external. In particular, the department lays out schedules for the repayment of external public debt by type of debt obligations of the Russian Federation.

History of the public debt of the Russian Federation

The state debt of the Russian Federation was actually formed in 1991 - immediately after the cessation of the existence of the USSR, when Russia, as its successor, fully assumed the debts Soviet Union. The former Soviet republics that fell away from the center paid for this by giving up their share in Soviet foreign assets. The data on the history of debt below is collected from the reports of the Central Bank and the Ministry of Finance.

In the 1990s, the period of the most difficult economic crisis- Russia practically stopped repaying the debt of the USSR and began to collect new debt obligations. Accordingly, their volume grew and after 1998 reached the then local maximum at 188 billion USD. Part of the money was borrowed from:

After the peak of the crisis reached in 1998 and the passage of the default, Russian external debt began to decrease - in the early 2000s, thanks to rising oil prices, Russia began its economic strengthening. By the end of the summer of 2006, after lengthy negotiations, Russia paid off $22.5 billion on the Paris Club loans ahead of schedule.

Next, a new phase of debt growth began - the rectification of the financial situation in the country in the 2000s made foreign loans available. As a result, having fallen to 146 billion USD by 2002, Russia's external debt rose again by 2008 to almost 0.5 trillion USD.

The volume of Russian foreign loans slowed down in the same 2008 due to. But just a year later, the indicator of the external public debt of the Russian Federation again showed growth and continued its ascent.

In 2013, payments were made on the debt of the USSR to the Czech Republic, Finland and Montenegro in the total amount of 3.65 billion USD. However, against the background of the total external debt, this amount was only 0.5%. On August 8, 2017, Russia completed settlements with the Union's creditors by paying $125.2 million to Bosnia and Herzegovina.

A new (so far unsurpassed) maximum of Russian external debt - over 700 billion USD - was recorded in the summer of 2014. After that, he began to fall rapidly due to Western sanctions superimposed on Russian state due to the annexation of Crimea and the conflict with Ukraine. Western financial institutions were deprived of the opportunity to continue lending to residents of the Russian Federation.

In the winter of 2014-2015, peak payments were made on Russian external debt - more than $100 billion in a few months. This led to a currency crisis in Russia and the fall of the ruble, as well as a significant reduction in the state's gold and foreign exchange reserves. During the year of the moratorium on lending, the volume of the external debt of the Russian Federation decreased by almost 200 billion USD.

It may seem surprising, but relevant state debt Russia to GDP is only 12.6% - only four countries in the world have this figure lower. The TOP-10 world debtors have a ratio of more than 100%, while Japan has a ratio of about 250%. In absolute terms, the undisputed leader is the United States with an indicator of more than 20 trillion. $.

Comparison of external and internal debt of the Russian Federation

This is how the dynamics of the external debt of the Russian Federation compared to the state internal debt looks like:

The current state of the internal debt of the Russian Federation: https://www.minfin.ru/ru/perfomance/public_debt/internal. Since domestic debt on the website of the Ministry of Finance is measured in national currency (rubles), it is better to compare it with external debt in dollars at a floating exchange rate at the end of each year. At the end of 2017, the external debt is 3.75 times larger than the domestic debt.

The difference in the schedules is obvious - since there can be no sanctions on domestic debt, there has been a noticeable increase in it over the past 10 years - over the period 2007-2017, the domestic debt of the Russian Federation increased 8 times. External debt - less than doubled. The most stable period in both cases was in 2000-2005, when oil revenues covered all government needs without the need for internal and external loans. The current volume of the debt of the Russian Federation, billion rubles (external + internal, quarterly):

Current external debt of Russia

As of January 1, 2018, Russia's external debt amounted to $529.1 billion. According to the Central Bank, the figure for 2017 was exceeded by 2.9%. The Bank of Russia explained the increase in external debt by two factors:

1. the growing interest of foreign investors in Russian government securities, which they are allowed to buy;

2. attraction of debt financing by structures of Russian companies located abroad

According to the financial mega-regulator, the external debt of Russian banking organizations, on the contrary, decreased to lower level over the entire last decade.

Earlier, the Finance Ministry said that in the event of a hit by new Western sanctions on government bonds of the Russian Federation, the government will find other sources of funding for the federal budget.

Structure of Russian external debt

Russia's external debt includes:

actually the state debt of the Russian Federation - the obligations of the federal authorities;
external debt of the Central Bank of the Russian Federation;
debt of the banking sector (commercial banks - private and public property);
debt of "other sectors" - Russian companies, organizations, enterprises.

Over the past year, the federal authorities have increased Russian debt from $39.178 to a new figure of $55.629 billion, or by 42%:

liabilities in foreign currency increased by 27%, from $11.662 to a new value of $14.882 billion;
securities in rubles - by 54%, from 25.032 to a new number of 38.708 billion USD (equivalent).

The external debt of the Central Bank increased from 12.334 to a new indicator of 14.974 billion USD, or by 21%.

The debt of the banking sector decreased from 119.395 to a new figure of 104.518 billion in US currency, by 12%.

The corporate debt of Russian companies increased from $343.225 to a new value of $353.963 billion, by 3%, remaining the largest among the liabilities of all sectors.

Law passed in 1992 Russian Federation divided public debt into external and internal.

The state debt of Russia for 2018 is divided into external and internal loans according to the currency of the incurred obligations. A loan in foreign currency refers to the external debt of the Russian Federation, and ruble - to the internal.

According to the 6th article of the budget code of the Russian Federation, the external debt of the state is the obligation of the country that arises in foreign monetary units.

The state external debt of the Russian Federation are obligations:

federal authorities;
federal subjects.

The Central Bank is the official source of information on the structure, history, current state and payment plan.

Lenders are usually:

other states;
private foundations;

Historical data

In fact, the State debt appeared in 1991 after the collapse of the Union of Secular Socialist Republics when the Russian Federation, as a successor, took over all debt obligations.

Due to the severe economic crisis in the 1990s after the collapse of the USSR, Russia practically did not repay loans and took on new ones. The volume of the external debt of the Russian Federation grew until 1998 and amounted to $188 billion. After the peak and end of the crisis in 1998 and overcoming the default, the size of official payments began to decrease (see).

In the early 2000s The Russian Federation began to strengthen its economic position due to the rise in oil prices.

Already in the summer of 2006, as a result of lengthy negotiations, the loan of the Paris Club was prematurely repaid - $ 22.5 billion.

By 2008, due to available foreign loans, the debt had risen again to 0.5 tron. $.

In 2013, the credits of the USSR were repaid. Paid in the amount of $ 3.65 billion, to such countries: Montenegro, Czech Republic and Finland.

The next high was reached in 2014 - over $0.7 trillion. After that, it began to decline quite quickly due to sanctions.

At the end of 2014 - beginning of 2015. over $0.1 trillion was paid out in a few months. Which eventually led to a currency crisis and a depreciation of the ruble.

In the summer of 2017, the state debt of the Soviet Union in the amount of $ 125.2 million to Bosnia and Herzegovina was repaid.

Russia's external debt chart

The country's total debt is declining

As of the beginning of this year, the amount of total debt has decreased to 33% of the Gross Domestic Product from 40% previously set. This level is moderate according to the annual report of the Central Bank.

Payment schedule for this year

Russia's external debt for 2018 should decrease by $50 billion:

$21.4 billion paid in the first quarter.
At the end of the second quarter, payment will reach $30 billion, but so far the final figure has not been announced.

Assessments of the state and dynamics of the external debt of the Russian Federation

Due to the imposition of sanctions imposed on the Russian Federation, the amount of debt is reduced in digital terms, but in relative indicators is growing. Experts believe that this can be explained by a decline in GDP, a depreciation of the ruble and a reduction in energy exports due to lower world prices for them.

year: causes, counter-sanctions, implications for the economy

According to experts, the growth dynamics of Russia's external debt is not critical in relation to the debt of some other world powers.

According to forecasts, Russia's external public debt for 2018-2019 will continue to grow. Despite the planned payment for this period.

Russia's GDP and external debt: According to relative readings, public debt is approximately 5-10% of total GDP, this figure is lower only in 4 world powers.

The structure of Russia's external debt in 2018

Russia's external debt in 2018 consists of the following categories:

External public debt;
Obligations to members of the Paris Club;
Debt payments to non-Paris Club creditors;
Obligations to former states Council for Mutual Economic Assistance;
Commercial loans former Union Soviet Socialist Republics;
Obligations to financial international organizations;
Repayment of Eurobond loans;
Bond loans;
OVGVZ payments.

The structure of the external debt of the Soviet Union includes:

installment agreements;
Medium-term or short-term loans on a commercial basis, which are confirmed by bills and drafts (securities);
Bills and drafts with payments for bearers;
Collection is a settlement banking operation for transferring money to the recipient from the payer through the bank. A commission is charged for this operation;
Irrevocable and revocable obligations, including bank letters of credit with installments;
Other arrangements related to resolution by decision of the governing bodies.

Almost all debt is Eurobond loans. Securities are Eurobonds, which are issued in monetary units other than the state currency.

The Ministry of Finance reported that the external debt of the Russian Federation decreased after the overlap of loans from the Soviet Union. On the this moment there is only one debt before South Korea. According to the agreements, it must be repaid by 2025.

On August 8, 2017, the Russian Federation completely paid off the debts of the USSR, paying over $125 million to Bosnia and Herzegovina.

For 10 years, Russia has forgiven 80,000,000,000 dollars to debtor states. Among the countries that have received debt relief are:

Cuba - $31.7 billion,
Iraq - 21.5,
Mongolia - 11.1,
Afghanistan - 11,
North Korea - 10,
Syria - 0.9,
Vietnam - 9.4,
African states, including: Angola, Nicaragua, Ethiopia, Libya, were forgiven payments in the amount of more than 0.02 trillion dollars.

The Russian Federation has a debt to only one power - South Korea in the amount of $594 million.

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

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

The public debt is secured in federal ownership.

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

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

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

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

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

The Russian Federation is not liable for the debt obligations of the constituent entities of the Russian Federation and municipalities unless they were guaranteed by the federal government.

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

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

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

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

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

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

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

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

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

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

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

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

The following public debt management tools are also used:

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

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

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

Name
External debt of the Russian Federation, including obligations of the USSR Including:
on loans from foreign governments
on loans from foreign banks and firms
on loans from international financial organizations
government securities of the Russian Federation in foreign currency
on loans from the Central Bank of the Russian Federation
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 states. The program for providing such loans is approved by the law on the federal budget for the next year. This program consists of a list of loans indicating the purpose of their provision, recipients and amount. Agreements on debt restructuring or debt cancellation of foreign states to the Russian Federation must be ratified by the State Duma.

The concept and structure of external financing and external debt

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

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

Rice. 50. Structure of external financing by sources

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

Rice. 51. Structure of external financing and lending by form

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

Public debt management

The system creates public debt system: internal and external

System debt service requires a system debt management.

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

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

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

Thus, the most simple circuit service of the public debt illustrates the sufficient complexity of its management. In connection with high cost of public debt, the debt management system includes negotiations on changing debt conditions, the debt refinancing mechanism itself, and monitoring indicators of the volume and level of debt, and comparing them with other indicators of public finances (GDP, state budget, etc.).

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

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

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

Rice. 53. Methods of refinancing public debt

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

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

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

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

Public debt and methods of public debt management

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

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

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

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

The maintenance of the state internal debt of the Russian Federation is carried out by the Central Bank of the Russian Federation and its institutions, unless otherwise established by the Government of the Russian Federation, and is carried out with the help of operations for the placement of debt obligations of the Russian Federation, their repayment and payment of income in the form of interest on them or in another form.

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

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

To the main public debt management methods should include:

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

The result of government borrowing is public debt. According to the Budget Code, the state debt of the Russian Federation includes debt obligations of the Russian Federation to individuals and legal entities of the Russian Federation, constituent entities of the Russian Federation, municipalities, foreign states, international financial organizations, other entities international law, foreign individuals and legal entities arising as a result of state borrowings of the Russian Federation, as well as debt obligations under state guarantees provided by the Russian Federation.

Under the public debt is understood the entire amount of issued, but not repaid debt obligations, with accrued interest, which must be paid on them by a certain date.

Servicing the public debt refers to operations to pay income on government debt obligations in the form of interest on them and (or) a discount, carried out at the expense of the relevant budget.

Depending on the level of management, the public debt is subdivided into the public debt of the Russian Federation and the public debt of the subject of the Russian Federation.

All property constituting the state treasury acts as a security for the state debt of Russia.

The structure of the public debt of the Russian Federation is a grouping of debt obligations of the Russian Federation, which include the following types obligations:

· loans raised on behalf of the Russian Federation as a borrower from credit institutions, foreign states, including targeted foreign loans from international financial organizations, other subjects of international law, foreign legal entities;

· government securities issued on behalf of the Russian Federation;

· budget credits attracted to the Federal budget from other budgets of the budgetary system of the Russian Federation;

state guarantees of the Russian Federation

other debt obligations.

By maturity, debt obligations can be:

short-term - up to one year;

medium-term - from one to five years;

long-term from five to thirty years inclusive.

From the standpoint of management accounting, liabilities are divided into direct and conditional.

Direct obligations include:

credit agreements and contracts;

· government loans;

contracts and agreements on obtaining budget loans

· Overdue accounts payable of budgetary institutions.

For contingent liabilities:

State guarantees for obligations to third parties.

When adopting the budget for the next financial year and planning period, the following are determined:

· upper limit public domestic debt;

· the upper limit of the external debt to the Russian Federation;

Limitation of providing guarantees to third parties.

The structure of the public debt of a constituent entity of the Russian Federation is a grouping of debt obligations of a constituent entity of the Russian Federation, which, in accordance with budget legislation, include:

· government securities of a constituent entity of the Russian Federation;

· budget loans attracted to the budget of the constituent entity of the Russian Federation from other budgets of the budgetary system of the Russian Federation;

· loans received by a constituent entity of the Russian Federation from credit institutions, foreign banks and international financial organizations;

· state guarantees of the subject of the Russian Federation.

Public debt is classified according to the following criteria:

1. By the term of formation and repayment:

capital debt - includes the entire amount of debt obligations for certain date;

current debt - consists of payments on obligations that the borrower is obliged to repay in the reporting period.

2. By loan currency (Article 6 of the Budget Code of the Russian Federation):

external debt - liabilities arising in foreign currency, with the exception of obligations of the constituent entities of the Russian Federation and municipalities to the Russian Federation, arising in foreign currency as part of the use of targeted foreign borrowing loans);

· internal debt - obligations arising in the currency of the Russian Federation, as well as obligations of the constituent entities of the Russian Federation and municipalities to the Russian Federation, arising in foreign currency as part of the use of targeted foreign loans (borrowings).

One of important directions The state's fiscal policy is to manage the public debt.

Public debt management is understood as a set of actions of the state represented by its authorized bodies to regulate the size, structure and cost of servicing the public debt, or these are state measures aimed at repaying the debt.

Public debt management can be considered in a broad and narrow sense.

AT broad sense public debt management involves:

· formation of policy in relation to the public debt;

· determination of the main indicators and limit values of public debt;

· definition priority areas use of attracted resources.

In a narrow sense, public debt management involves determining the conditions for the issuance, circulation and redemption of specific securities.

The public debt management organization system consists of the following elements:

· concepts of public debt management and debt policy;

Subjects of public debt management;

legal and regulatory support;

methods and principles of management;

Accounting and registration of debt obligations;

risk management;

· Programs of state internal and external borrowings and other elements.

The purpose 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. The main condition for successful debt management is to ensure economic growth, increase on this basis total value revenues in the country, including budget revenues. With a significant amount of debt, it is necessary to solve the controversial problem of limiting the consumed part of GDP for paying off external debts and servicing them.

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

· the maximum possible reduction in the cost of its maintenance and repayment, taking into account the world market conditions;

· Ensuring the timely fulfillment of debt obligations to repay and service internal and external debts;

Debt minimization for the borrower;

effective use of borrowings and others.

The government debt of the Russian Federation is managed by the Government of the Russian Federation or the Ministry of Finance of the Russian Federation authorized by it. The management of the public debt of the constituent entity of the Russian Federation is carried out by the supreme executive body the authorities of the subject of the Russian Federation or the financial body of the subject of the Russian Federation in accordance with the law of the subject of the Russian Federation. The Bank of Russia and Vnesheconombank take part in the management of public debt within their competence, determined by regulatory legal acts. Control over the state of the state internal debt is carried out by the Parliament of the country.

The Ministry of Finance of the Russian Federation is responsible for ensuring the unity of planning and accounting for all operations to attract, repay and service external and internal government borrowings.

Debt policy should comply with certain principles such as:

· maintaining the volume of debt obligations at an economically safe level, taking into account all possible risks;

timeliness and completeness of the fulfillment of debt obligations;

transparency in debt management;

· minimization of cost of debt obligations and other tasks.

When managing public debt, based on the goal, various methods can be used.

Public Debt Management Methods

Method name	Method content	Interest in applying the method
conversion	Change in initial conditions regarding the yield of the loan	By reducing the interest on bonds, the government aims to reduce debt service costs
consolidation	Changing the terms of loans related to their terms	The state is interested in obtaining loans for long periods
unification	Consolidation of several loans into one, when bonds of previously issued loans are exchanged for bonds of a new loan	The number of securities at the same time is reduced, which simplifies work and reduces government costs
refinancing	Repayment of part of the public debt at the expense of newly attracted funds	Typically used for interest payments and in times of financial crisis
innovation	Agreement between the borrower state and lenders to replace obligations under the same loan agreement	Government spending cuts
postponement	Not only are loan repayment terms postponed, but, as a rule, the payment of income also stops	Further active development of operations for the issuance of new loans is not effective for the state
Cancellation of the public debt	State refusal from debt obligations	It is declared in case of financial insolvency of the state or is a consequence of coming to power political forces which do not recognize the financial obligations of the previous authorities.

The Budget Code of the Russian Federation provides for debt restructuring, which is understood as the termination of debt obligations constituting state or municipal debt based on an agreement, with the replacement of these debt obligations with other debt obligations that provide for other conditions for servicing and repaying obligations. Debt restructuring can be carried out with a partial write-off (reduction) of the amount of the principal debt.

Together with consolidation, unification of loans can also be carried out.

Conversion, consolidation, unification of government loans and exchange of bonds are usually carried out in relation to domestic loans only.

External debt restructuring can be carried out on the basis of one or more measures:

Postponement of payments - postponing the terms of payments, interest on the debt or all debt service payments to a later date than originally agreed;

reduction of the amount of the principal debt - reduction of the amount of outstanding debt by either direct write-off of part of the debt, or sale at a discount on the secondary market, or conversion into any national assets of the country of the debtor;

· Debt forgiveness - is used very limitedly on a bilateral and multilateral basis, mainly in relation to those countries and those debts that cannot be paid in the medium term under any, even the most favorable conditions;

· debt recapitalization - the exchange of debts for bonds of debtors or the provision of new loans with the purpose of paying off past debts;

debt in exchange for shares – creditors agree to waive their contractual rights to a defaulting debtor in exchange for certain share shares.

Accounting and registration of the 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. The State Debt Book of the Russian Federation is maintained by the Ministry of Finance of the Russian Federation. The book contains information on the volume of debt obligations, on the date of occurrence of obligations, on the fulfillment of these obligations in full or in part, as well as other information.

To measure public debt and international comparison of the debt dependence of individual countries in world practice, a number of indicators and indicators of public debt are used:

1. External debt/gross domestic product;

2. External debt/export of goods and services;

3. Cost of servicing external debt/exports of goods and services

4. Interest/GDP payments

5. Short-term external debt/external debt

The most common is the “indicator of the ratio of external debt to GDP”. It determines the possibility of servicing external debt, paying off payments at the expense of the produced product of a given year. If there is an increase in GDP, then the growth of external debt is not terrible either. The main thing is that the rate of GDP growth should not lag behind the rate of growth of external debt. The limit value of this indicator is not higher than 80% (some consider it a critical mark of 50%).

An important role is also played by the indicator “the value of the external log per capita”, which more accurately reflects the degree of foreign economic dependence of the country than absolute value external debt.

Thus, all the presented indicators have great importance to analyze the economic situation in a particular country.

The structure of public debt

The obligations of a country may arise from legal relations with organizations and persons carrying out activities within its territory. Such public debt is considered domestic. It is presented in the form of ruble obligations to residents. External public debt - loans in foreign currency from non-residents.

Commitment Forms

The Russian public debt is presented as:

Credit agreements with financial (including international) organizations, foreign powers. They are concluded on behalf of the Russian Federation.
Valuable papers. They are also issued on behalf of the Russian Federation.
Re-issuance of credit obligations assumed by third parties.
Agreements on the provision of state guarantees.

Internal loans can be in the form of:

The state debt of Russia can be:

Long-term - for 5-30 years.
Medium-term - for 1-5 liters.
Short-term - up to a year.

Repayment of obligations is carried out within the period established by the terms of the loan. However, this period should not exceed 30 years. Russia's public debt is secured by federal property.

Commitment management

The Russian Federation is not liable for the debts of the constituent entities and municipalities of the country, if they were not secured by guarantees from the federal government. The maximum amount of loans is set in accordance with the Law on the budget for the coming year. According to Art. 106 BC, the external public debt cannot exceed the limit of the volume of payments per year for its servicing and repayment. The Law on the budget for the forthcoming period approves the borrowing program. It provides a list of external loans, indicating sources, purpose, maturity and their total volume. This program stipulates all state guarantees and loans, the amount of which is more than the equivalent of 10 million dollars. The procedure, conditions for issuing (issuing) and placing obligations are established by the government.

Issue decision

This act is adopted by the government in accordance with the maximum volumes of the budget deficit and public debt, which are established in the Domestic Borrowing Program and the Budget Law. The decision on the issue of securities reflects data on the issuer, volumes and conditions of the procedure.

Warranty

Such a public debt is a form of collateral involving a written commitment. Within the framework of it, the guarantor is responsible for the fulfillment by the person who received the loan of the terms of his contract with third parties. The Law on the budget for the next period establishes limit value guarantee amounts. If it is expressed in rubles, then it is included in the domestic public debt. The amount may be in foreign currency. In this case, it refers to external debt.

Important point

According to Art. 118 BC, budgetary institutions are not entitled to take loans from credit institutions. However, they can receive loans. Extra-budgetary (state) funds and budgets act as sources of such loans. The Treasury is responsible for maintaining the register of loans to unitary enterprises.

Documentation

AT administrative apparatus there is an institution that controls the public debt - this is the Ministry of Finance. Information on the volume of obligations is entered into the relevant books. The regional, municipal and state debt of the Russian Federation on issued securities is documented. Required Information are entered in the Book of Loans within a period that is not more than three days from the date of the appearance of the obligation.

Basic tools

There are several ways to change the terms under which the public debt is paid. This is:

Prerequisites for the emergence

Public debt is a consequence of the objective need to attract additional sources of funding for spending in the country and the budget deficit. For this, first of all, own funds are mobilized. If these sources are exhausted, it becomes necessary to borrow from international organizations and other countries. External debt can be provided in the form of gratuitous financing or as a returnable loan. Attracting funds is carried out in two directions: private and public, depending on the sources.

Service system

It involves a certain scheme by which the public debt is repaid. This is done in several stages:

Interest payment.
Repayment of principal.
Refinancing if necessary.

For example, the conditional public debt of the Russian Federation is 100 thousand units. At a rate of 20% and a payment period of 4 years with a one-year grace period (when only interest is repaid), 80 thousand should be added to the specified amount. Even with such a simple scheme, direct management of public debt is a certain difficulty. In this regard, the service system includes:

Servicing of internal state loans of the Russian Federation is carried out by the Central Bank and its divisions, unless otherwise established by a Government Decree. It is carried out through operations aimed at placing obligations, repaying them and paying income on them in the form of interest or in another form. Control over the state of the public debt is carried out by the executive and legislative authorities.

Conclusion

In 1985, the external debt of the Soviet Union was $22.5 billion. By 1991, it had increased to $65 billion. for thirty years, it was required to pay at least $ 300 billion. To ensure its own foreign economic and foreign policy interests, Russia provides for the provision of loans foreign states. The program of such lending is approved in the Law on the federal budget for the next financial period. It contains a list of loans, indicates the purpose of their provision, amounts and recipients of funds. All agreements related to loan restructuring or debt cancellation foreign countries before the Russian Federation must be ratified in the State Duma.