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In his report On the key avenues of the debt policy of the Russian Federation in 2007 through 2009 A. L. Kudrin, the Finance Minister of the Russian Federation, stated that the key outcomes of the debt policy pursued in 2004 and 2005 were the reduction of the absolute and relative sizes of the public debt, fixation of the trend towards the substitution of external borrowings with domestic ones, a qualitative improvement of the structure of the public debt, the retaining of the trend towards a decline in the yields of state securities, the successful completion of the negotiations concerning the settlement of the debts of the former USSR to a number of foreign creditors, the development of the course towards the substitution of direct state crediting of the projects of the state importance with the granting of state guarantees of the Russian Federation to the interested parties as concerns their borrowings.

Besides, the key trends characteristic of the debt policies pursued by the Russian Federation became perceptible in the sphere of borrowings made by RF subjects.

In 2006, there should be in particular resolved such problems, as the retaining of the trend towards the substitution of external borrowings with domestic ones; the creation of the state savings bonds (SSB) market; the continuation of the policy aimed at the development of standardization of the market of state borrowings by the pursuit of an auction policy envisaging the placement of large issues of state bonds of certain duration in on the established dates known by all market operators; ensuring, in the case there is high demand, of additional supply of state bonds by holding auctions aimed to additionally place securities; the pursuit of an interest rate policy taking into account the actual and expected changes on financial markets of Russia and abroad. It was also planned to carry out the issue of federal loan bonds amounting up to Rub. 186 000 million, and state saving bonds amounting up to Rub. 65 000 million.

The objectives of the debt policy to be pursued in 2007 through 2009 should be the reduction of the size of the public foreign debt by the way of its substitution with domestic borrowings; the development of the national state securities market; the use of the instruments of the debt policy for the purposes of acceleration of the rates of the social and economic development and with respect to the pursuit of monetary policy aimed at the additional sterilization of the excessive money supply and the struggle against inflation.

In this connection, as it was stated in the report, there should be resolved the following key problems:

- Retaining of the presence of the state on the financial market as a borrower;

- Improvement of the liquidity of the national (Ruble denominated) market of state securities;

- Discontinuation of the practices of attraction of tied credits from governments of foreign countries;

- Improvement of the investment credit rating of the Russian Federation;

- Organization of monitoring of external borrowings made by economic agents with high shares of state participation in their capitals;

- Continuation of compensation payments relating to the savings of RF citizens;

- Enhancement of support to socially important projects, which can not be implemented without state support by the way of granting of state guarantees of the RF to their participants.

In the period from 2007 till 2009, there was planned to place state securities of the RF amounting in total to Rub. 897 billion; the public internal debt in terms of the state securities of the RF should increase from Rub. 1032.1 billion to Rub. 1644.2 billion. In 2007 through 2009, the structure of the public debt should be changed: the share of the public internal debt denominated in the national currency should increase from 35.5 per cent (as by the end of 2006) to 53.1 per cent (as by the end of 2009), whereas the share of the public external debt should decline respectively.

At the same time, in the case in 2006 the plan of early repayment of the non-securitized rest of the debt to the members of the Paris Club amounting to US $ 12 billion is met, in 2007 through 2009 the main sources of financing of the repayment of the public debt obligations should be the funds attracted at the expense of the placement of state securities on the domestic market and revenues from the sales of federal properties and land plots, whereas the structure of the public debt should change as follows:

the share of the public internal debt denominated in the national currency should increase from 39. per cent as by the end of 2006 to 57.4 per cent as by the end of 2009, whereas the share of the public external debt should decline respectively.

Therefore, as it follows from this report, by the end of 2008 there should be guaranteed the attainment of one of the most important objectives of the debt policy pursued by Russia: the amount of the public internal debt may exceed the amount of external debt obligations.

As concerns the policies to be pursued with respect to the restoration of the pre-reform savings of RF citizens, these policies will be aimed at the increase in the amount of funding allocated for compensation payments, as well as the expansion of the categories of citizens eligible for such compensations.

E. A. Bolshakova A review of budget legislation introduced in April of In April, there was adopted the law on the execution of the federal budget for year 2004; and the legislation currently in force was amended as follows: the Government of the Russian Federation adopted the Concept of improvement of efficiency of interbudgetary relations and the quality of management of state and municipal finances in 2006 through 2008, and the plan of measures aimed at the implementation thereof; there were published the Regulations governing the allocation of subsidies aimed at the compensation of certain expenditures related to the payment of interest on the credits granted by Russian crediting organizations for the purposes of creation of public utilities infrastructure at the plots of land for residential housing construction to subjects of the Russian Federation from the federal budget. By its letter, the RF Finance Ministry approved the procedures governing the application of the budget classification of the Russian Federation as concerns the charging of certain expenditures to the respective items and sub-items of the economic classification of expenditures of budgets of the Russian Federation.

I. FEDERAL LAW of the Russian Federation 1. ON THE EXECUTION OF THE FEDERAL BUDGET FOR YEAR 2004 No. 52 FZ of April 15, 2006. The law entered into force on the day of its promulgation.

The law approved the report on the execution of the federal budget for year 2004 in the amount of Rub. 3 428 873 476.6 thousand as concerns revenues and Rub. 2 698 867 162.9 thousand as concerns expenditures indicating an excess of revenues over expenditures.

This law contained the report indicating the following data: the data on the revenues of the federal budget in year 2004; the departmental structure of expenditures of the federal budget for year 2004;

the data on the allocation of expenditures of the federal budget for year 2004 across the sections and subsections of the functional classification of expenditures of the budgets of the Russian Federation;

the data on the allocation of expenditures of the federal budget for year 2004 across the sections, subsections, targeted entries, and types of expenditures of the functional classification of expenditures of the budgets of the Russian Federation; the data on the sources of internal financing of the deficit of the federal budget for year 2004; the data on the sources of external financing of the deficit of the federal budget for year 2004.

II. RESOLUTIONS of the Government of the Russian Federation 1. ON THE CONCEPT OF IMPROVEMENT OF EFFICIENCY OF INTERBUDGETARY RELATIONS AND THE QUALITY OF MANAGEMENT OF STATE AND MUNICIPAL FINANCES IN 2006 THROUGH 2008 AND THE PLAN OF MEASURES AIMED AT THE IMPLEMENTATION THEREOF No. 467-r of April 3, 2006.

This Concept was adopted with the purpose to improve the efficiency of activities performed by the state authorities of the Russian Federation and local governments aimed at the exercise of function vested therein, as well as the quality of management of state and municipal finances at all levels of the budgetary system aimed at the most adequate satisfaction of demand for budgetary services on the part of citizens taking into account the objective differences in needs of population and specifics of social and economic development of different territories.

The Concept indicates the key objectives and the possible ways to attain thereof:

- strengthening of the financial independence of the subjects of the Russian Federation;

- creation of incentives facilitating an increase in revenues of the budgets of the subjects of the Russian Federation and local budgets;

- creation of incentives facilitating the improvement of the quality of management of state and municipal finances;

- enhancement of transparency of regional and municipal finances;

- provision of methodological and consultative assistance to the subjects of the Russian Federation with respect to the increase in the effectiveness of budgetary expenditures and improvement of medium term financial planning, as well as other avenues.

There was also included the plan of measures aimed at the implementation of the Concept indicating the terms of implementation and responsible administrators.

2. REGULATIONS GOVERNING THE ALLOCATION OF SUBSIDIES AIMED AT THE COMPENSATION OF CERTAIN EXPENDITURES RELATED TO THE PAYMENT OF INTEREST ON THE CREDITS GRANTED BY RUSSIAN CREDITING ORGANIZATIONS FOR THE PURPOSES OF CREATION OF PUBLIC UTILITIES INFRASTRUCTURE AT THE PLOTS OF LAND FOR RESIDENTIAL HOUSING CONSTRUCTION TO SUBJECTS OF THE RUSSIAN FEDERATION FROM THE FEDERAL BUDGET No. 221 of April 17, 2006.

The said Regulations established the procedures and terms of allocation of subsidies aimed at the compensation of certain expenditures related to the payment of interest on the credits granted by Russian crediting organizations for the purposes of creation of public utilities infrastructure at the plots of land for residential housing construction to subjects of the Russian Federation from the federal budget.

Such subsidies should be granted to the subjects of the Russian Federation participating in the subprogram Creation of public utilities infrastructure at the plots of land for residential housing construction of the federal targeted program Housing for years 2002 through 2010 in order to compensate certain expenditures related to the payment of interest on the credits granted by Russian crediting organizations to local governments, organizations belonging to the public utilities complex, or developers for the purposes of implementation of such projects.

The compensation of certain expenditures related to the payment of interest on the credits received by borrowers in 2006 through 2008 for the terms up to 3 years and in 2009 for the terms of payment not later than December 31, 2010.

The Resolution also established the procedures governing the payment of the said compensations to the borrowers.

III. ORDERS 1. Order of the RF Finance Ministry ON THE APPROVAL OF REPORTING FORMS CONCERNING THE EXPENDITURES OF BUDGETS OF SUBJECTS OF THE RUSSIAN FEDERATION RELATING TO THE PAYMENT OF PUBLIC WELFARE ALLOWANCES TO CITIZENS WITH CHILDREN, IMPLEMENTATION OF THE MEASURES OF SOCIAL SUPPORT OF VETERANS OF LABOR, HOME FRONT WORKERS, MEASURES OF SOCIAL SUPPORT OF REHABILITATED PERSONS AND THE PERSONS WHO SUFFERED IN THE RESULT OF POLITICAL REPRESSIONS WITH THE EXCEPTION OF PAYMENTS ENVISAGED BY ARTICLES 15 AND 16.1 OF LAW OF THE RUSSIAN FEDERATION No. 1761-1 OF OCTOBER 18, 1991, ON THE REHABILITATION OF VICTIMS OF POLITICAL REPRESSIONS FOR YEAR 2006 AND THE PROCEDURES GOVERNING PROVISION THEREOF No. 41n of March 17, 2006.

Registered by the Ministry of Justice of the Russian Federation, No. 7717 of April 17, 2006.

There were approved the forms of quarterly reports and the Procedure governing the presentation of reports on the expenditures of budgets of subjects of the Russian Federation relating to the payment of public welfare allowances to citizens with children, implementation of the measures of social support of veterans of labor, home front workers, measures of social support of rehabilitated persons and the persons who suffered in the result of political repressions with the exception of payments envisaged by articles 15 and 16.1 of law of the Russian Federation No. 1761-1 of October 18, 1991, On the rehabilitation of victims of political repressions. In accordance with the approved reporting forms, financial agencies of the subjects of the Russian Federation should make their quarterly reports as progressive total since the beginning of the reporting year and submit such forms to the Ministry of Finance of the Russian Federation.

The forms should be used beginning with reports for the 1st quarter of 2006.

2. Letter of the RF Finance Ministry ON THE PROCEDURES GOVERNING THE APPLICATION OF THE BUDGET CLASSIFICATION OF THE RUSSIAN FEDERATION AS CONCERNS THE CHARGING OF CERTAIN EXPENDITURES TO THE RESPECTIVE ITEMS AND SUBITEMS OF THE ECONOMIC CLASSIFICATION OF EXPENDITURES OF BUDGETS OF THE RUSSIAN FEDERATION No. 02-14-10/880 of April 14, 2006.

This Letter explains the procedures governing the implementation of Order of the RF Finance Ministry No. 152n of December 21, 2005, On the approval of the Instructions concerning the procedures governing the application of the budget classification of the Russian Federation as concerns the charging of certain expenditures to the respective items and sub-items of the economic classification of expenditures of budgets of the Russian Federation.

Thus, in particular, the letter explained what are the other similar expenditures indicated in subitems of items Remuneration of labor and charges to remuneration of labor, Purchase of services, Services related to maintenance of property, Pensions, allowances paid by organizations belonging to the sector of state administration, and other items of the economic classification of expenditures of budgets of the Russian Federation.

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