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Petersburg 95 778.28 1 251.06 1.31 14.31 1.88 1.83 4.30 143.Nenets AD 5 319.72 927.63 17.44 1.69 0.56 0.39 20.21 3.Total 278 729.0 4 166.76 1.49 8.85 0.06 1.03 5.18 4.South federal district Republic of Adygeya 5 074.44 110.92 2.19 4.67 2.10 0.02 1.97 96.Republic of Dagestan 27 289.71 453.06 1.66 0.18 0.09 0.00 0.89 5.Republic of Ingooshetia 5 271.25 162.13 3.08 0.28 0.99 0.00 3.67 32.Kabardino Balkarian Repub 8 120.07 48.57 0.60 21.70 0.08 1.13 0.44 14.lic Republic of Kalmykia 6 450.29 461.89 7.16 0.47 2.10 0.19 6.21 29.Karachai Circassian Repub 6 033.28 234.66 3.89 29.60 4.11 0.50 1.20 105.lic Republic of North Ossetia 10 566.15 192.31 1.82 0.65 0.99 0.18 3.64 54.Alania Chechen Republic 25 038.03 428.50 1.71 0.00 0.26 0.00 2.39 15.Krasnodar Territory 65 149.14 767.01 1.18 2.67 0.52 0.19 3.62 44.Stavropol Territory 24 979.69 120.94 0.48 2.01 0.82 0.02 4.72 169.tio rubles nues ratio million rubles revenues ratio revenues ratio revenues ratio plus (deficit) ratio Surplus (deficit) to Balances of budgetary Net borrowings to sur Net borrowing to reve Attracted borrowings to Interest expenditures to accounts to revenues ra Budget surplus (deficit), Budget revenues, million RUSSIAN ECONOMY in trends and outlooks Astrakhan Region 10 872.39 431.60 3.97 9.37 2.56 0.36 1.65 64.Volgograd Region 25 750.46 1 285.50 4.99 10.48 3.20 1.20 1.13 64.Rostov Region 49 521.88 709.63 1.43 0.39 0.51 0.14 4.91 35.Total 270 116.7 1 497.78 0.55 3.74 0.51 0.26 3.13 91.Privolzhsky federal district Republic of Bashkortostan 58 915.10 369.10 0.63 3.83 1.65 0.35 14.95 263.Republic of Marij El 9 335.29 241.20 2.58 5.08 1.74 0.40 0.79 67.Republic of Mordovia 23 269.49 1 387.29 5.96 0.71 3.56 1.04 4.14 59.Republic of Tatarstan 95 824.50 3 845.82 4.01 5.03 1.91 0.21 1.07 47.Udmurtian Republic 21 920.93 537.89 2.45 5.96 1.95 0.22 5.87 79.Chuvashi Republic 16 680.15 529.79 3.18 5.29 2.63 0.61 2.60 82.Kirov Region 19 721.37 861.96 4.37 2.57 1.85 0.16 1.82 42.Nizhni Novgorod Region 40 511.90 122.32 0.30 19.29 0.35 1.80 2.61 117.Orenburg Region 26 785.52 546.25 2.04 1.02 0.72 0.15 2.86 35.Penza Region 15 902.18 41.15 0.26 3.86 0.28 0.24 2.60 106.Perm Region 48 278.43 3 193.72 6.62 1.85 0.22 0.09 11.01 3.Samara Region 47 110.39 827.07 1.76 7.55 1.80 0.87 6.86 102.Saratov Region 27 822.35 591.48 2.13 7.33 1.80 0.83 0.70 84.Ulyanovsk Region 13 325.82 195.87 1.47 3.12 1.06 0.38 3.29 71.Komi Permyak AD 3 557 151.00 38 125.00 1.07 0.97 0.29 0.14 2.21 27.Total 468 961.4 112.75 0.02 5.56 0.37 0.52 5.21 1 542.Ural federal district Kurgan Region 13 767.14 49.93 0.36 1.66 0.42 0.32 1.12 115.Sverdlovsk Region 60 207.10 912.66 1.52 1.38 0.72 0.07 2.33 47.Tyumen Region 56 332.16 15 569.77 27.64 0.20 1.49 0.27 31.09 5.Chelyabinsk Region 55 751.02 5 469.07 9.81 0.04 0.23 0.01 18.80 2.Khanty Mansijsk AD 179 227.73 24 407.37 13.62 1.20 0.27 0.29 16.67 1.Yamalo Nenets AD 67 774.40 2 410.28 3.56 2.25 0.55 0.77 7.46 15.Total 433 060.4 48 719.22 11.25 1.13 0.31 0.30 14.89 2.Siberian federal district Republic of Altai 7 042.15 22.13 0.31 4.67 1.09 0.28 5.66 348.Republic of Buryatia 21 367.03 93.27 0.44 14.47 0.57 1.34 1.44 131.Republic of Tuva 8 224.78 26.30 0.32 1.64 0.38 0.00 0.29 117.Republic of Khakassia 7 694.83 209.87 2.73 1.26 1.01 0.11 2.90 37.Altai Territory 34 786.68 513.30 1.48 5.61 2.06 0.08 1.36 139.Krasnoyarsk Territory 74 452.82 1 064.64 1.43 11.69 1.58 1.10 6.09 110.Irkutsk Region 39 130.90 847.02 2.16 9.02 1.96 0.51 2.67 90.Kemerovo Region 61 923.98 3 072.48 4.96 0.98 0.19 0.25 7.66 3.Novosibirsk Region 34 626.65 3 502.94 10.12 126.71 15.16 5.38 1.09 149.Omsk Region 35 531.54 2 951.65 8.31 18.90 0.96 1.09 8.77 11.Tomsk Region 20 980.18 643.07 3.07 22.14 2.69 1.56 1.45 87.Chita Region 20 246.43 290.43 1.43 1.86 1.21 0.08 1.43 84.Aginsk Buryat AD 4 122.93 471.81 11.44 0.53 0.21 0.00 16.44 1.Taimyr (Dolgano Nenetsk) 5 380.82 0.48 0.01 0.00 0.28 0.00 5.47 3 099.AD Ust Ordynski Buryat AD 3 004.32 38.65 1.29 0.03 0.03 0.00 2.29 2.Evenk AD 6 630.60 3 164.13 47.72 3.17 49.54 3.24 1.47 103.Total 385 146.6 5 144.50 1.34 19.29 1.33 1.12 4.41 99.Far East federal district Republic of Sakha (Yakutia) 59 660.85 3 646.72 6.11 11.45 3.19 1.05 1.50 52.Primorie Territory 36 529.10 95.69 0.26 4.02 0.66 0.25 1.06 253.Khabarovsk Territory 33 908.86 4 284.14 12.63 17.41 7.18 1.42 0.84 56.tio rubles nues ratio million rubles revenues ratio revenues ratio revenues ratio plus (deficit) ratio Surplus (deficit) to Balances of budgetary Net borrowings to sur Net borrowing to reve Attracted borrowings to Interest expenditures to accounts to revenues ra Budget surplus (deficit), Budget revenues, million Section 2.

Monetary and budgetary spheres Amur Region 20 756.26 226.64 1.09 6.59 1.79 0.50 1.61 163.Kamchatka Region 12 852.93 501.69 3.90 9.35 1.79 0.60 0.91 45.Magadan Region 10 180.05 176.81 1.74 3.25 1.60 0.05 2.30 92.Sakhalin Region 18 374.88 405.66 2.21 7.43 2.07 0.55 1.72 93.Jewish Autonomous Region 4 382.00 70.63 1.61 2.23 0.28 0.08 5.29 17.Koryak AD 2 991.12 144.45 4.83 11.58 5.16 0.51 1.63 106.Chukotka AD 19 257.91 2 470.97 12.83 0.00 3.17 0.38 12.34 24.Total 218 894.8 6 748.83 3.08 8.64 2.19 0.72 2.39 71.Total 2 831 649.46 31 905.21 1.13 9.15 1.55 0.90 6.99 137.federal districts Source: IETs calculations based on the data of the Ministry of Finance of the RF.

Changing the structure of accumulated debt In 2004, the volume of accumulated debt of the regional consolidated budget in creased by Rb 43 684.6 million or by 0,26% GDP. Increase of the debt was due to growth of the domestic debt (i.e. the debt denominated in rubles). The foreign debt of the regional consolidated budgets decreased by Rb 3421.1 million, domestic debt increased by Rb 47 105.6 million (Table 17).

Table Net borrowings of regional and local budgets (% to GDP) Jan. Jan. 1995 1996 1997 Aug. Dec. 1999 2000 2001 2002 2003 1998 Borrowings of sub federal and local 0.38 0.87 1.43 0.71 0.33 0.15 0.29 0.04 0.47 0.37 0.government including:

Repayable loans from the budgets 0.07 0.23 0.66 0.05 0.09 0.11 0.03 0.04 0.12 0.1 0.of other level Subfederal (mu n.d. 0.16 0.22 0.08 0.01 0.05 0.27 0.07 0.16 0.31 0.nicipal) bonds other borrowings 0.31 0.48 0.55 0.58 0.43 0.31 0.01 0.02 0.19 0.Lessening of budgetary ac 0.03 0.18 0.09 0.02 0.19 0.30 0.05 0.04 0.18 0.counts balances Financing deficit using borrowings and cutting the 0.38 0.9 1.25 0.8 0.35 0.04 0.59 0.09 0.38 0.19 0.balances of budg etary accounts Source: IETs calculations based on the data of the Ministry of Finance of the RF.

tio rubles nues ratio million rubles revenues ratio revenues ratio revenues ratio plus (deficit) ratio Surplus (deficit) to Balances of budgetary Net borrowings to sur Net borrowing to reve Attracted borrowings to Interest expenditures to accounts to revenues ra Budget surplus (deficit), Budget revenues, million RUSSIAN ECONOMY in trends and outlooks The structure of borrowings The total volume of borrowings of the regional consolidated budget of amounted to Rb 259 019.9 million, of them the external borrowings Rb 14 699.0 million.

The external loans recipients were: Moscow Rb 13 434.0 million, Bashkortostan Rb 1 262.5 million, and St. Petersburg Rb 2.5 million.

The total volume of domestic borrowings of the regions and municipalities made up Rb 244 320.9 million. The following borrowers became the largest on the domestic market:

Moscow Rb 35.4 bn, Moscow Region Rb 33.1 bn, Novosibirsk Region Rb 18.0 bn, St.

Petersburg Rb 13.7 bn. As compared to 2003, an increase of borrowings in nominal terms reached Rb 26.8 bn or 11,2%, which practically is in accord with the level of inflation.

The regions with clearly defined budget deficit demonstrated the most net borrow ings to budget revenues ratio: Novosibirsk Region 15,2%, Moscow Region 8,0, Kha barovsk Territory 7,2, Yaroslavl Region 7,0, Koryak AD 5,2, Moscow 5,1%.

The largest net borrowers became: Moscow Rb 20.0 bn, Moscow Region Rb 9.bn, Novosibirsk Region 5.2 bn, Khabarovsk Territory Rb 2.4 bn, Republic of Sakha (Ya kutia) Rb 1.9 bn, Republic of Tatarstan Rb 1.8 bn, Yaroslavl Region Rb 1.5 bn, Kras noyarsk Territory Rb 1.2 bn.

To the highest degree the accumulated debt was cut by: Evenk AD Rb 3.3 bn, St.

Petersburg Rb 1.8 bn, Samara Region Rb 850 million, Tyumen Region Rb 839 million, Republic of Mordovia Rb 829 million.

In the total volume of domestic borrowings of the regional consolidated budget se curities issuing accounted for 32,5%, loans from the federal budget 3,0%, other borrowings (primarily for banking credits) 64,5%. Special attention deserves continuation of active securitization of the subfederal debt. As compared to previous year, the share of borrowings in regions securities increased, in 2004, by 7,2 points from 33,8 to 41,0%, and in borrowings of the municipal administrations 1,6 times (from 2,5 to 4%). Therefore, for the last 2 years, the level of securitization of the market of domestic municipal borrowings increased 4 times, while the market of regional borrowings more than 2 times (Table 18).

Table The structure of domestic borrowings of the subnational budgets in 2004 (%) 2004 2003 Regional Regional Regional Munici consolidated Regional Municipal consoli Regional consoli Regional Municipal pal budget budget budgets dated budgets dated budgets budgets budgets budget budget Total, million 244 320 927.0 183 003.8 110 466.4 229 789.0 174 852.6 108 436.3 211 135.2 154 077.4 101 206.rubles Securities 32.5 41.0 4.0 26.9 33.8 2.5 13.8 18.3 1.issuance Budgetary 3.0 4.0 46.4 7.9 10.6 48.9 11.9 16.7 43.loans Other borrow 64.5 55.1 49.6 65.3 55.6 48.6 74.2 65.0 56.ings Source: IETs calculations based on the data of the Ministry of Finance of the RF.

During 2004, the aggregate surplus balances on the accounts of regional and local budgets increased by Rb 103.6 bn to Rb 198.1 bn, i.e. an increase in real terms was 87,7%. In conditions of continuing economic growth, largely explained, as before, by the external business environment, a wish to increase the budgetary reserves of the territorial government agencies appears to be justified.

Section 2.

Monetary and budgetary spheres Domestic bonded loans In 2004 the bonded loans had been registered of 24 federations subjects and municipal formations (as compared to 23 regional and 7 municipal loans in 2003). The total volume of placed bonds made up in 2004 Rb 79,4 bln., in comparison with Rb 67.1 bln in 2003, i.e. increased for a year from 0,46 0,47% GDP (Table 19).

The low level of interest rates on the market of government papers contributed to placement of bonds: the spread to OFZ bonds of Moscow and St. Petersburg was 0,5 1,5%, other issuers, for example Murmansk and Irkutsk regions, Republic of Karelia, Komi Republic, Chuvash Republic, Republic of Bashkortostan 24% of OFZ level. For a year, the spread of subfederal papers to OFZ decreased 1,52 times. Yield to maturity on most of the subfederal papers did not exceed the level of inflation. For the first 10 months of 2004 the volume of the market of subfederal papers had grown even 1,5 times, having in creased up to Rb 121.4 bln. The volume of monthly exchange turnover of the subfederal and municipal bonds increased almost 2 times from Rb 29.7 bln in October 2003 to Rb 59.2 bln in October 2004.

Table Volume of issuance of subfederal and municipal papers (% to GDP) 1996 1997 1998 1999 2000 2001 2002 2003 Issuance 0.63 0.77 0.47 0.31 0.19 0.17 0.27 0.46 0.Repayment 0.47 0.56 0.48 0.36 0.46 0.23 0.10 0.15 0.Net financing 0.16 0.22 0.01 0.05 0.27 0.07 0.16 0.31 0.Source: IET calculations based on the data of the Ministry of Finance of the RF.

In 2004, issue prospectuses had been registered in the Ministry of Finance of the RF by: Moscow, St. Petersburg, Chuvash Republic, Volgograd and Tomsk regions, Komi Re public, Leningrad, Irkutsk and Moscow regions, Khabarovsk Territory, Republic of Sakha (Yakutia), the Republic of Marij El, Novosibirsk Region, Yamalo Nenetsk AD, Yaroslavl Re gion, Krasnoyarsk Territory, Republic of Bashkortostan, Republic of Karelia, Krasnodar Territory, Lipetsk, Nizhni Novgorod, Voronezh, Kaluga and Bryansk regions, Ekaterinburg, Ufa, Yuzhno Sakhalinsk, Krasnoyarsk, Novosibirsk, Tomsk, Novocheboksarsk, Barnaul, Perm, Noginsk District of Moscow Region.

The largest issuers of debt securities became: Moscow, which accounted for Rb 32.4 bln.

or 40,7% of the volume of total issuance of territories, St. Petersburg Rb 13.7 bln. or 17,2% of the total issuance, Moscow Region Rb 9.9 bn or 12,4%, Novosibirsk region Rb 3.8 bln. or 4,7%. Therefore, the four largest issuers accounted for 75,2% of the total volume of issuance of placed regional and municipal bonds.

Also, large volumes of issuance had been placed by: Krasnoyarsk Territory Rb 2.2 bln., Republic of Sakha (Yakutia) Rb 2.2 bn, Yaroslavl region Rb 2.0 bln., Irkutsk Region Rb 1.8 bln., Tomsk region Rb 1.5 bln., Nizhni Novgorod Region Rb 1.0 bln., Leningrad Region Rb 1.0 bln., Krasnodar Territory Rb 1.0 bln., Komi Republic Rb 0.9 bln., Republic of Bashkortostan Rb 0.9 bln. (Table 20).

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