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Section Monetary and budgetary spheres the budgets of Moscow, St. Petersburg, Tumen Oblast and Bashkortostan is associ ated primarily with the high growth of export prices of energy carriers.

In 2006, the consolidated budget was drawn with a deficit in 33 RF subjects (in 2005 in 54 regions)58, its aggregate volume amounting to 50.7 bn roubles, or 4.9 % of their budget revenue (in 2005 48.0 bn roubles).

The average level of budget deficit amounted to 2.7% of budget revenue. The highest deficit to budget revenue ratio was observed in the Republic of Mordovia 13.1%, in Magadan Oblast 9.9%, and in the Republic of Sakha (Yakutia) and Khanty Mansi AO 8,4% both.

More than a half, or 54.4%, of the aggregate deficit was produced by 5 sub jects of the Federation: the Khanty Mansi AO had an aggregate deficit of 20.0 %, or 10.1 bn roubles, Moscow Oblast 12.4%, or 6.3 bn roubles, the Republic of Sakha (Yakutia) 9.3%, or 4.7 bn roubles, Omsk Oblast 6.6%, or 3.3 bn roubles, Samara Oblast 6.2%, or 3.1 bn roubles (Table 30).

Changes in the structure of accumulated debt The amount of accumulated debt in the consolidated regional budget in creased in 2006 to 54,777.75 mln roubles, or 0.21 % of GDP. The increased debt resulted from the growth of domestic debt (that is, rouble denominated debt). The external debt in the regional consolidated budgets decreased by 496.2 mln rou bles, while domestic debt grew by 54,981.5 mln roubles (Table 28). As in the previ ous years, the combination of the surplus of the consolidated regional budget and the growing volume of accumulated debt can be explained by the general increase of the amount of residuals on the budget accounts and the growth of the other as sets owned by the territorial authorities.

Table Net borrowings regional and local budgets (in % of GDP) 1999 2000 2001 2002 2003 2004 2005 Borrowings of subfederal and local authorities 0.15 0.29 0.04 0.47 0.37 0.26 0.09 0.Including:

Reimbursable loans 0.11 0.03 0.04 0.12 0.1 0.02 0.03 0.from budgets of other levels Subfederal (municipal) 0.05 0.27 0.07 0.16 0.31 0.29 0.09 0.bonds Other borrowings 0.31 0.01 0.02 0.19 0.6 0.03 0.Decreasing residuals on budget accounts 0.19 0.30 0.05 0.04 0.18 0.62 0.Financing of deficit from borrowings and de 0.04 0.59 0.09 0.38 0.19 0.36 0.creasing residuals on budget accounts Source: the IETs estimates, based on the data of the RF Ministry of Finance and the Federal Treasury.

In the reports published by the RF Ministry of Finance (or the Federal Treasury) on the execution of the budgets of subjects of the Russian Federation in 2005 and 2006, the data on Evenk AO and Tai myr (Dolgano Nenets) AO are not shown separately.

RUSSIAN ECONOMY IN trends and outlooks The structure of borrowings The total volume of borrowings in the regional consolidated budget in amounted to 264,166.1 mln roubles, of which external borrowings constituted 14,964.1 mln roubles. As in 2005, the sole recipients of external loans were Mos cow city (13.7 bn roubles) and the Republic of Bashkortostan ( 1.2 bn roubles), which were refinancing the previously received external loans.

The aggregate volume of internal borrowings received by regions and munici palities amounted to 249,202.0 mln roubles. The biggest borrowers on the domes tic market were as follows: Moscow Oblast 48.1 bn roubles, Moscow city 17.bn roubles, Omsk Oblast 14.7 bn roubles, and Novosibirsk Oblast 11.7 bn rou bles. By comparison with 2005, the volume of domestic borrowings in nominal terms increased by 23.5 bn roubles, or by 10.6%, which is nearly equal to the rate of inflation.

Within the total volume of domestic borrowings of the consolidated regional budget, the issue of securities amounted to 29.4%, the loans from the federal budget to 4.4%, and other types of borrowings (primarily bank loans) to 66.2%.

In a situation of an absolute reduction in the volume of the issue of securities, the level of securitization of borrowings made by regions and municipalities went down from 36.0 % in 2005 to 29.4% in 2006 (Table. 29).

Table The structure of domestic borrowings in the subnational budgets (in %) 2006 2005 Regional Regional Regional Munici Regional Municipal consoli Regional consoli Regional Municipal consolidated pal budgets budgets dated budgets dated budgets budgets budget budgets budget budget Issue of secu 29.4 37.1 9.7 36.0 45.5 10.2 32.5 41.0 4.rities Budget loans 4.4 6.0 0.3 1.2 1.6 0.03 3.0 4.0 46.Other types of 66.2 56.9 90.1 62.9 52.9 89.8 64.5 55.1 49.borrowings Source: the IETs estimates, based on the data of the RF Ministry of Finance and the Federal Treas ury.

The highest ratio of net borrowings to budget revenue was demonstrated by Moscow Oblast 16.5%, Astrakhan Oblast 12.8%, Kostroma Oblast 9.4%, Kaluga Oblast 8.8%, Yaroslavl Oblast 7.9% (Table 30).

The biggest net borrowers were as follows: Moscow Oblast 28.9 bn roubles, Moscow 8.9 bn roubles, Samara Oblast 3.6 bn roubles, Irkutsk Oblast 2.6 bn roubles, Yaroslavl Oblast 2.1 bn roubles, Astrakhan Oblast and Saratov Oblast 2.0 bn roubles each.

The greatest reduction in the amount of accumulated debt was observed in Krasnoyarsk Krai by 4.9 bn roubles, in Nizhnii Novgorod Oblast by 2.1 bn rou bles, in St. Petersburg by 1.6 bn roubles, in Leningrad Oblast by 1.5 bn roubles.

Section Monetary and budgetary spheres Table The execution of the consolidated budgets of subjects of the Russian Federation in Ratio of Attracted Cost of Net borrow Budget surplus Net bor Budget revenue, surplus borrowed debt re ings to (deficit), rowings thousand rou (deficit) resources demption budget sur thousand rou to reve bles. to reve to reve to revenue, plus (defi bles. nue, in % nue, in % nue, in % in % cit), in % 1 2 3 4 5 6 7 Central Federal Okrug Belgorod Oblast 29 484 991.76 1 615 443.06 5.48 3.84 3.05 0.80 55.Briansk Oblast 17 602 562.54 195 708.94 1.11 14.08 1.81 12.27 162.Vladimir Oblast 21 514 145.62 491 021.71 2.28 0.05 0.79 0.84 34.Voronezh Oblast 30 435 574.02 453 109.44 1.49 7.50 1.44 6.06 96.Ivanovo Oblast 17 598 473.14 130 194.82 0.74 1.71 0.30 1.40 41.Tver Oblast 24 276 982.69 162 631.36 0.67 4.28 3.28 7.55 489.Kaluga Oblast 17 428 075.24 1 402 107.61 8.05 14.00 8.79 5.21 109.Kostroma Oblast 10 239 314.04 679 101.85 6.63 22.62 9.37 13.26 141.Kursk Oblast 16 707 865.59 301 239.29 1.80 0.66 0.34 1.00 18.Lipetsk Oblast 27 935 248.32 646 410.12 2.31 6.44 6.26 0.18 270.Moscow Oblast 175 166 922.03 6 299 496.49 3.60 27.49 16.48 11.01 458.Orel Oblast 11 181 582.93 251 151.27 2.25 1.43 0.89 0.53 39.Riazan Oblast 17 727 957.73 323 485.86 1.82 8.22 2.37 5.85 129.Smolensk Oblast 13 619 936.64 327 285.37 2.40 3.42 1.71 5.12 71.Tambov Oblast 15 203 434.33 294 919.40 1.94 3.42 1.32 2.10 67.Tula Oblast 23 789 184.02 1 401 707.76 5.89 34.53 6.36 28.17 107.Yaroslavl Oblast 26 447 297.54 1 890 399.90 7.15 16.37 7.94 8.43 111.Moscow city 757 936 696.98 66 606 909.18 8.79 4.18 1.18 3.01 13.Total 1 254 296 245.15 55 857 420.50 4.45 8.68 3.74 4.96 83.North Western Federal Okrug Republic of Karelia 15 158 667.26 1 057 344.49 6.98 13.69 6.13 7.56 87.Republic of Komi 30 071 168.79 670 319.23 2.23 1.12 0.03 1.09 1.Arkhangelsk Oblast 27 470 667.82 337 842.82 1.23 4.45 0.28 4.17 22.Vologda Oblast 32 684 358.61 506 973.59 1.55 1.67 0.63 2.29 40.Kaliningrad Oblast 20 782 886.55 156 177.57 0.75 8.62 1.02 7.60 135.Leningrad Oblast 37 096 265.98 2 488 579.26 6.71 1.69 4.10 5.79 61.Murmansk Oblast 29 151 834.53 141 683.50 0.49 6.88 0.87 6.01 178.Novgorod Oblast 12 054 297.59 286 838.19 2.38 0.12 0.97 1.10 40.Pskov Oblast 11 107 536.40 1 035 094.49 9.32 1.09 6.31 7.40 67.St. Petersburg city 218 096 278.88 31 961 300.62 14.65 1.86 0.74 2.60 5.Nenets AO 7 650 921.80 1 126 908.51 14.73 0.00 0.00 0.00 0.Total 441 324 884.22 36 768 341.77 8.33 2.90 0.61 3.51 7.Southern Federal Okrug Republic of Dagestan 27 095 641.55 545 436.04 2.01 0.00 0.00 0.00 0.Republic of 11 079 032.31 526 164.44 4.75 8.67 2.27 10.94 47.Kabardino Balkaria Republic of Kalmykia 4 665 809.76 68 007.66 1.46 7.72 1.30 6.42 89.Republic of North 11 418 024.51 104 126.89 0.91 9.63 1.89 7.75 206.Osetia Alania RUSSIAN ECONOMY IN trends and outlooks 1 2 3 4 5 6 7 Republic of Ingushetia 6 438 992.64 16 956.75 0.26 0.00 0.00 0.00 0.Krasnodar Krai 81 032 699.06 5 133 373.90 6.33 1.00 0.51 0.49 8.Stavropol Krai 35 720 169.22 1 237 746.31 3.47 3.90 0.88 3.02 25.Astrakhan Oblast 15 644 980.75 1 222 172.57 7.81 49.83 12.84 36.99 164.Volgograd Oblast 39 839 761.98 690 523.52 1.73 10.52 2.37 8.15 136.Rostov Oblast 59 641 367.30 1 510 089.89 2.53 0.18 0.00 0.18 0.Republic of Adygeya 5 708 000.36 162 094.83 2.84 0.35 2.75 3.10 96.Republic of Kara 6 248 318.64 77 117.17 1.23 26.32 3.48 22.84 282.chaevo Cherkessia Chechen Republic 31 624 049.42 4 247 709.56 13.43 0.00 0.00 0.00 0.Total 336 156 847.50 11 391 964.21 3.39 5.47 1.12 4.35 33.Volga Federal Okrug Republic of Bashkor 83 565 631.02 8 635 577.68 10.33 3.28 1.57 1.90 15.tostan Republic of Marii El 10 464 294.32 143 259.12 1.37 7.16 2.06 5.10 150.Republic of Mordovia 14 356 730.25 1 885 905.16 13.14 0.00 0.74 0.74 5.Republic of Tatarstan 88 326 860.15 2 064 567.36 2.34 8.73 0.11 8.85 4.Republic of Udmurtia 25 339 742.02 1 102 825.24 4.35 4.07 0.05 4.02 1.Republic of Chuvashia 19 171 874.22 499 010.92 2.60 6.21 4.84 1.38 185.Nizhnii Novgorod 59 242 672.46 4 295 302.71 7.25 7.52 3.54 11.06 48.Oblast Kirov Oblast 21 649 798.63 336 218.93 1.55 8.67 4.62 4.06 297.Samara Oblast 67 696 875.17 3 142 590.83 4.64 8.39 5.35 3.04 115.Orenburg Oblast 35 793 475.32 193 883.83 0.54 0.39 1.03 1.42 190.Penza Oblast 19 743 330.90 55 462.64 0.28 10.58 0.91 9.68 322.Perm Oblast 56 572 339.83 2 334 274.74 4.13 1.13 0.56 0.57 13.Saratov Oblast 32 904 692.51 823 946.95 2.50 13.82 5.98 7.84 238.Ulianovsk Oblast 20 419 309.01 1 212 795.80 5.94 0.11 4.28 4.39 72.Komi Permiak AO 3 393 009.86 21 986.75 0.65 0.07 0.71 0.78 109.Total 558 640 635.67 10 880 094.37 1.95 5.89 1.07 4.84 54.Ural Federal Okrug Kurgan Oblast 13 448 299.19 256 332.85 1.91 5.41 2.56 2.84 134.Sverdlovsk Oblast 97 882 319.84 6 771 737.58 6.92 0.41 0.18 0.59 2.Tumen Oblast 159 368 409.34 13 509 541.07 8.48 0.01 0.23 0.24 2.Cheliabinsk Oblast 66 866 623.62 7 792 056.19 11.65 0.86 0.45 1.31 3.Khanty Mansi AO 121 064 671.80 10 119 699.34 8.36 0.65 0.18 0.47 2.Yamal Nenets AO 64 621 447.15 347 585.97 0.54 3.17 0.74 2.43 137.Total 523 251 770.94 18 044 888.63 3.45 0.87 0.04 0.84 1.Siberian Federal Okrug Republic of Buriatia 21 361 222.34 191 613.66 0.90 9.03 0.95 8.08 105.Republic of Tyva 7 540 373.50 42 924.79 0.57 0.00 0.48 0.48 84.Altay Krai 35 892 424.96 900 063.30 2.51 4.55 3.64 8.19 145.Krasnoyarsk Krai 99 687 940.60 10 201 968.87 10.23 6.43 4.99 11.42 48.Irkutsk Oblast 50 372 002.51 1 854 726.60 3.68 17.04 5.19 11.85 141.Kemerovo Oblast 63 420 573.99 2 604 559.91 4.11 2.55 0.92 1.63 22.Novosibirsk Oblast 51 633 127.34 1 580 010.03 3.06 22.66 1.81 24.47 59.Omsk Oblast 41 626 420.45 3 340 427.34 8.02 35.33 3.00 32.33 37.Tomsk Oblast 25 897 683.36 373 069.88 1.44 26.73 0.63 26.10 43.Chita Oblast 22 299 648.60 512 741.13 2.30 2.38 1.04 3.42 45.Section Monetary and budgetary spheres 1 2 3 4 5 6 7 Republic of Altay 7 343 323.21 87 769.43 1.20 4.00 0.39 4.39 32.Republic of Khakassia 8 906 297.63 43 408.69 0.49 0.42 0.32 0.74 66.Agin Buriat AO 17 391 010.92 3 988 694.54 22.94 0.04 0.04 0.00 0.Ust Ordyn Buriat AO 2 886 066.00 88 044.54 3.05 1.88 1.88 0.00 61.Total 456 258 115.42 10 124 745.42 2.22 11.91 0.61 12.51 27.Far Eastern Federal Okrug Republic of Sakha 56 028 624.58 4 713 991.13 8.41 14.02 3.29 10.73 39.(Yakutia) Primorskii Krai 42 170 346.62 1 155 056.55 2.74 1.59 0.59 2.17 21.Khabarovsk Krai 38 940 124.46 1 401 150.66 3.60 20.26 0.06 20.32 1.Amur Oblast 20 781 029.01 490 177.97 2.36 10.43 4.55 5.88 192.Kamchatka Oblast 15 810 492.39 958 415.24 6.06 33.16 5.87 27.29 96.Magadan Oblast 10 294 903.30 1 021 789.99 9.93 8.95 6.98 1.97 70.Sakhalin Oblast 24 269 286.14 393 427.53 1.62 9.47 0.52 9.98 31.Jewish AO 4 646 637.75 182 989.03 3.94 0.54 0.51 1.04 12.Koriak AO 5 864 167.60 703 846.64 12.00 33.42 6.28 39.70 52.Chukotka AO 9 590 995.91 138 037.89 1.44 34.62 2.15 36.77 149.Total 228 396 607.75 3 209 866.04 1.41 14.16 1.51 12.66 107.Total, federal ok 3 800 139 793 189.73 3.68 6.95 1.44 5.52 39.rugs 881.Source: the IETs estimates, based on the data of the Federal Treasury.

Domestic bond loans In 2006, the prospectuses of bond loans issued by 27 subjects of the Federa tion and 16 municipal formations were registered (as compared to 25 regional and 13 municipal loans in 2005). The total volume of bonds to be placed in amounted to 73.3 bn roubles, against 81.2 bn roubles in 2005 (decrease in nominal terms by 7.9 bn roubles), having gone down in one year from 0.37% to 0.28% of GDP (Table 31).

Although the volume of debt securities issued by regions and municipalities decreased by comparison with the previous year, in 2006 the volume of the market for subfederal bonds increased, in real terms, by 8.1% from 161.1 bn roubles in 2005 to 189.8 bn roubles. This was explained by the increasing duration of debt securities: the issue volume, as before, remained higher than that of the bonds re deemable during the year.

Table Volume of issue of subfederal and municipal securities (in % of GDP) Year 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 Issue 0.63 0.77 0.47 0.31 0.19 0.17 0.27 0.46 0.47 0.37 0.Redemption 0.47 0.56 0.48 0.36 0.46 0.23 0.10 0.15 0.19 0.28 0.Net financing 0.16 0.22 0.01 0.05 0.27 0.07 0.16 0.31 0.29 0.09 0.Source: the IETs estimates, based on the data of the RF Ministry of Finance and the Federal Treas ury.

The following entities registered their issue prospectuses at the RF Ministry of Finance in 2006: the Republic of Chuvashia, the Republic of Komi, the Republic of Sakha (Yakutia), the Republic of Bashkortostan, the Republic of Karelia, the Re RUSSIAN ECONOMY IN trends and outlooks public of Marii El, Krasnoyarsk Krai, Volgograd Oblast, Tomsk Oblast, Irkutsk Oblast, Moscow Oblast, Yaroslavl Oblast, Lipetsk Oblast, Nizhnii Novgorod Oblast, Voronezh Oblast, Belgorod Oblast, Tver Oblast, Samara Oblast, Kirov Oblast, Kaluga Oblast, Tambov Oblast, Irkutsk Oblast, Kurgan Oblast, Penza Oblast and Tula Oblast, the cities of Moscow, St. Petersburg, Ekaterinburg, Novosibirsk, Vol gograd, Kazan, omsk, Astrakhan, Blagoveshchensk, Briansk, Voronezh, Lipetsk, Magadan, Yaroslavl and Orekhovo Zuevo, as well as Klin raion, Odintsovo raion, and Noginsk raion of Moscow Oblast.

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