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-26445,5

-1,0

1.2.Short-term governmentdebt

-57012,7

-2,1

0,0

-57012,7

-2,1

1.3.Federal floating ratebonds

-4762,6

-0,2

0,0

-4762,6

-0,2

1.4.Non-marketable governmentbonds

867,7

0,0

0,0

867,7

0,0

1.5.Government (municipal)securities

-364,2

0,0

-364,2

0,0

1.6.Other governmentsecurities

23,9

0,0

0,0

23,9

0,0

1.7.Federal fixed ratebonds

90614,6

3,4

0,0

90614,6

3,4

1.8.Budgetary loans fromother-level budgets

-2434,7

-0,1

x

x

1.9.Government savingsbonds

1533,0

0,1

0,0

1533,0

0,1

1.10.Other domesticborrowing

-4152,7

-0,2

11770,9

0,4

6344,3

0,2

1.11. Credits and loans toextrabudgetary funds

-739,5

0,0

-739,5

0,0

2.1.Loans from internationalfinancial institutions

12164,5

0,5

12164,5

0,5

2.2.Foreign government loans toRF

-5429,4

-0,2

-5429,4

-0,2

2.3.Loans from foreign commercailbanks and companies to RF

83452,1

3,1

83452,1

3,1

EXTERNAL FINANCING

90187,2

3,4

0,0

0,0

0,0

0,0

90187,2

3,4

* Estimate

Table 1.8 illustrates the performance ofthe consolidated budget of the enlarged government, including, in addition tothe federal budget, the consolidated budgets of the RF constituent members andnon-budgetary funds.

As regards the revenue structure of theaggregate consolidated budgets of the RF constituent members in 1998, one canidentify revenues from profit tax (2.3 per cent of GDP), VAT (1.9 per cent),property tax (1.7 per cent of GDP), and income tax (2.7 per cent of GDP). Totalbudget revenues amounted to 12.1 per cent of GDP. The bulk of non-tax revenues(2.7 per cent of GDP) was accounted for by nonrefundable transfers from thefederal budget (1.6 per cent of GDP). In 1998, the revenues of the RFconstituent members' consolidated budgets reached 14.8 per cent of GDP, whichexceeds the 1997 share (15.0 per cent of GDP) by 1.1 p.p. Practically theentire expenditure side of the RF constituent members' consolidated budgetsconsisted of social (6.8 per cent of GDP) and industry expenditure (5.3 percent of GDP), with the largest share (3.5 per cent of GDP) falling to housingand utilities, that is, essentially quasi-social expenditures. In 1998, totalexpenditure amounted to 15.2 per cent of GDP (in 1997, 17.2 per cent ofGDP).

In 1998, the estimated expenditure ofextrabudgetary funds was 11.1 per cent of GDP (in 1997, 11 per cent), which isonly 0.2 p.p. of GDP higher than the federal budget revenues. The receipts ofthe largest extrabudgetary fund, the Pension Fund, were 5.5 per cent of GDP,and the revenues from taxes and receipts of the Federal Road Service and theterritorial road funds reached 1.9 per cent of GDP. Over 70 per cent ofextrabudgetary funds' expenditure (11.2 per cent of GDP in 1998 and 10.8 percent of GDP in 1997) was accounted for by social expenditure (8.2 per cent ofGDP), with the various payments to the population amounting to 6.8 per cent andhealth care expenditure, to 1.4 per cent of GDP. In 1998, the expenditure ofthe Road funds was 1.2 per cent of GDP.

All in all, in 1998 the enlarged governmentbudget revenues amounted to 35 per cent of GDP (in 1997, 36.4 per cent of GDP);slightly under 70 per cent fall to the budget of all levels, with the federalbudget accounting for 32 per cent. Tax revenues equaled 31.5 per cent of GDP,with the RF constituent members' consolidated budgets receiving 40 per cent ofthe taxes and the federal budget, 30 per cent.

The highest share of tax revenues to thebudgets of all levels was, in 1998, contributed by VAT, which reached 5.8 percent of GDP (in 1997, 6.6 per cent); the federal budget received 67 per cent ofVAT, which is significantly lower than the share envisaged under the law. Theshare of profit tax was 3.6 per cent of GDP (in 1997, 3.9 per cent), with 30per cent going to the federal budget; income tax, 2.7 per cent of GDP (in 1997,2.9 per cent); and excises, 2.6 per cent of GDP (in 1997, 2.4 percent).

In 1998, the enlarged government budgetexpenditure side, which constituted 38.2 per cent of GDP (in 1997, 43.1 percent), with the federal budget accounting for 37 per cent and the regional andlocal budgets, for 39 per cent, was 43 per cent social expenditure (16.6 percent of GDP in 1998 and 17.9 per cent in 1997). The bulk of social expenditure(approximately one-half) fell to extrabudgetary funds and about 40 per cent, toregional and municipal budgets. If the so-called quasi-social expenditure -subsidies for transportation, housing and utilities - were added to the socialexpenditure on the various line items, it would turn out that more than half ofthe enlarged government's budget revenues (approximately the level of theprevious year) was spent on the various social services to thepopulation.

The other expenditure items: nationaldefense (2.1 per cent of GDP in 1998 and 3.1 per cent in 1997), law enforcement(1.6 per cent of GDP in 1998 and 2.2 per cent in 1997), and industry (7.4 percent of GDP in 1998 and 9.6 per cent in 1997) amounted to slightly under 30 percent of the enlarged government's consolidated budget expenditure. Asignificant expenditure item in 1998 was the servicing of the government debt,namely, 4.0 per cent (in 1997, 4.5 per cent), which constitutes about 10 percent of total expenditure.

Table 1.9

Domestic government debt structure

1January 1998

1January 1999

in blns of Rbs

per cent of GDP

in millions of Rbs

per cent of GDP

1. Debton securities, of which:

518799

20,06

480175

17,89

1992 governmentloan

105

0,00

125

0,00

1991domestic governmentloan

80

0,00

80

0,00

GKOs

272612

10,54

14640**

0,55

OFZs

163352

6,32

448057**

16,69

Government savingsloan

13082

0,51

14637

0,55

Non-marketablebonds

1768

0,07

2635

0,10

Debt on foreign-currencydenominated domestic bonds (OVVZs)*

67800

2,62

229649

8,56

2. Arrears to banks(government guarantees)

4917

0,19

882

0,03

3. Ex-USSR arrears oncommodity debt, of which:

4237

0,16

4875

0,18

1990directedloan

2037

0,08

1910

0,07

Target deposits, carvouchers, wage arrears to agro-industry workers

2200

0,09

2965

0,11

4. Arrears toagro-industry converted into treasury bills

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