5. Arrears on centralizedloans and accrued interest of agro-industry organizations in charge ofnorthern winter supplies
6. Interest arrears ofIvanovo Oblast textile industry
7. Arrears on financingreserve stock costs
8. Otheritems, of which:
RF CentralBank’s domestic debtinherited from former USSR
Arrears on CentralBank’s technicalloans to CIS countries
Arrears to the fuel andenergy complex and other industries
Chelyabinsk Oblastagro-industry arrears on centralized loans and interest
Total domestic governmentdebt
Memorandum item: GDP (intrillions of Rbs)
* Ministry of Finance statistics havereferred to foreign-currency denominated domestic bonds as domestic debt since1998. Data as at 1 January 1998 are based on total negotiable OVVZs valued at$11.3 billion.
** Includes bottom line evening. If bottomline evening is excluded, GKO arrears amount to Rb215 billion and OFZ arrears,Rb258 billion.
In 1998, the enlargedgovernment’s fiscaldeficit was 3.7 per cent of GDP, which is 3 p.p. lower than in1997.
As at 1 January 1999, the domesticgovernment debt was Rb751 billion, which amounts to approximately 28 per centof GDP and is almost 8 p.p. higher than the figure recorded on 1 January 1998.The structure of the government debt has changed. While in 1997, the debt onfloated securities were 90 per cent of the government debt, in 1998 this figurerose to 95 per cent. The highest share was accounted for by GKO-OFZ arrears (62per cent of the debt on securities, or 17.5 per cent of GDP) and OVVZs (32 percent of the debt on securities, or 8.6 per cent of GDP). To compare, the 1997arrears in GKOs-OFZs were 16.8 per cent of GDP, and of OVVZ, 2.62 per cent ofGDP.
Among the other domestic debt items, it isworth mentioning the arrears on centralized loans and accrued interest ofagro-businesses in charge of the so-called Northern winter deliveries, whichwere 0.8 per cent of GDP or 3 per cent of the domestic debt as at 1 January1999 (1 per cent of GDP or 4.4 per cent of the domestic debt as at 1 January1998). The rest of the domestic debt, apart from arrears on securities andNorthern deliveries, amounted to less than 3 per cent of the overall domesticdebt, or under 1 per cent of GDP.
During 1998, the domestic debt increased by7 per cent of annual GDP.
The draft law on the 1999 federal budgetwas submitted by the government to parliament (the State Duma) on 11 December1998 (see Table 1.10). It was passed in a first reading on 24 December 1998without amendments as regards the size of expenditure, revenue and deficit,whereupon the State Duma debated amendments to some items of expenditure andrevenue of the federal budget, most of which were not approved.
The adopted amendments changed thestructure of budget revenues. Profit tax revenues were increased while VATrevenues were cut down by the same amount, Rb1,450 million. The latter was donebecause of the redistribution of overall VAT revenues in favor of the RFconstituent members' budgets: according to the approved amendment, the regions'consolidated budgets are to get 15 per cent of VAT revenue (under the draft lawon the budget, all VAT revenues were to go to the federal budget). It wasproposed to increase the planned volume of tax revenues by Rb500 million at theexpense of other taxes. Simultaneously, planned nontax receipts were lowered byRb640 million.
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