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In 2001, the consolidated regional budgetof 43 territorial subjects of the Russian Federation balanced with a deficit.The number of budgetary deficient subjects of the Russian Federation hadincreased over 1.5 times as compared to the 26 regions that showed the budgetdeficit in 2000. The aggregate budget deficit of these regions amounted to 15.0bln. RF Rubles.

The average budget deficit accounted for1.4% of the budget revenues. The highest deficit rates were registered in theEvenki Republic at 89.9% of the budget revenues (it was financed by bankloans), in the Kamchatka oblast at 13.4% of the budget revenues, in the KoryakAutonomous District at 12.7%, and in the Tomsk oblast at 11.1%. (Table28).

Changes in thestructure of accumulated debt

The accumulated debt of the consolidatedregional budget31 decreased in 2001 by 4.413bln. RF Rubles, or by 0.04% of the GDP (in 2000 this amount diminished by 0.29%of the GDP). Nearly the entire amount of reduced liabilities was accounted forby the repayment of external debts (i.e. foreign exchange debts). The externalliabilities of the regional consolidated budgets diminished by 4.0 bln. RFRubles, and the domestic liabilities dropped by 413.0 mln. RFRubles.

With the growth of debt on domesticsecurities by 6.6 bln. RF Rubles and on federal budgetary loans by 4.0 bln. RFRubles, the domestic bank debts had declined by 11.0 bln. RF Rubles.

Debts on foreign securities had diminishedby 12.7 bln. RF Rubles, while the relevant foreign exchange bank debts hadrisen by 8.7 bln. RF Rubles.

Interestpayments

The total interest payments from theterritorial budgets amounted to 143.5 bln. RF Rubles, or more than 11.1% of theconsolidated regional budget revenues, which was one-fifth less than in theyear 2000 (13.8%). The cost of servicing foreign exchange debts within theaggregate expenditures related to interest payments also decreased from 27.7%to 22.2% (31.934 bln. RF Rubles).

Within the aggregate funds allocated forthe repayment of foreign debts worth of 29.6 bln. RF Rubles, the share ofMoscow accounted for 63.8%, the share of St.-Petersburg constituted 27.4%, theshare of Yamalo-Nenets Autonomous District amounted to 2.9%, and thecontribution of the Nizhny Novgorod Oblast was 2.7%. The Republic ofBashkortostan, the Tyumen and Moscow oblasts also contributed to the repaymentof foreign debts.

Composition of loanproceeds

In 2001, the total loan proceeds within theconsolidated regional budget accounted for 126.4 bln. RF Rubles, including 25.6bln. RF Rubles worth of foreign loans. Only Moscow and St.-Petersburg hadmanaged to raise foreign loans (in the form of bank credits) - 20.7 and 4.9bln. RF Rubles respectively, which accounted for nearly five-fold increase (inforeign exchange equivalent) of regional foreign loans as compared to the year2000, when the relevant proceeds amounted only to 4.7 bln. RF Rubles, with theshare of St.-Petersburg being 94%.

The total domestic loans of regional andmunicipal authorities amounted to 100.8 bln. RF Rubles, with the majorborrowers being Moscow (21.8 bln. RF Rubles), the Novosibirsk oblast (10.4 bln.RF Rubles), St.-Petersburg (6.8 bln. RF Rubles), the Moscow oblast (4.4 bln. RFRubles), and the Krasnoyarsk Territory (3.1 bln. RF Rubles).

Despite the fact that on the national levelthe net loan proceeds of the regional consolidated budget had come outnegative, a number of regions opted for the further increase of accruedliabilities. The highest ratios of net loans to budget revenues were registeredin the regions with distinct budget deficits, i.e. the Evenki AutonomousDistrict, where the loan proceeds exceeded the budget revenues (transfersincluding) – 102.8%,and the Koryak Autonomous District – 14.4%, the Kamchatka Oblast and the KrasnoyarskTerritory– 5.7%, andthe Novosibirsk Oblast – 5.2%.

In the structure of aggregated domesticloans of the consolidated regional budget, issued securities accounted for15.0%, federal budgetary loans made up 15.6%, and other loans (first andforemost, bank loans and credits) amounted to 69.4 %.

Table 26

Composition of internal loan proceedswithin subnational budgets in 2001 (%)

2001 .

2000 .

Regional consolidated budget

Regional budgets

Municipal budgets

Regional consolidated budget

Regional budgets

Municipal budgets

Total (mln. RF Rubles)

100 803,9

77 432,0

54 113,2

99152,9

82667,1

45959,2

Issuedsecurities

15,0

18,4

1,7

13,2

12,2

6,4

Budgetaryloans

15,6

20,5

56,5

12,2

14,9

63,7

Other loans

69,4

61,1

41,8

74,7

72,9

29,9

In 2001, the total balances of budgetaccounts grew by 4.2 bln. RF Rubles, which in real terms signified an 8.8%reduction. At the same time, the statistical data of the Central Bank of theRussian Federation show that the subnational authorities continued to donatefunds to the banking system: with 69.6 bln. RF Rubles of total balances ofterritorial budget accounts, the aggregate banking claims to the territorialauthorities amounted to only 23.3 bln. RF Rubles. Thus, as at 1 of December2001, territorial budgets were actually advancing credits to commercial banksto the extent of 46.3 bln. RF Rubles. (Table 27).

Table 27

The financing of regional and localauthorities by commercial banks (mln. RF Rubles)

Dates

Claims of commercial banks to local authorities*

Deposits of local authorities with commercialbanks

Balance of claims and deposits

01.01.98

12514,5

8467,1

4047,4

01.04.98

23039,6

10015,8

13023,8

01.07.98

24002,0

9401,8

14600,2

01.10.98

25225,2

8987,9

16237,3

01.01.99

24445,6

10145,9

14299,7

01.04.99

24506,5

13640,8

10865,7

01.07.99

22946,4

18723,6

4222,8

01.10.99

20750,8

21490,2

-739,4

01.01.00

19870,5

15626,8

4243,7

01.04.00

21680,5

29847,9

-8167,40

01.07.00

22313,0

41893,5

-19580,50

01.10.00

23385,7

47341,7

-23956,00

01.01.01

18531,3

36641,8

-18 110,5

01.04.01

19897,5

43353,7

-23 456,2

01.07.01

21871,7

58267,1

-36 395,4

01.10.01

21725,9

64162,1

-42 436,2

01.12.01

23 349,0

69 619,8

- 46 270,8

*Public authorities of territorial subjectsof the Russian Federation and local authorities

Data source: calculations performed by theInstitute of Economies in Transition basing on the data provided by the RFCentral Bank.

Accountspayable

The reduction (in real prices) ofaccounts payable of territorial budgets started in 1999-2000 and continuedthroughout 2001, provoking the reduction of accounts payable of the relevant budget-fundedinstitutions. As a result, between 1 of December 2000 and December 2002, theoutstanding liabilities of budget-funded institutions went down from 5.4% to3.4% of the territorial budget expenditures (Table 28).

The arrears of wages due to a lack offunding of territorial budgets declined in real terms by over 34.4% from 3.97to 3.07 bln. RF Rubles, accounting for less than 0.24% of the aggregaterevenues of the consolidated regional budget.

At the same time, wage arrears stillexceeded 4.4% of the budget expenditures of the Jewish Autonomous Oblast, 3.6% of same inKhakassiya, and 3.2% of the budget expenditures of the Republic ofMaryi-El (Table 29). It is worth mentioning that the 2001 decision of thefederal authorities to raise significantly the wages and salaries of the staffof budget-funded institutions will objectively complicate the implementation ofthe regional consolidated budgets and may provoke a growth of wage arrears insome municipal entities.

Table 28

Debts of state-owned organizations fundedfrom territorial budgets
(mln. RFRubles)

Accounts payable

Accounts receivable

Balance of accounts payable and accounts receivable

Balance of outstanding accounts payable and accounts receivable

Including, outstanding debts




01.12.98

88 061

63 508

5 430

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