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82 631

58 078

% of annualexpenditures in 1998

22.64

16.33

1.40

21.25

14.93

01.12.99

92853

71720

8102

84751

63618

% of annual expenditures in1999

14.31

11.05

1.25

13.06

9.80

01.12.00

92 656

70 814

17 355

75 301

53 459

% of annualexpenditures in 2000

9.29

7.10

1.74

7.55

5.36

01.12.01

94137

67231

22801

71336

44430

% of annual expenditures in2001

7,30

5,21

1,77

5,53

3,44

* % of annual expenditures of theconsolidated regional budget

Data source: calculations performed by theInstitute of Economies in Transition basing on the data provided by the RFState Statistics Committee

The economic growth, the unfailing debtservicing by the federal government, and the stable fiscal situation haveadvanced the international credit rating of the Russian Federation to the B+level of Standard & Poor's ratings scale and further boosted the credit ratings of thoseterritorial subjects of the Russian Federation that satisfy their financialobligations on time (Table 34).

The higher credit ratings serve to improvethe prospects of subnational authorities to raise loan reserves. However, oneshould bear in mind that the credit rating of the Russian Federation belongs tothe "speculative" rating category and has yet to regain its maximum level of1996-1997.

Table 29

Execution of consolidated budgets ofterritorial subjects of the Russian Federation (%)


Budget revenues (thou. Rubles)

Ratio of loans to revenues

Ratio of interest payments to revenues

Ratio of balances of budget accounts to revenues

Ratio of budget surplus to revenues

Ratio of wage arrears due to lack of funding of territorialbudgets to revenues

Ratio of changed balances of budget accounts to budgetsurplus

Ratio of net loans to budget surplus

Ratio of property sales proceeds to budget surplus

1

2

3

4

5

6

7

8

9

10

The Central FederalRegion

Belgorod oblast

7224537

8,08

6,86

1,07

-4,45

0,03

-41,7

-39,8

-18,5

Bryansk oblast

6081181

0,90

1,23

2,63

2,05

0,03

-104,4

-0,4

4,8

Vladimir oblast

7346193

3,61

2,77

3,97

0,72

0,11

-266,6

150,5

33,6

Voronezh oblast

9063639

16,75

15,13

3,04

-1,81

0,65

95,9

-127,3

-68,5

Ivanovo oblast

5724530

2,00

1,70

2,02

0,25

0,07

-393,7

132,6

161,1

Kaluga oblast

6640986

2,85

2,23

1,89

-0,80

0,06

10,9

-105,4

-5,4

Kostroma oblast

3657884

9,50

10,75

1,48

-0,31

0,74

-42,8

137,9

-195,1

Kursk oblast

5370549

3,33

4,36

1,41

1,05

0,38

-37,4

-78,6

15,5

Lipetsk oblast

7858162

1,55

5,17

2,59

-2,93

0,05

-177,3

80,3

-3,1

Table 29 (cont’d)

1

2

3

4

5

6

7

8

9

10

Moscow oblast

51133357

8,52

9,71

4,74

-0,92

0,06

-56,4

-10,5

-33,2


Oryol oblast

5122768

10,46

2,40

1,46

-8,55

0,14

-5,7

-94,3

0,0


Ryazan oblast

6093068

4,12

3,98

4,47

2,66

0,18

-132,5

21,2

11,3


Smolensk oblast

5363719

4,52

3,12

2,34

-0,10

0,15

1561,1

-1616,5

-44,6


Tambov oblast

4932501

4,12

5,16

1,02

1,25

0,20

-20,9

-79,2

0,1

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