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16.0

15.8

16.6

16.6

Budgetdeficit

-1.9

-1.2

-3.1

-3.1

-2.7

-3.1

-2.7

-1.9

-2.6

-2.4

-2.6

-2.9

Total financing,incl.

1.9

1.2

3.1

3.1

2.7

3.1

2.7

1.9

2.6

2.4

2.6

2.9

interiorfinancing

0.2

1.5

3.8

2.9

2.4

2.2

1.8

1.2

1.9

1.4

1.4

1.4

exteriorfinancing

1.7

-0.4

-0.7

0.3

0.3

0.9

0.9

0.7

0.7

1.0

1.2

1.5

Information: GDP(Rbl.trln.)

78.2

161.0

255.1

356.1

476.4

615.6

769.7

938.7

1110.7

1288.7

1469.7

1658.9

Budget deficit(accounting for the net servicing of the debt for thye GKOs)

-2.9

-2.1

-4.2

-4.2

-4.0

-4.4

-3.9

-3.1

-3.7

-3.5

-3.8

-4.2

Source: Ministry of finance, State FiscalService, Goscomstat of Russia.

Due to the continuation of the strict controlover the monetary mass M2, in 1996, its growth made 32.5% against 126% in 1995and 200% in 1994. As a result, the annual inflation reduced from 216% in 1994and 131% in 1995 to 21.8% in 1996. Nevertheless, despite the successes of thefirst stage of the financial stabilization, the sluggish Budget crisisremained; it saw its expression in the continuing erosion of the tax disciplineand growth of the tax arrears. As for the results of 1995, the tax arrears forthe consolidated Budget amounted to 29% of the December GNP (17% of the monthGDP for December1994). The arrears for the Federal Budget grew up to 16% ofthe GDP (11% of the GDP for December 1994). In whole, the growth of the arrearsfor 1995 amounted to 2.4% of the annual GDP; in other words, if the arrearsaccumulated since 1992 are accounted for, the consolidated Budget could havereceived the additional 3.3% of the GDP in the event of their repayment (seeTable1.3).

Table 1.3.

Dynamics of Arrears for the 1995 RussianFederal and Consolidated Budgets.

Dynamics ofarrears for the 1995 Russian Federal Budget

January

February

March

April

May

June

July

August

September

October

November

December


GDP(Rbl.trln.)

78,2

161

255,1

356,1

476,4

615,6

769,7

938,7

1110,7

1288,7

1469,7

1659


Total arrears (Rbl.bn.)

11319,6

12339,4

12884,8

16326,6

19444,2

20303,8

23491,4

28427,9

28368,2

30923,9

33807,5

30016,6


Inflation, % ofDecember 1991

893,7

992,1

1081,3

1173,3

1265,9

1350,8

1423,7

1489,2

1556,2

1629,3

1702,7

1757,2


Increase ofarrears

2050,2

1019,8

545,4

3441,8

3117,6

859,6

3187,6

4936,5

-59,7

2555,7

2883,6

-3790,9


GDP,monthly

78,2

82,8

94,1

101

120,3

139,2

154,1

169

172

178

181

189,2


Monthly increase ofarrears, GDP

2,62

1,23

0,58

3,41

2,59

0,62

2,07

2,92

-0,03

1,44

1,59

-2,00


Increase of arrears,deflated

0,43

-0,23

-0,52

2,00

1,44

-0,33

1,47

2,59

-0,86

0,75

0,88

-2,77


Total arrears,deflated

12,67

12,44

11,92

13,92

15,36

15,03

16,50

19,09

18,23

18,98

19,86

17,08


Total monthly arrears,% of the GDP

14,48

14,90

13,69

16,16

16,16

14,59

15,24

16,82

16,49

17,37

18,68

15,87


Dynamics ofarrears for the 1995 Russian consolidated Budget

January

February

March

April

May

June

July

August

September

October

November

December


GDP(Rbl.trln.)

78,2

161

255,1

356,1

476,4

615,6

769,7

938,7

1110,7

1288,7

1469,7

1659


Total arrears (Rbl.bn.)

19087,6

20055,0

20539,5

28508,6

38082

37705,0

40122,3

52685,0

51273,6

53694,4

63190,9

54995,7


Inflation

893,7

992,1

1081,3

1173,3

1265,9

1350,8

1423,7

1489,2

1556,2

1629,3

1702,7

1757,2


Increase ofarrears

3974,7

967,4

484,5

7969,1

9573,8

-377,4

2417,3

12562,7

-1411,4

2420,8

9496,5

-8195,2


GDP,monthly

78,2

82,8

94,1

101

120,3

139,2

154,1

169

172

178

181

189,2

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