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2002

2,7

3,0

2,8

2003against 2002

96,0

77,7

112,8

Source: IET’s estimates according to the data from the RF Ministry of Finance.

As of January 1, 2004, consolidated budgets of 62constituent entities of the Russian Federation ran a deficit totaling 61,7bln rubles, or 3,34of their revenues.

The median level of budget deficit accounted for 2,38% of the consolidated budget revenues. The biggest deficit to revenues ratio was registered at the Evenkyisky Autonomous National Area – 37,3%, Chechen Republic – 11,1%, Novosibirsk Oblast – 8,9%, Republic of Kareliya – 8,1%, and the Tula Oblast – 7,4%.

Seven constituent entities of the Russian Federation accounted for about 58% of the total deficit: Moscow – 27,7% or 17,08bln rubles, Moscow Oblast – 9,7% or 6,0bln rubles, Novosibirsk Oblast – 4,7% or 2,89bln rubles, Sakha Republic (Yakutiya) – 4,6%, or 2,85bln rubles, Karasnoyarsk Krai – 4,3% or 2,67bln rubles, Khabarovsk Krai – 3,8% or 2,32bln rubles, and Samara Oblast – 3,0% or 1,86bln rubles.

In 2003, budgets of 27constituent entities of the Russian Federation ran surplus. The total of budget surplus at these regions represented 11,7bln rubles or 2,53% of the budget revenues. The median figure of budget surplus accounted for 1,54% of the budget revenues.

The biggest surplus to revenues ratio of the consolidated budget was achieved at the Chelyabinsk Oblast – 8,4%, Ust-Ordynsk Buryat Autonomous National Area – 4,7%, Republic of Kalmykiya – 4,0%, and Aginsk Buryat Autonomous Area – 4,0%.

Four constituent entities of the Russian Federation achieved over 66% of the total budget surplus: Cheliyabinsk Oblast – 31,0% or 3,64bln rubles, Republic of Bashkortostan – 18,9% or 2,22bln rubles, Tyumen Oblast – 9,7% or 1,14bln rubles, and Perm Oblast – 6,9% or 0,81bln rubles (Table 30).

Accumulated debt structure

In 2003, the amount of accumulated debt of the consolidated regional budget grew by 48, 7bln rubles orby 0,37% of GDP. The increase in debt was governed by growing domestic debt (i. e. debt in terms of Rubles). The foreign debt of regional consolidated budgets was reduced by 3,8bln rubles, while the domestic debt grew by 52,5bln rubles (Table 28).

Table 28

Net Borrowings of Regional and Domestic Budgets (in terms of % of GDP)

Year

1995

1996

1997

January August 1998

January-December 1998

1999

2000

2001

2002

2003

Borrowings by subfederal and domestic authorities, including:

0,38

0,87

1,43

0,71

0,33

0,15

–0,29

–0,04

0,47

0,37

repayable loans from budgets at other levels

0,07

0,23

0,66

0,05

–0,09

–0,11

–0,03

0,04

0,12

–0,01

Subfederal (municipal) bonds

. .

0,16

0,22

0,08

–0,01

–0,05

–0,27

–0,07

0,16

0,31

other borrowings

0,31

0,48

0,55

0,58

0,43

0,31

0,01

–0,02

0,19

0,06

Reduction of budget account balances

0,03

–0,18

0,09

0,02

–0,19

–0,30

–0,05

–0,04

–0,18

Deficit financing through borrowings and reduction of budget account balances

0,38

0,9

1,25

0,8

0,35

–0,04

–0,59

–0,09

0,38

0,19

Source: IET’s estimates based on the data from the RF Ministry of Finance.

Borrowings structure

In 2003, total of borrowings of the regional consolidated budget was 232,2bln rubles, which included 2,4bln rubles of external borrowings. The recipients of external loans were St. Petersburg – 1183,5ml rubles, Moscow – 798,8ml rubles, Republic of Bashkortostan – 470,8ml rubles and Stavropol Krai – 5,5ml rubles.

The total of domestic borrowings at regions and municipalities was 229,8bln rubles. The major borrowers were Novosibirsk Oblast, 52,6bln rubles, Moscow – 35,3bln rubles, Moscow Oblast – 18,8bln rubles, and St. Petersburg – 8,9bln rubles.

In 2003, borrowings grew up to 18,7bln rubles or 8,8% in nominal terms against 2002, and hence the volume of borrowings was reduced by over 3% in nominal terms. This seemed to be caused mainly by the fact that the accumulated debt’s duration, which reduces the need in frequent refinancing by the territories, was not considered by budget statistics. This trend is supported by an ongoing decrease in net borrowings of the territories which was reduced by 16,9% in real terms. The volume of net borrowings of the consolidated regional budget 2003accounted for 48,7bln rubles in 2003against 51,6bln rubles in 2002.

The biggest budget debt to revenues ratio was revealed at the regions with a marked budget deficit, namely Evenkyisky Autonomous National Area where net borrowings accounted for 68,9% of the revenues (including transfers), Novosibirsk Oblast – 8,8%, Tula Oblast – 7,5%, Samara Oblast – 7,2%, Republic of Kareliya – 6,6%, and Kostroma Oblast – 6,0%.

The biggest net borrowers were Moscow – 18,8bln rubles, Moscow Oblast – 5,3bln rubles, Krasnoyarsk Krai – 2,9bln rubles, Sakha Republic (Yakutiya) – 2,8bln rubles, Novosibirsk Oblast – 2,6bln rubles, Samara Oblast– 2,5bln rubles, Yamalo-Nenets Autonomous National Area – 1,5bln rubles, Evenkyisky Autonomous National Area – 1,3bln rubles, and Tula Oblast – 1,2bln rubles.

Among the regions which reduced most of the accumulated debt were as follows. Perm Oblast by 0,8bln rubles, Stavropol Krai by 0,7bln rubles, Tyumen Oblast by 0,4bln rubles, Kemerovsk Oblast by 0,4bln rubles, and Omsk Oblast by 0,3bln rubles.

Issuance of securities accounted for 26,9% of the total domestic borrowings of the consolidated regional budget, while federal budget loans represented 7,9%, and other borrowings (primarily bank loans) – 65,3%. A special emphasis should be placed upon a quick securitization of subfedral debt. Securities in regional borrowings was almost doubled in share in 2003against the previous year, from 18,3to 33,8%, while the share was increased by 2,5in the volume of the municipal borrowings (initial share, however, was fairly small – 1,0%) (Table 29).

Table 29

Domestic Borrowings Structure of Subnational Budgets in 2003 (%)

2002

2003

Regional consolidated budget

Regional budgets

Municipal budgets

Regional consolidated budget

Regional budgets

Municipal budgets

Total (ml rubles)

211135,2

154077,4

101206,3

229789,0

174852,6

108436,3

Security issuance

13,8

18,3

1,0

26,9

33,8

2,5

Budget loans

11,9

16,7

43,1

7,9

10,6

48,9

Other borrowings

74,2

65,0

56,0

65,3

55,6

48,6

In 2003, total balance of regional and local budgetary accounts increased by 23,8bln and hence reached 94,7bln rubles, which represented a 28,5% growth in real terms. Thus, the the balance of budgetary accounts of the territories was increased by 49% of their total net borrowing worth 48,7bln rubles.

Table 30

Administration of Consolidated Budgets of Constituent Entities
of the Russian Federation in 2003 (%)

Budget revenues (ml rubles)

Budget (deficit) surplus

(ml rubles)

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