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2.1. Creditsof the international financial organisations

24868,1

0,9








Credits received:

27782,7

1,0








-tied

4665,8

0,2








-non-tied

23116,9

0,9








Rate difference on credits:

30,4

0,0








Repayment of the major part of debt on credits:

2945,0

0,1








2.2. Creditsgranted by foreign governments, foreign commercial banks and firms to theRussian Federation

28601,0

1,1








-Credits received (used)

35190,3

1,3








-Repayment of the major part of the debt

6589,4

0,2








2.3. Change inthe residual budgetary funds on the currency accounts in the banks



-217,2

0,0






Residuals by the beginning of the period



99,9

0,0






Residuals by the end of the period



317,2

0,0






TOTAL FOREIGNFINANCING

53469,1

2,0

-217,2

0,0






OVERALLGENERAL FINANCING

162786,4

6,1

31989,9

1,2

16086,1

0,6




* estimate

The reconstruction of the execution of thefederal and local budgets and extra-budgetary funds is given in Table 9. Inaddition to the execution of the federal and local budgets, the Table gives thedata on the execution of the extra-budgetary funds. That data was obtained fromthe reports for the nine months of 1997.

The volume of the secondary federal budgetdeficit declined compared with 1996 by around 1.1 per cent of GDP. At the sametime, the volume of the primary deficit also declined (by 0.3 per cent of GDP)and constituted 2.8 per cent of GDP. On the whole, this decline took place atthe expense of a reduction in the volume of debt service. Moreover, expenditureon the international activities was sharply reduced by about 4-fould.Expenditure on all other budget items somewhat increased--on social policy by0.4 per cent of GDP, on national defence by 0.2 per cent, on law enforcementactivities by 0.3 per cent of GDP.

In 1997, the volume of revenue in the wholepublic finance system went up compared with 1996 (34.9 per cent of GDP and 34.4per cent of GDP correspondingly). Tax receipts, at that, despite the fact thattax withdrawals to the federal budget decreased, went down insignificantly(from 29.2 percent of GDP to 29.1 per cent of GDP) owing to a substantial (byone per cent of GDP) growth of tax withdrawals into the local budgets.Increase by 1.7 per cent of GDP of the consolidated budget expenditure (to 43per cent of GDP) in 1997 resulted in the deficit growth by 1.4 per cent of GDP(to 8.9 per cent of GDP).

Tax receipts of the extra-budgetary fundswere considerably cut compared with 1996--from 8.2 per cent of GDP down to 7.6per cent of GDP. That fall was offset by a growth of non-tax revenues from 2per cent of GDP up to 3.2 per cent of GDP. However, against the background ofan increase in the expenditure side of the extra-budgetary funds, it led to adeficit of 0.6 per cent of GDP. In 1996 a proficit was registered in the amountof 0.1 per cent of GDP.

Table 10

Dynamics of public debt

TYPE OFDEBT

as of 1January
1994

as of1 January
1995

as of1 January
1996

asof 1 January
1997

as of1 January 1998


RB bn

% GDP

Rb bn

% GDP

Rb bn.

% GDP

Rb bn.

% GDP

Rb bn

%GDP

1. Debt on securities,of which:

329,5

0,2

18917,4

3

85196,9

5,1

249034,7

11,04

449230,8

16,79

State loan 1992

15

0,009

22

0,003

53

0,0

55

0,00

105

0,004

State Russian domesticloan 1990

0,35

0,0002


State domesticloan 1991

80

0,04

80

0,01

80

0,0

79,7

0,00

79,7

0,003

GKO

185

0,1

10594

1,7

66118,7

4,0

203600

9,02

272612

10,19

OFZ

7597

0,5

37300

1,65

163352,4

6,11

Treasurybills

6681,4

1,1

7348,2

0,4

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