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Treasury veksels

1540

0,2

-


Gold certificates

49,1

0,03

1000

0,1

-


State savingsloan


3000

0,2

8000

0,35

13081,7

0,49

2. Debt toCBR

29156,7

18,0

58752,3

9,30

61026*

3,7

59583,27

2,64

0,0

0,0

3. Debt to commercialbanks (under government guarantees)

1899,8

1,2

1700

0,3

5793

0,3

17057,17

0,76

4916,8

0,18

4. Debt of the formerUSSR on commodity debt, of which:

3204

2

3100

0,5

2500

0,2

5300

0,23

4237

0,16

Targeted loan1990

2500

1,5

2400

0,4

1850

0,1

2300

0,10

2037

0,08

Targeted deposits,checks on automobiles, debt to agricultural workers

704

0,4

700

0,1

650

0,0

3000

0,13

2200

0,08

5. Debt to AICsecuritised into treasury bills

0

5441,6

0,9

5040

0,3

4480

0,20

3920

0,15

6. Debt on centralisedcredits and accumulated interest of AIC organisations which carry outprocurements to the Northern territories

25000

1,5

25000

1,11

25000

0,93

7. Debt of MZ securities into the Ministry of Finance veksels

1745,5

0,08


8. Debt of textileenterprises of the Ivanovo oblast on interest arrears

560

0,02

560

0,02

9. Debt on financingexpenditure in mobilising reserve

1960

0,1

2389,5

0,11

1993,5

0,07

10. Other, ofwhich:

276,6

0,2

153,6

0,02

2028

0,1

398,027

0,02

8233,2

0,31

Debt to Gosstrakh

23,8

0,01

-


CBR domestic debtassumed from the former USSR

330

0,2

335

0,05

335

0,0

335

0,01

191,4

0,007

Price difference onagricultural resources which require repayment

61

0,04

-


Deficit of 1991republican budget

63

0,04

63

0,01

63

0,0

63,027

0,00


CBR debt on the credit resources of the former Sberbank

128,8

0,08

90,6

0,01

-


Debt to Pension fund

1630

0,1

-


Debt on technicalcredits granted by CBR to CIS

2408

0,09

Debt to FEC enterprisesand of other sectors

5000

0,19

Debt on centralisedcredits and accrued interest by enterprises of AIC of the Cheliabinskoblast

93,8

0,003

Availed veksels of Agroprombank

540

0,02

Overall state domesticdebt

35196,6

21,7

88400

14

188543,6

11,4

365548,2

16,20

500959,1

18,73

for reference:GDP (Rb trln)

162,3

630

1659,2

2256

2675


The volume of the domestic state debt of theRussian Federation with respect to GDP increased in 1997 compared with 1996 by16 per cent. Debt growth on securities and specially OFZs (by 4.5 per cent ofGDP) and GKOs (by 1.1 per cent of GDP) has contributed to that increase. Thevolume of the state debt practically on all other items declinedinsignificantly.

In 1997 new types of taxes appeared. Amongthem are, for instance, debts to FEC enterprises amounting to Rb 5,000 bn oldroubles (0.19 per cent of GDP) and debt on technical credits to CIS countriesgranted by CBR in the amount of Rb 2,408 bn (0.09 per cent of GDP).

2.6.2. The draft 1998 budget

While analysing the draft 1998 budget, it isimportant to bear in mind the history of the budget crisis over 1993-1997 andthe reasons which have brought it about as well as the measures which thegovernment undertook in order to resolve it. Intensification of the budgetcrisis in 1996 has many reasons, but the main one consists in the fact that thegovernment while cutting the budget deficit during 1993-1995 did not try tostart a fundamental tax reform. There were no positive changes in the structureof public expenditure. In reality, the government in the circumstances ofrevenue shortfalls and insufficient borrowed funds confined itself to areduction in the volume of public expenditure by way of their sequestration andincomplete indexation in accordance with the current inflationrate.

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