State debt of the Russian Federation, costs of servicing the state debt of the Russian Federation. Service of internal debt Service of the state internal debt of the Russian Federation is carried out

Public debt servicing

The public debt management process is a set of actions related to the preparation for the issuance and placement of state debt obligations, regulation of the government securities market, servicing and repayment of public debt, provision of loans and guarantees.

Public debt management covers methods of both direct (institutional, technical, economic proper) and indirect regulation (impact on macro- or microeconomic levers of national economic management).

Public debt management in a broad sense refers to the formation of one of the directions of the state’s economic policy related to its activities as a borrower. This process includes: the formation of state debt policy; determination of the main directions and goals of impact on micro- and macroeconomic indicators; establishing the possibility and feasibility of financing national programs through public debt and other issues related to the strategic management of public debt; setting debt limits.

Debt management in the narrow sense is understood as a set of activities related to the issuance and placement of government debt obligations, servicing, repayment and refinancing of government debt, as well as regulation of the government securities market.

The process of managing public debt, both in a broad and narrow sense, requires a systematic approach from the state and determines the multifaceted nature of regulating existing debt. In turn, systematic debt management is impossible without a clear classification of debt.

Servicing public debt is associated with the redistribution of income in the country. To pay off the debt, you can use the assets available to the state by privatizing state property. Another approach is associated with increasing budget revenues by expanding the tax base. The burden of maintenance is shifted to taxpayers. Another source of debt repayment could be loans from the Central Bank. However, in the context of the country's main bank being independent from the government, it is very difficult to use emissions to reduce debt. Servicing external debt actually means the legal export of capital, which is reflected as a separate line in the balance of payments, that is, it leads to the redistribution of part of the national income through the fiscal and monetary system in the interests of non-residents.

Financing the budget deficit from domestic sources also does not always contribute to the development of the national economy. An increase in domestic debt means an increase in the share of government borrowing in the financial market. This could lead to competition for resources in the domestic financial market, rising interest rates and reducing capitalization of the private securities market. In addition, investments are reduced, since investment projects with a profitability that does not exceed the interest paid on government securities along with the risk premium will remain unrealized.

Expenses for servicing the public debt of the Russian Federation in 2010 are projected at 304.0 billion US dollars. Interest payments (servicing state and municipal debt) in January 2010 amounted to 17.1 billion rubles, their share in the total volume of federal budget expenditures amounted to 2.6%.

Problems of public debt management

To solve emerging problems of the federal budget, it is necessary to develop a strategic program for managing public debt as an integral part of the debt of the Russian Federation. At the same time, one cannot fail to take into account that in a developing economy at the stage of economic growth, debt management is carried out in accordance with the growth rate of GDP, income of all sectors of the economy, the tax base, and, in certain circumstances, a relatively low real rate on debt obligations with long borrowing periods.

The public debt management strategy should be based on coordinating debt dynamics with the rate of economic growth and reducing the cost of servicing it. Compliance with these conditions, as a rule, allows, with an increase in the absolute scale of borrowing, to maintain the ratio of public debt to GDP at approximately the same level, preventing a situation in which debt begins to negatively impact the economy. The main problems considered when deciding on new borrowings are the effectiveness of borrowings, determining acceptable amounts and sources of their coverage, and assessing the impact of borrowings on socio-economic development.

The conditions of the modern economy determine the need to form a special strategic program for monitoring and managing public debt, including loans from constituent entities of the Russian Federation and local governments. At the same time, monitoring of the external debt of banks and enterprises must be ensured. The complexity of the problem lies in the fact that public debt is heterogeneous, and its constituent elements require specific regulatory mechanisms using various financial instruments. Many components have a high degree of uncertainty and require special analysis to select the most effective control methods.

The strategic program for servicing and repaying public debt must be consistent with the methods of managing the state budget as a whole, the size of its deficit and regulation of the general economic situation in the country.

A debt management program should include:

ѕ balancing tax and non-tax budget revenues and emission activities with the size of public debt, its dynamics in order to stabilize and possible reduce public debt, primarily external;

* measures to restructure public debt and cancel it by creditors;

* the possibility of refinancing state debt;

ѕ reducing the cost of servicing public debt, taking into account the inflationary depreciation of the principal amount of the debt and the cost of servicing it;

* sources of currency for repayment and servicing of external debt;

* reduction of government spending;

ѕ control over borrowings of constituent entities of the Russian Federation;

ѕ control over borrowings of business entities.

The participation of the Bank of Russia in servicing external debt is mainly passive in nature in connection with the formation of foreign exchange reserves, the implementation of foreign exchange policy and the ruble exchange rate policy. Ensuring the stability of the national currency is mainly implemented within the framework of the regulated foreign exchange market.

The underdevelopment of the institutional basis for government borrowing, which largely determines the negative trends in this area, manifests itself in the form of a number of circumstances, among which is the established system of concentrating the functions of government borrowing in one department, including all stages and elements of this institution. The combination of financial flows of different mechanisms and instruments in one financial center with a simultaneous combination of executive and control functions carries the risk of serious violations in this area. Solving the problem of separating the functions of government borrowing, including all structural elements of the process, in particular determining the strategy of government borrowing, efficiency and servicing of both external and internal debts, into an object of relatively independent management is the main task in the field of increasing the efficiency of the institution of government borrowing and preventing threats to national security.

DEBT SERVICE

DEBT SERVICE

(debt service) Payments made in accordance with a debt contract. Debt servicing includes timely payment of interest and principal payments. If the debt is long-term, its servicing largely consists of interest payments. With short-term debt, the vast majority of debt service payments are principal payments. If an individual, firm or country has difficulty servicing its debt, the more short-term its debts are, the worse its problem. Thus, debt servicing problems can be significantly alleviated if creditors agree to convert short-term debts into long-term ones.

Economy. Dictionary. - M.: "INFRA-M", Publishing House "Ves Mir". J. Black. General editor: Doctor of Economics Osadchaya I.M.. 2000 .

Economic dictionary. 2000 .

See what “DEBT SERVICE” is in other dictionaries:

Debt service payments to repay a loan, usually monthly Service of government debt Debt service ratio ... Wikipedia

Payment of principal and interest to the creditor by the debtor in accordance with the terms of the loan. Dictionary of business terms. Akademik.ru. 2001 ... Dictionary of business terms

Payment of interest plus return to creditors of the principal part of the debt, that is, repayment of debt for a certain reporting period.. Terminological dictionary of banking and financial terms. 2011… Financial Dictionary

Debt servicing- (debt service, debt servicing) the process of payments by the borrower to repay the principal debt and interest on it ... Economic and mathematical dictionary

debt service- The process of a borrower making payments of principal and interest. Topics: economics EN debt servicedebt servicing…

DEBT SERVICE Technical Translator's Guide - payment of principal and interest on it. The part of the proceeds from the export of goods and services, expressed as a percentage, allocated for servicing external debt is called the O.d. norm. Increasing the norm of O.d. indicates deterioration...

DEBT SERVICE Foreign economic explanatory dictionary

DEBT SERVICE Great Accounting Dictionary - timely, in accordance with the agreed schedule, repayment by the debtor of the principal debt and interest to the creditor...

Debt servicing Large economic dictionary - DEBT SERVICING. Regular payments to repay the principal debt, payment of accrued interest and administrative fees...

Debt servicing Dictionary-reference book on economics - Payment of interest plus return to creditors of the principal part of the debt, that is, repayment of debt...

Investment Dictionary

• Books

19.1. In accordance with the Main Directions of Budget Policy for 2017 and for the planning period of 2018 and 2019 (hereinafter referred to as the Main Directions), the main task for the upcoming three-year period is to ensure a smooth transition to full market financing of the budget deficit, while its systematic reduction in relation to GDP is planned by 1 percentage point annually in 2017 - 2019. The role of sovereign funds as sources of financing the budget deficit will decrease, and the share of domestic borrowing in the structure of sources of its financing will increase. At the same time, the volume of borrowings on foreign markets will be determined primarily by the task of maintaining liquidity of the sovereign Eurobond market. The Guidelines indicate that the implementation of such a deficit financing strategy will allow maintaining the level of public debt in acceptable amounts - up to 17% of GDP.

State debt in 2017 compared to the 2016 estimate will increase from 13,445.2 billion rubles (16.2% of GDP) before 13,972.2 billion rubles (16.1% of GDP), or by 527.0 billion rubles (by 3.9%), in 2018 – up to 15,177.1 billion rubles (16.4% of GDP), or by 1,731.9 billion rubles (by 12.9%), in 2019 – up to 16,651.9 billion rubles (16.8% of GDP), or by 3,206.7 billion rubles (by 23.9%). Wherein share state domestic debt in the total volume of public debt in 2017 - 2019 will increase and amount to 74.1%, 76.3% and 76.8%, share state external debt decline – 25.9%, 23.7% and 23.2% respectively.

The volume of public internal debt of the Russian Federation, compared to the estimate of 2016, will increase from 9,867.8 billion rubles to 12,788.4 billion rubles in 2019, or by 2,920.6 billion rubles (1.3 times). The volume of public external debt of the Russian Federation is projected to increase from 3,577.4 billion rubles in 2016 to 3,863.5 billion rubles in 2019, or by 286.1 billion rubles (by 8%).

The dynamics of the volume and structure of public debt in 2014–2019 (at the end of the year) are presented in the following table.

(billion rubles)

Analysis of the data shows that in 2017 - 2019 compared to the 2016 estimate, along with an increase in the absolute volume government debt of the Russian Federation its ratio to GDP increases from 16.2% to 16.8% in 2019, while government internal debt will increase from 11.9% of GDP to 12.9% of GDP in 2019, external debt will decrease from 4.3% of GDP up to 3.9% of GDP, respectively.

The draft passport of the state program of the Russian Federation “Public Finance Management and Regulation of Financial Markets” reduced the value of the target indicator “Public debt of the Russian Federation in relation to the gross domestic product, no more” in 2016 from 14.3% to 20%, the same value of the indicator is also envisaged in 2017 - 2019. Thus, the volume of public debt of the Russian Federation in the coming period is projected at a level of up to 17% of GDP, that is, it will remain at a relatively safe level.

Data on changes in the volume of public debt in 2008 – 2019 are presented in the following diagram.

In order to determine safe levels of volumes and structure of public debt, various indicators of debt sustainability are used in world practice. When analyzing debt sustainability indicators from a budgetary perspective, the ratio of the government's public debt and indicators characterizing the state of the state budget is assessed.

The main indicators used in world practice characterizing the degree of debt sustainability, in relation to the Russian Federation in 2014 – 2019, are given in the following table.

From the data presented in the table it is clear that such indicators as the ratio of public debt to GDP, the share of expenses for servicing public debt in the total volume of federal budget expenditures, the ratio of public debt to federal budget revenues, even taking into account the increase in their values ​​in 2017 - 2019, do not exceed threshold values. At the same time, the coefficient characterizing the ratio of the annual amount of payments for repayment and servicing of public debt to federal budget revenues, according to the parameters of the bill in 2017 - 2019 slightly exceeds the threshold level.

The coverage ratio, showing the ratio of the volume of payments for repayment and servicing of public debt to the total volume of borrowings, in 2017 - 2019 will be 84.7%, 92.9% and 91.9%, respectively (in 2015 its value was 195.2% , in 2016 – 104.8%). The decrease in this ratio is mainly due to a significant increase in the volume of government borrowings of the Russian Federation due to the placement of government securities on the domestic market in the period under review. Against the backdrop of a significant increase in the aggregate volume of demand from investors on their terms over the past two years, a sharp increase in the volume of government borrowing may lead to a deterioration in the conditions for the placement of government bonds (an increase in yield and a reduction in borrowing terms in conditions of limited capacity of the Russian debt market and the investment horizon of its participants ), as well as to a significant increase in the volume of public internal debt of the Russian Federation and an increase in the debt burden on the federal budget in terms of its servicing.

19.2. government domestic debt ceiling as of January 1, 2018 is provided in the amount 10,351.6 billion rubles, which is 483.8 billion rubles, or 4.9%, higher than the maximum volume of public internal debt as of January 1, 2017, established by Federal Law No. 359-FZ, as amended.

The dynamics of the volume and structure of public internal debt (as of the end of the year) in 2015–2019 are presented in the following table.

Analysis of the data presented shows that the growth of government internal debt is due to an increase in debt on government securities, the nominal value of which is indicated in the currency of the Russian Federation. At the same time, the share of debt on government securities in the volume of government internal debt will increase from 69.6% in 2017 to 73.4% in 2019, and on government guarantees - will decrease from 30.4% in 2017 to 26.6% in 2019.

The volume of domestic debt expressed in government securities in 2017 will amount to 7,205.2 billion rubles, which is 1,098.0 billion rubles, or 18%, more than in 2016, and 1,632.1 billion rubles, or 29.3% more than in 2015. During 2017–2019, it will increase 1.5 times and by the end of 2019 it will amount to 9,388.8 billion rubles.

In accordance with the Main Directions, the Russian Ministry of Finance plans to issue new special government securities for the population to additionally attract borrowed funds.

In accordance with Article 13 of the bill and the Program of State Guarantees of the Russian Federation in the currency of the Russian Federation (hereinafter referred to as the Guarantee Program) for 2017 (Appendix 45 to the Draft Law), the provision of state guarantees of the Russian Federation in the currency of the Russian Federation (hereinafter also referred to as guarantees) is provided for in 2017 in the amount of 190.1 billion rubles.

The planned volume of guarantees in 2017 is significantly lower than the volume of state guarantees provided for by the state guarantee programs of the Russian Federation in the currency of the Russian Federation in 2012 - 2016. Thus, the planned volume in 2017 is 67.9% lower than the total guaranteed amount in 2016 (592.5 billion rubles), and 66.2% lower than the total guaranteed amount in 2015 (563.3 billion rubles).

At the same time, for a number of years there has been a negative trend in non-fulfillment of the Guarantee Programs: in 2011, the volume of guarantees actually issued amounted to 48.1% of the guarantee amount under the Guarantee Program, in 2012 - 67.8%, in 2013 - 68.3%, for 2014 – 77.1%, for 2015 – 37%. For January - October 2016, the implementation of the Guarantee Program amounts to only 0.2% of the established volume (592.5 billion rubles).

Data on the volume of provision of state guarantees in the currency of the Russian Federation in 2017 - 2019 by guarantee purposes are presented in the following table.

The main volume of guarantees planned for provision in 2017 falls on the purpose of guaranteeing “loans or bond issues raised by legal entities selected in the manner established by the Government of the Russian Federation for the implementation of investment projects or for other purposes established by the Government of the Russian Federation.” In accordance with the bill, in 2017, for the specified guarantee purpose, it is planned to provide state guarantees in the amount of 100.0 billion rubles, which is 52.6% of the total provision provided for by the Program.

The volume of guarantees provided for this purpose in 2016 is 175.3 billion rubles, or 29.6% of the total volume of guarantees; in 2015 – 297.5 billion rubles, or 52.8%; in 2014 – 97.5 billion rubles, or 14.1%; in 2013 – 97.5 billion rubles, or 15.9%; in 2012 – 128.5 billion rubles, or 26%.

It should be noted that the level of implementation of the Guarantee Programs for this guarantee purpose has been insufficient in recent years. Thus, in 2012, out of the stipulated volume, state guarantees were actually provided in the amount of 67.6 billion rubles, or 52.6% of the established volume of guarantees; in 2013, no guarantees were provided; in 2014, 44.0 billion rubles were actually provided, or 45.1%, in 2015 – 50.9 billion rubles, or 17.1%. As of October 1, 2016, according to the State Debt Book of the Russian Federation, no guarantees were provided for this purpose.

Also, over the course of a number of years, the bulk of state guarantees fell on the purpose of guaranteeing “loans attracted by organizations of the military-industrial complex for the purpose of fulfilling (implementing) the state defense order.” Thus, in 2012, the volume of guarantees for this purpose amounted to 40.4% of the total volume provided for by the State Guarantees Program of the Russian Federation in the currency of the Russian Federation for 2012; in 2013 – 65.2%; in 2014 – 71.8%; in 2015 – 4.6%; in 2016 – 35.3%. In 2017, the provision of state guarantees for this purpose is not provided.

In 2017, a significant volume of government guarantees is planned for the purpose of guaranteeing “loans attracted by organizations of the military-industrial complex for the implementation of projects carried out within the framework of the federal target program “Development of the military-industrial complex of the Russian Federation for 2011 - 2020,” which amounts to 23 % of the total volume provided for by the draft Guarantee Program.

It should be noted that there are risks of failure to fulfill the planned volumes of government guarantees provided for by the Guarantee Program for 2017. Thus, as of October 1, 2016, only 2 state guarantees were provided in the amount of 1,072.0 million rubles, or 0.2% of the volume provided for by the State Guarantee Program of the Russian Federation in the currency of the Russian Federation for 2016. At the same time, the Accounts Chamber has repeatedly noted the unevenness in the provision of state guarantees throughout the year. Thus, the bulk of the provision of government guarantees occurs annually in December.

The main volume of state guarantees of the Russian Federation planned for provision in 2017 in the currency of the Russian Federation falls on guarantees with the right of recourse or with the assignment of rights of claim to the person for whose obligations the state guarantee of the Russian Federation is provided - 83.6% of the total volume. The provision of a state guarantee without the right of recourse is planned by RUSNANO JSC in the amount of 21.1 billion rubles (the volume of state guarantees of RUSNANO JSC in 2016 is 35.5 billion rubles) and for loans attracted by legal entities registered and carrying out its main statutory activities in the territory of the North Caucasus Federal District, for the implementation of investment projects in the territory of the North Caucasus Federal District, in the amount of 10.0 billion rubles.

The draft Guarantee Program for 2017 for the possible implementation of state guarantees of the Russian Federation provides for budgetary allocations:

from sources of financing the federal budget deficit under guarantees provided with the right of recourse - 80,573.4 million rubles;

for federal budget expenditures on guarantees provided without the right of recourse and without assignment of claims - 11,169.9 million rubles.

According to the Ministry of Finance of Russia, the volume of planned budget allocations for the possible implementation of state guarantees of the Russian Federation in the currency of the Russian Federation in 2017, due to an increase in the volume of obligations, increased compared to the Federal Law No. 359-FZ established for 2016: on sources of financing the federal budget deficit - by 39,635.2 million rubles, or 2 times, for federal budget expenditures - by 6,479.2 million rubles, or 2.4 times.

An analysis of the actual use of budgetary allocations provided for the execution of state guarantees for possible guarantee cases showed that in 2014–2015 the execution of state guarantees was not carried out; in January–September 2016, the guarantor fulfilled obligations in the amount of 133.84 million rubles.

To date, the Russian Ministry of Finance has not taken measures to implement budgetary powers to organize the preparation of a draft federal budget in terms of implementing methodological guidance in the formation of a draft program of state guarantees. Regulatory act of the Ministry of Finance of Russia on approval of the procedure for the formation of a draft program of state guarantees of the Russian Federation (including on the purposes and scope of the guarantee, the presence or absence of the right of recourse of the guarantor to the principal, as well as on the presence of other conditions, including analysis of the financial condition of the principal when providing a guarantee) is not accepted.

It should be noted that the Accounts Chamber, in its conclusion on the report on the execution of the federal budget for 2015, noted that the regulatory document of the Russian Ministry of Finance defining the procedure for the formation of draft programs of state guarantees of the Russian Federation, including in the currency of the Russian Federation, has not been approved.

19.3. In accordance with Article 1 of the bill upper limit of public external debt of the Russian Federation as of January 1, 2018 is provided in the amount US$53.6 billion, or 48.7 billion euros, which is 1.5 billion US dollars, or 2.7%, less than the upper limit of external debt as of January 1, 2017, established by Federal Law No. 359-FZ, as amended.

The dynamics of the volume and structure of public external debt (at the end of the year) are presented in the following table.

(USD million)

When calculating the volume of public external debt of the Russian Federation for the indicated dates, the following forecast exchange rates were used: 64.9 rubles per 1 US dollar for calculating the debt as of January 1, 2017; 67.6 rubles per 1 US dollar to calculate the debt as of January 1, 2018; 68.1 rubles per 1 US dollar for calculating the debt as of January 1, 2019; 72.1 rubles per 1 US dollar to calculate the debt as of January 1, 2020. To convert debt amounts denominated in euros into dollars, a coefficient of 1.10 was used, with the exception of debt as of January 1, 2017, calculated using a coefficient of 1.11.

The most significant part of the government external debt of the Russian Federation is accounted for by government securities of the Russian Federation, the nominal value of which is indicated in foreign currency. On January 1, 2017 and January 1, 2018, it will amount to 71.3% and 69.8% of the amount of government external debt expressed in US dollars, respectively, which is slightly lower than on January 1, 2016 (71.8%). In 2018 and 2019, the share of government securities of the Russian Federation denominated in foreign currency will decrease slightly and amount to 67.5% and 66.1%, respectively.

It is predicted that the share of debt under state guarantees of the Russian Federation in foreign currency will be 25.5% and 27.4%, respectively, as of January 1, 2017 and January 1, 2018 (compared to 23.8% as of January 1, 2016), at January 1, 2019 and January 1, 2020 – 30% and 31.8%. The share of debt to MFOs, foreign governments and under the deposit agreement with the Central Bank of Libya will continue to decline: from 4.4% on January 1, 2016 to 2% on January 1, 2020.

As of January 1, 2016, the government external debt on external bond loans of the Russian Federation (hereinafter referred to as OVOZ) amounted to 35,911.2 million US dollars (2,617.3 billion rubles). In 2016, OVOZ were placed in the amount of 3,000.0 million US dollars, and taking into account the repayment in the amount of 1,273.1 million US dollars as of January 1, 2017, the debt on Eurobonds will amount to 37,650.5 million US dollars (2 443.5 billion rubles).

State and municipal debt management- this is a system of measures by the state and municipalities to establish the procedure, conditions for the issue and placement of debt obligations, as well as for the payment of income and repayment of loans. The management of the public debt of the Russian Federation is carried out by the Government of the Russian Federation or the Ministry of Finance of Russia authorized by it, and the management of the public debt of a constituent entity of the Russian Federation is the highest executive body of state power of the constituent entity of the Russian Federation or the financial body of the constituent entity of the Russian Federation. Issues of managing municipal debt are assigned to the executive and administrative body of the municipality (local administration) in accordance with the charter of the municipality.

The set of measures for managing public debt mainly concerns two aspects - management methods and servicing procedures. Under management methods methods of regulating issued loans are understood. Moreover, if previously the legislation did not address the application of certain methods at all and the state could unilaterally change the size of the loan’s profitability, increase the validity period or defer the repayment of previously issued loans 1, and sometimes cancel the public debt (refuse debt obligations) , then currently the use of public debt management methods is strictly limited by the budget legislation of the Russian Federation.

Management methods include debt restructuring, novation, compensation, conversion, installment plans, write-off and termination of debt obligations.

Debt restructuring- this is an agreement-based termination of debt obligations constituting state or municipal debt, with the replacement of these debt obligations with other debt obligations providing for other conditions of servicing and repayment.

Novation- this is an agreement-based replacement of the original obligation that existed between the parties with another obligation providing for a different subject or method of execution (Article 414 of the Civil Code of the Russian Federation). This method was used for obligations under government short-term zero-coupon bonds and federal loan bonds maturing before December 31, 1999.

The obligation for government loans can be changed by agreement of the parties providing compensation(payment of money, transfer of property, etc.). The conclusion of a compensation agreement is made with the owners of government securities who have not carried out the novation within the established time frame.

In relation to public external debt, along with restructuring, the conversion method is used. External debt conversion - a means of reducing the total amount of external debt, easing the terms of external debt by replacing the main obligations with others that are less burdensome for the debtor state.

If a debt obligation of the Russian Federation is not presented for repayment (certain terms of the obligation or actions established by legal acts are not fulfilled by the creditor) within three years from the date following the date of repayment provided for by the terms of the debt obligation or the relevant federal laws, or the period of the state guarantee of the Russian Federation has expired, the specified debt the obligation is considered terminated and written off from the state internal debt (unless otherwise provided by federal laws). After the expiration of the above period, the Ministry of Finance of Russia issues an act on writing off from the state internal debt debt obligations denominated in the currency of the Russian Federation that have not been presented for repayment. Write-offs from government internal debt are carried out by reducing the volume of debt by type of written-off debt obligations, expressed in the currency of the Russian Federation, by the amount of their write-off without reflecting these amounts in the sources of financing the federal budget deficit. However, this provision does not apply to obligations under loan agreements and to debt obligations of the Russian Federation to constituent entities of the Russian Federation and municipalities. Issues of government securities of the Russian Federation purchased (reissued) in full by the Ministry of Finance of Russia before their redemption date may be recognized as early redeemed by decision of the said ministry.

Under servicing state (municipal) debt refers to financial transactions for the payment of income on state and municipal debt obligations in the form of interest on them or a discount, carried out at the expense of the corresponding budget. Servicing of debt obligations of the Russian Federation is carried out by the Bank of Russia, a credit organization or another specialized financial organization.

The Russian Federation has established a unified system of accounting and registration of government borrowings. The Russian Ministry of Finance maintains state books of internal and external debt of the Russian Federation (State Debt Book of the Russian Federation). The same books are kept in every subject of the Russian Federation and municipality. They contain information about the volume of debt obligations (including guarantees), the date of occurrence of obligations, the fulfillment of these obligations in whole or in part, as well as other information.

Information on the debt obligations of a constituent entity of the Russian Federation and municipalities is subject to transfer to the Ministry of Finance of Russia, which establishes the volume of information, the procedure and timing of its provision. The financial authority of the constituent entity of the Russian Federation is responsible for the accuracy of the information transmitted.

Debt servicing- the process of paying the principal debt (obligation), as well as interest to the lender, by the borrower (debtor) with strict adherence to the terms of the loan agreement.

Debt servicing (in history)- periodic (monthly) payments to the usurer-creditor.

Debt servicing: historical background

The recipient of the loan (debtor), taking into account the obligations assumed (or the obligations of citizens of the state), must make interest payments and repay the principal part of the debt (provided by the loan lender) every month. Loan distribution according to a special scheme. For a certain period of time, the tenant pays only “interest” to the banking institution. All funds go to cover 2/3 of the funds that the bank should receive in the form of a premium. Only after this do deductions begin to the account of the principal part of the loan at the end of the payment period and to cover the principal debt.

The sequence of interest payments and the “body” of the debt may seem unimportant (insignificant). But from the position of the moneylender (bank), this is a key point (especially taking into account the regulation of transactions with private coverage). The Central Bank allows the release of no more than 90% of the reserves available in a banking institution - deposits of individuals, collateral, and so on. Roughly speaking, a lender can provide one hundred rubles as a loan out of ten rubles that he has in reserve at the time of processing this loan. Funds are provided in parts, in tranches and often in non-cash form.

It is important for the bank that the power of its multiplier constantly grows, so interest must be repaid first, and only then the main one, which is secured by collateral. After making interest payments (multiplication security), repayment of the principal amount of the loan occurs as a sale of collateral (collateral) in installments.

In fact, the bank is only interested in the percentage that prevails on the total loan amount and allows for additional income. In turn, selling debt in installments does not bring additional profit. As soon as “interest” is received, the banking institution “transfers” the client from the financial part of the economy to the real one.

The debt servicing process is best seen at the state level. Here this process is one of the main policy directions. The country undertakes a number of obligations to perform several functions at once - guarantor, lender and borrower. At the same time, the process of managing a government loan and its servicing is a set of measures implemented by the state and aimed at timely repayment of debt, issuing and placing bonds, controlling the secondary market for debt securities, regulating government loans, and so on.

The process of regulation and control of all processes is entrusted to the Central Bank and the Ministry of Finance of the Russian Federation, which determine the volume of loans, their nature, budget deficit, and so on. The task of the structures is to develop institutional support and credit policy.

The process of debt management and servicing is aimed at achieving certain social, economic and political goals. All of them will be determined by progress in society and the current state of the state’s economy.

Debt servicing: objectives, management features, effective tools

In the process of servicing the debt, the state puts tasks designed to solve the issue of timely loan repayment, namely :

Reducing the value of the principal debt;

Effective use of funds raised in the form of a loan, as well as the creation of a powerful system for monitoring and accounting for completed and future payments;

Strengthening the investment component of loans, that is, directing funds to the development of a particular area;

Regulating the total volume of the country's debt obligations, keeping them at a certain level, as well as maintaining the exchange rate;

Attracting additional capital (if necessary) on the most favorable terms for the issuing enterprise;

Setting priorities in the country's credit policy, as well as guaranteeing timely debt servicing and coverage.

In the public debt management system, the main actions are aimed at its timely servicing, because they are spent from budget money. That is, the state’s task is to replenish the treasury in a timely manner in order to service the debt. Otherwise, penalty interest or even interest may be charged. In a situation where investment loans are involved, obligations can be repaid using profits from the implemented project.

Debt servicing by a country involves:

Carrying out operations aimed at placing debt obligations;

Payment of profit on your obligations;

Covering (repaying) existing debt. Payments can be made partially (taking into account the plan, schedule) or by making deductions towards repayment.

Debt repayment - timely repayment of the debt (along with interest) in full. If fines were accrued during the loan period, they must also be paid.

The task of debt servicing (at the state level) is assigned to the Central Bank of the Russian Federation, as well as its branches. At the same time, he takes on the tasks of the main agent. As for the services of agents in relation to debt service, they are paid for with federal money.

From the investor’s position, the best option is strict compliance with the terms of the loan agreement, making a profit and timely repayment of the loan. At the same time, interest and the “body” of the loan are paid on time and in full. But against the backdrop of growing public debt, such events are becoming increasingly rare. As a result, the state is forced to use various Debt servicing tools .