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2002

2,7

3,0

2,8

2003аagainst 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 62аconstituent entities of the Russian Federation ran a deficit totaling 61,7аbln rubles, or 3,34аof their revenues.

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

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

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

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

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

Accumulated debt structure

In 2003, the amount of accumulated debt of the consolidated regional budget grew by 48, 7аbln rubles orаby 0,37а% 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 3,8аbln rubles, while the domestic debt grew by 52,5аbln 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	н. д.	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	Е	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 232,2аbln rubles, which included 2,4аbln rubles of external borrowings. The recipients of external loans were St. Petersburg – 1а183,5аml rubles, Moscow – 798,8аml rubles, Republic of Bashkortostan – 470,8аml rubles and Stavropol Krai – 5,5аml rubles.

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

In 2003, borrowings grew up to 18,7аbln rubles or 8,8а% in nominal terms against 2002, and hence the volume of borrowings was reduced by over 3а% 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 16,9а% in real terms. The volume of net borrowings of the consolidated regional budget 2003аaccounted for 48,7аbln rubles in 2003аagainst 51,6аbln 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 68,9а% of the revenues (including transfers), Novosibirsk Oblast – 8,8а%, Tula Oblast – 7,5а%, Samara Oblast – 7,2а%, Republic of Kareliya – 6,6а%, and Kostroma Oblast – 6,0а%.

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

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

Issuance of securities accounted for 26,9а% of the total domestic borrowings of the consolidated regional budget, while federal budget loans represented 7,9а%, and other borrowings (primarily bank loans) – 65,3а%. A special emphasis should be placed upon a quick securitization of subfedral debt. Securities in regional borrowings was almost doubled in share in 2003аagainst the previous year, from 18,3аto 33,8а%, while the share was increased by 2,5аin the volume of the municipal borrowings (initial share, however, was fairly small – 1,0а%) (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)	211а135,2	154а077,4	101а206,3	229а789,0	174а852,6	108а436,3
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 23,8аbln and hence reached 94,7аbln rubles, which represented a 28,5а% growth in real terms. Thus, the the balance of budgetary accounts of the territories was increased by 49а% of their total net borrowing worth 48,7аbln rubles.

Table 30

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

а

Budget revenues (ml rubles)

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