BANK LOANS AND OTHER MODERN FINANCING INSTRUMENTS FOR THE REGIONAL BUDGETS OF THE RUSSIAN FEDERATION

Abstract

The article examines the current situation with the debts of the regions of the Russian Federation and provides an analysis of the immediate prospects for the state of regional budgets, taking into account the high inflation of the modern period. Purpose. The purpose of the article is to identify trends in regional debt management. Methods. The paper uses the most up-to-date statistical data from the Ministry of Finance of the Russian Federation, the Central Bank of the Russian Federation, as well as official data from the regional administrations of the regions of the Russian Federation. Results. The results showed that regional budgets are changing in accordance with the current economic situation. Main conclusions. The share of bank financing in the form of loans from commercial banks and the issuance of regional bonds is decreasing, while the share of budget loans from the federal government is steadily increasing. Thus, there is a transition from debt at market rates to debt at preferential rates from the Ministry of Finance of the Russian Federation. Another result is a general reduction in the debt burden of regional budgets, due to an increase in regional revenues and transfers from the federal center to the regions. The governments of the regions of the Russian Federation are adapting to the conditions of high inflation and rising market interest rates by reducing market debt and increasing budget loans at preferential rates from the federal government.