Analysis of the budget deficit, sources of its financing and public debt as the most important elements of the financial system of the state. Sources of budget deficit financing Conclusion Performing sources of budget deficit financing

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Introduction

1. Theoretical Budget Balance Management Basics

1.1 The concept and value of the budget deficit

1.2 Classification of budget deficit financing sources

1.3 Essence of public debt and management methods

2. Analysis of the budget deficit of the federal budget of the Russian Federation

2.1 general characteristics sources of financing of the federal budget deficit

2.2 Analysis of domestic public debt

2.3 Analysis of external public debt

3. Ways to overcome the deficit of the federal budget

3.1 Problems of Balanced by the federal budget of the Russian Federation and the methods for reducing the deficit

3.2 Perspectives of public debt and its reduction

Conclusion

Bibliography

budgetfunding deficitdebt

Introduction

Holding economic reforms Changed the foundations of the country's budget system. The relationship between the state authorities of various levels has changed, which required the development of a methodology for the formation of a new budgetary mechanism. The budget system of any federal state within certain periods of time exists in the conditions of unbalanced budgets. The normal functioning of such a system is associated with the need for a rational redistribution of budgetary resources using a clear mechanism for its implementation.

Budget deficit is a financial phenomenon with which all states of the world inevitably faced in certain periods of their history. Fully balanced state budget, that is, the budget without a balance is possible only theoretically.

It is almost impossible to imagine the state in which all financial and economic leverage work flawlessly, stimulating the influx of funds to the budget, and government spending does not exceed income.

In debt lived and continue to live many economically developed StatesAlthough it would fairly be noted that recently a tendency to reduce the budget deficit of economically developed countries. Normal is the budget deficit approximately corresponding to the level of inflation in the country.

The reason for imbalance is both public debt. Service of public debt (payment of interest of lectures) is a heavy burden for any state, since it constantly defits a certain share current means and leads to an increase in the deficit of the state budget.

The last decade in Russia is a search for effective ways to reform intergovernmental relations. Today, of course, there is a need to create a scientifically informed financial mechanism for balancing budgets. At the same time, the quality of balanced budgets should be of great importance. However, it should be noted that many theoretical and methodological problems of the balance of budgets are not resolved as a result of the changed social, economic and political conditions for the functioning of the constituent entities of the Russian Federation. All this determines the relevance of the course work, especially during the ongoing global financial crisis.

The purpose of this work is to analyze the budget deficit, sources of its financing and public debt as the most important elements of the financial system of the state, their main characteristics.

The specific tasks of this course work are:

* determining the essence of the deficit of the federal budget of the Russian Federation, sources of its financing and public debt;

* analysis of the composition and dynamics of sources of financing of deficiency, as well as internal and external public debt;

* Analysis contemporary state and the problems of balance of the budget of the Russian Federation, as well as the definition of possible prospects and deficit reduction paths state budget and public debt.

1. Theoreticalbasicsofficebalancedbudget

1.1 Conceptandvaluebudgetdeficit

In the budgets of various levels, the principle of balance is always valid, which means that the amount of costs provided by the budget must comply with the total volume of budget revenues and revenues from the sources of financing its deficit. In compiling, approving and execution of the budget, authorized bodies should proceed from the need to minimize the budget deficit times.

However, it is extremely difficult to achieve equal income and expenses. Usually budget revenues exceed its costs and vice versa. Exceeding income on expenses is called budget surplus, but excess of costs over revenues - budget deficit.

IN modern world There are no states that in certain periods of their history would not face budget deficit. It is due to different reasons. In some cases, the state can consciously go to an increase in budget deficit. In particular, in order to stimulate economic activity and aggregate demand during the decline in production, the government can adopt special decisions aimed at increasing employment (for example, financing programs for creating new jobs) or significantly reduce taxes. As a result, budget expenditures are increasing or its income is reduced, a deficit arises. But this deficiency is consciously created by the state and is called a structural deficit.

Unlike a structural cyclical deficit, a lesser extent depends on the conscious law-tax policy of the state. It is due to a common decline in production, which occurs at the stage of crisis and is the result of the cyclical development of the economy. In the conditions of the decline in production, taxes are reduced, state revenues, which means deficiency arises.

Active and passive deficiencies are also distinguished. Active deficit arises as a result of exceeding the costs of income, and passive - as a result of a decrease tax rates and other revenues, which is a consequence of a slowdown in economic growth, misunderstanding, etc.

There are short-term and long-term imbalance budget. Unbalance has a short-term nature, if the excess of income expenses is limited to the framework of one fiscal year and is a reflection of changes in the macroeconomic situation compared to the one in which the budget was compiled. This is mainly due to the lack of necessary experience macroeconomic forecasting, insufficient accounting possible change A number of circumstances.

For example, the reduction in budget revenues can occur as a result of the fall in export prices, reducing production volumes below the provided level, shifts in the structure of demand for manufactured products and reduce its competitiveness. An increase in the deficit of the state budget may also be caused by an unexpectedly sharp increase in government spending due to the increasing level of inflation in excess of the amount of pricing, expanding transfer payments in combination with the introduction of tax breaks, which is a very popular measure before the next elections.

The long-term imbalance of the budget is associated with an increase in the gap between state expenses and incomes over a number of years and is due to the causes that are more sustainable. Thus, in most developed countries, the past 15 years has been observed a steady tendency to an increase in the deficit of national budgets. This is due to the following factors:

1) an increase in the number of social benefits, and therefore social burden on the budget;

2) the unfavorable demographic situation associated with the aging of the population, as a result of which the costs of paying pensions, allocations for health care, etc.;

3) Liberalization tax legislation and, as a result of this, a decrease in the amount of tax rates (without the corresponding adjustment of government spending);

4) increasing the volume of external debt.

In general, the state of the state budget is determined by three main factors:

1) a long-term trend in the dynamics of tax revenues and government spending;

2) the stage of the economic cycle in which the economy is located in the period under review;

3) current state policies in the field of budget expenditures and income.

Very often, especially in our country and in other countries, there is an artificial or overestimation, or the understatement of the true magnitude of the budget deficit. So, artificial understatement of the budget deficit can be carried out using the following tools:

one) " tax amnesty", Which allows taxpayers who previously bred from paying taxes, at once the entire amount equal to a certain part of the total tax collection;

2) measures to collect expired tax payments;

3) by introducing temporary or added taxes;

4) deferred payments of wages to public sector employees;

5) postponement of mandatory wage indexing in accordance with the dynamics of inflation levels;

6) sales of state assets;

7) the presence of a hidden deficit due to quasi-budget costs.

The latter include centralized loans provided on preferential conditions by the Central Bank. Moreover, central bank It can finance individual operations related to public debt, cover losses from measures to stabilize the exchange rate of the currency, refinance agriculture, etc. As a result, the losses of the Central Bank are growing and inflation is increasing, and the deficit is not growing.

Artificial overestimation of the size of the state budget deficit may occur as a result of the following circumstances. First, in assessing the amount of government spending, depreciation in the public sector of the economy is not always taken into account. Secondly, an important statement of government spending is the service of public debt. However, very often the magnitude of interest payments on debt is overestimated by inflation payments.

At high rates of inflation, when the differences in the dynamics of nominal and real interest rates are very significant, this overestimation of government spending can be very significant. Even situations are possible when the nominal (official) deficit and public debt grow, and the real deficit and debt decreases, which significantly makes it difficult to assess the policies by the Government. Therefore, when measuring the budget deficit, inflation is necessarily necessary.

Taking into account this amendment, a real budget deficit is determined, which is the difference between the nominal deficit and the magnitude of the percentage of public debt multiplied by the rate of inflation. The overall budget deficit less the inflationary part of interest payments is an operational deficit.

It is believed that in itself the presence of a budget deficit is not yet a signal of economic disadvantage. Very often, the deficit is considered as an important tool for economic policy state, primarily macroeconomic regulation. The skillful appeal with this tool allows the state to solve a fairly wide range of economic and social problems. However, it is necessary to keep in mind that the long-term imbalance of the budget may have a negative impact on the size of the total demand and income, price level, the state of the balance of payments. Therefore, a strategic goal for any state is definitely a balanced budget.

There are different ideas about how and throughout which time should be achieving the balance of the budget. So, according to the theory of annually balancing budget, which was widespread as the theoretical basis of the state policy of most developed countries to the 30s. XX century, the equality of income and state expenses should be achieved annually. This, according to supporters of this theory, allows national governments to conduct more responsible policies. The state lives by means, does not accumulate debts, does not provoke inflation. If revenue decreases, the state should either increase taxes or reduce costs.

Under conditions, when cash income increases, the state should act directly oppositely, i.e. Reduce taxes or increase costs. Currently, this theory in practice adhere to a limited number of countries, mainly countries with developing and transition economies. In most developed countries, widespread in practice state regulation The economy received the theory of cyclic balancing of the budget. The foundations of this theory were laid by J. Keynes in the 30s.

It was the Keynesian theory who rejected the need for a balanced budget annually. She actually legalized budget deficiencies to stimulate the economy. The essence of the theory of cyclic balancing budget is that during the economic downturn to stimulate economic growth, the state is obliged to reduce taxes and increase costs. The state should compensate for a sharp drop in demand and prevent the decrease in government spending. At the same time, the budget deficit will inevitably.

During the economic lift phase, the state is calculated on debts through elevated tax rates or by increasing the tax revenues of newly earned enterprises. Thus, by the end of the economic cycle, the budget becomes balanced. Balancing is carried out throughout the cycle: an excess of budget funds in the lifting phase compensates for the budget deficit in the phase of the crisis.

At the same time, a large role is given to "built-in stabilizers" (progressive system of taxation, transfer of state payments - social payments, unemployment benefits, etc.). With their help, the size of the total demand is able to automatically decrease or expand depending on the phase of the cycle in the opposite direction of the conjuncture direction. For example, when decaying business activity, as a result of a decline in total income, an automatic reduction of tax revenues occurs and an increase in certain types of transfersed payments, which leads to the formation of a cyclic deficit and partially compensates for the reduction of aggregate demand.

In the conditions of the rise of the economy, the opposite occurs - tax payments increase, transfer payments are reduced. As part of many modern theories, in particular the theory of the compensating budget, it is considered impossible, and it is not necessary to achieve its balance. But consider that in modern conditions There are sustainable factors that increase the budget deficit, it is necessary to more fully use the state loan as a legitimate source of budget revenues. It is the state loan that, in the opinion of the representatives of this theory, is capable not only to compensate for the gap of income and expenses, but also attract an excessive part of savings and invest it into the economy. In most countries with a developed market economy, the government seeks to balance the budget in a longer-term perspective - on a cyclic or functional basis. Under the conditions of an unstable economy, when the situation is generally less predictable, the government is forced to balance the budget annually.

Therefore, it is not by chance that in the Budget Code of the Russian Federation it is noted that the federal, regional or local budget cannot be accepted with a surplus or deficit, the annual budget balancing should be carried out. This, of course, is less effective, since it leads to a decrease in the degree of built-in stability of the economy, causes frequent fluctuations in tax rates, reduces investment activity, as well as income distribution efficiency. However, to some extent it is justified, because in the conditions of an unstable economy, the situation is less predictable.

In Russia, in accordance with the Budget Code of the Russian Federation, the State Duma can only be adopted by a balanced budget. Therefore, along with income articles, the federal budget should include a deficit as a balancing article. At the same time, a special article "Costs for maintenance and repayment of public debt" is allocated in the expenditure part of the budget. This Russian budget practice is different, for example, from American. In the US, the budget can be taken with a deficit, i.e. It is initially not balanced. At the same time, the sources of debt repayment, as well as income on credit issued, entering the debt repayment, are beyond the budget.

1.2 Classifacatiasourcesfinancingdeficitbudget

In the event of a budget for the next fiscal year, the deficit needs to determine the sources of funding for budget deficit. Sources of deficit financing differ in the levels of the budget system. So, sources of financing the deficit of the federal budget are:

1) Internal sources:

* loans received by the Russian Federation from credit institutions in the currency of the Russian Federation;

* State loans carried out by issuing valuable papers on behalf of the Russian Federation;

* Arrivals from the sale of property in state ownership and others;

2) External sources:

* State loans carried out in foreign currency by issuing securities on behalf of the Russian Federation;

* loans of the governments of foreign countries, banks and firms, international financial organizationsprovided in foreign currency.

Sources of financing the budget deficit of the subject of the Russian Federation and the local budget can only be internal sources:

* State loans carried out by issuing securities on behalf of the subject of the Russian Federation or the municipality;

* Budget loans derived from the budgets of other levels of the budget system of the Russian Federation;

* loans received from credit institutions;

* Receipts from the sale of property owned by the subjects of the Russian Federation and municipal property, etc.;

In most countries, including Russia, the following basic ways of financing budget deficit are used:

1) Credit and monetary emission (monetization);

2) debt financing (internal and external);

3) an increase in tax revenues to the state budget, as well as income from privatization, sales of state property.

The last, third method can hardly be attributed to methods used exclusively to finance budget deficit. It is widely used and simply to replenish budget revenues. Therefore, the first and second methods are actually the sources of funding for budget deficit.

Monetization as a way to reduce the budget deficit is an increase in the amount of money in circulation (including at the expense of bank financing). When monetiring increases the amount of money in circulation, growth rates cash significantly exceed the growth rates of real GDP, which leads to an increase in the average price level. At the same time, all economic agents pay a peculiar inflation tax and part of their revenue is redistributed in favor of the state through increased prices.

The state forms an additional income - seniority, i.e. New money printing income. The monetization of the state budget deficit may not be accompanied directly by the emission of cash, but to be carried out in other forms. For example, in the form of expanding the credits of the Central Bank to state enterprises at preferential rates or in the form of deferred payments.

Monetization turns out to be a sufficiently risky way to finance budget deficit, since it may have a negative impact on the state of balance of payments. This is due to the fact that as a result of the monetization, there is an increase in the supply of money and in the hands of the population accumulates an excess of cash. He inevitably generates an increase in demand for domestic and imported goods, as well as various financial assets, including overseas. This, in turn, leads to an increase in prices and creates pressure on the balance of payments.

If the balance of payments becomes negative, then this does not reduce the deficit of the federal budget, but, on the contrary, leads to its increase. Moreover, it adversely affects the national currency rate - its partial devaluation occurs. The balance of payments equilibrium recovery mechanism under these conditions is based on the "binding" of redundant money supply by selling currency market Parts of the official reserves of the Central Bank, which makes it possible to stabilize the monetary market as a whole.

The monetization of the state budget deficit causes the less raising the level of inflation in the country, the more open economy and the more currency reserves of the Central Bank can spend the support of a relatively fixed exchange rate of the national currency and the restoration of the balance of payments. At the same time, the growth of inflation as a result of the monetization of the budget deficit turns out to be more significant in the mode of flexible currency rateAlthough the costs of official currency reserves are reduced.

Negative inflationary consequences of the monetization of the budget deficit can be softened with tight measure credit-money policy. If the Central Bank reduces the credit capabilities of commercial banks (usually it is carried out by increasing the norm of reserves or interest rate) simultaneously with the expansion of loans to the public sector to finance budget deficit, then internal market rates increase, restraining economic activity. As a result, private investments and net exports are reduced and inflation no longer has such a negative impact on the balance of payments.

The monetary emission may be non-inflation only at a significant rate of economic growth, since growing economic activity is accompanied by an increase in demand for money, which absorbs part of an additional money supply. In general, monetization can be used as a way to solve the problem of the state budget deficit. However, it is necessary to keep in mind that this is unsafe for the economy way. National governments are usually used in exceptional cases when, for example:

1) there are considerable foreign debt, which eliminates preferential financing of budget deficit from external sources;

2) the possibilities of internal debt financing are practically exhausted;

3) Currency reserves of the central bank are exhausted, by virtue of which the payment of the balance of payments remains paramount;

4) The economy is able to withstand high inflation, and citizens are already accustomed to the permanent increase in prices.

If the government still chooses the emission method budget financingT. Central Bank It is necessary first to introduce restrictions (limits) of lending state enterprises and organizations. Otherwise, the risk of full displacement of the private sector from the credit market can occur and the investment activity falls. It is also necessary to constantly keep control of the inflation rate, follow the state of the balance of payments.

A less painful and more manageable way to solve the problem of the state budget deficit is debt financing. As a result of debt financing, the budget deficit is covered by the loans carried out by the state both within the country and beyond. Based on this, the external and internal debt of the state is formed.

In different directions of economic thought differently belong to debt financing. Thus, representatives of the neoclassical direction, starting with A. Smith, negatively relate to debt financing. They believe that A. Smith was right when he said that the scarce financing is "a unilateral movement street by joining which one cannot turn back." As a result of debt financing, the wealth of the nation decreases, the tax burden is exacerbated, which prevents the accumulation of capital.

Modern monetarists (M. Friedmen, F. Kateuten et al.) It is believed that if the state funds its needs at the expense of loans in the capital market, it leads to an increase in interest rate, and therefore, to displacing private investments and a sharp decline in investment. In addition, through the national debt, shifting the economic burden on future generations occurs, when, due to tax revenues, citizens will be forced to pay for the debts of the state.

Representatives of the Keynesian direction, on the contrary, believe that there is nothing terrible in government borrowings. Thanks to them, the tax burden is distributed over time, which is not so bad, since several generations can be used by the results of such borrowings, so they must bear the burden of refund.

State duty is as a source of mobilization of additional resources and an increase in financial capabilities, so government loans may be an important factor accelerate the pace of socio economic Development. The objective need to use debt financing to meet the needs of society is due to many factors today, primarily an increase in state expenditures. Conducting an active social policy, ensuring defense capability, international activity etc. Require from the state a constant increase in budget spending. Meanwhile, the revenues of the state budget are always limited by the possibilities of taxation. In this sense, the state loan helps to weaken the contradiction between all the increasing needs of the Company and the limited means of the state.

An increase in government spending complicates the problem of controlling future deficits, and constantly growing interest payments for public debt significantly limit the possibility of applying the government budget as a stabilization lever of the impact on the economy. At the same time, external debt can become a serious factor not only of economic, but also political importance. Improtematically high payments from the state debt budget distract funds from financing social, economic, defense and other government programs.

An increase in tax revenues - at first glance it seems the easiest way to reduce or eliminate the deficitations of the federal budget. But there are some circumstances that make it think that increased taxes can only cause an increase in deficits. More high rates Taxes are associated with large, not smaller deficits. This is explained by the fact that if the government receives more financial resources, the legislators will not only go to the spending of all additional tax revenues, but also will be spent more. Thus, there are doubts about the thesis that tax growth will be an effective deficit reducing means. Tax growth may worsen, and not facilitate the problem.

Thus, none of the ways to finance the deficit of the state budget does not have absolute advantages over the rest and is not completely non-inflation.

1.3 Essencestatedebtandmethodsofficethem

When the budget expenses begin to exceed its income when the budget deficit becomes chronic phenomenon, and its coverage is carried out by non-emission methods, duty occurs. That is, the Government of the Russian Federation at the same time leads borrowed activities from legal entities and individuals, foreign countries, foreign financial and international organizations. Borrowing funds to the budgets of various levels leads to the accumulation of debt to be repurchased in the form of the principal debt and interest accumulated on it.

The national debt is the amount of debt on issued and outstanding state loans to loans, including interest on them, and issued state guarantees. Actually, public debt is the debt obligations of the Russian Federation before legal entities and individuals, foreign and international organizations, other laws of law. The national debt of the Russian Federation is provided by all the property in federal property constituting the state treasury.

The composition of public debt of the Russian Federation includes debt obligations in the form:

* credit agreements and agreements concluded on behalf of the Russian Federation with credit organizations, foreign state and international financial organizations;

* government securities issued on behalf of the Russian Federation;

* agreements on the provision of state guarantees of the Russian Federation;

* contracts of the guarantee of the Russian Federation to ensure the fulfillment of obligations by third parties;

* re-ordered contractual obligations of third parties in the national debt of the Russian Federation on the basis of adopted federal laws;

* agreements and agreements on the restructuring of the debt obligations of the past years concluded on behalf of the Russian Federation.

Debentures The Russian Federation is divided into short-term (up to one year), medium-term (from 1 to 5 years) and long-term (from 5 to 30 years). Obligations are repaid within the time limits determined by the specific conditions of loans, and may not exceed 30 years. The public debt of the subject of the Russian Federation is a totality of debt obligations of the subject of the Russian Federation, provided by all owned by the property of the RF property of its treasury.

Debt obligations of the subject of the Russian Federation are carried out in the form:

* credit agreements and agreements concluded on behalf of the subject of the Russian Federation with physical and legal entities, credit institutions;

* state loans of the subject of the Russian Federation in the form of securities;

* contracts with the provision of state guarantees on behalf of the subject of the Russian Federation;

* contracts of the guarantee of the subject of the Russian Federation to ensure the fulfillment of obligations by third parties;

* re-ordered contracts of obligations of third parties in the public debt of the subject of the Russian Federation;

* agreements and contracts for prolongation and restructuring debt obligations of the subject of the Russian Federation of previous years, concluded on behalf of the subject of the Russian Federation.

Municipal debt is a set of debt obligations of the municipality, which is provided by all municipal property that makes it a treasury. The debt obligations of the municipality are carried out in the form:

* credit agreements and agreements concluded by municipal education;

* loans of municipality in the form of a securities issue;

* contracts for the provision of municipal guarantees;

* contracts of the guarantee of the municipality to ensure the fulfillment of obligations by third parties;

* Debt liabilities legal entitiesreissued to municipal debt on the basis of legal acts of local governments.

The repayment of public debt is made due to the income of the budgets of the relevant level or by issuing new state loans. National debt is repaid through treasury and banks by buying bonds on stock Exchange Or directly with lenders through repayment editions or annual payments.

In market conditions for Russia, the most acceptable way to regulate the budget deficit is its coverage exclusively at the expense of public debt, which, in turn, needs to be centralized.

Under the management of public debt, it should be understood as a set of actions of the state related to the study of the loan capital market, loan issuance, interest payments for issued loans, conducting conversion and consolidation of loans, the definition of bonded courses in the money market, carrying out measures for determining interest rates on interest state loan and repayment of issued loans.

Operations related to the preparation of documents necessary for the sale of government securities, studying the conjuncture in the market of loan capital, the placement of loans among lenders paying and accrued interest, is carried out by the Ministry of Finance of Russia and other divisions under the Government of the Russian Federation.

Public debt management costs are shown as special financial operations Separately from the budget, and only interest payments on debt are included in the budget consumption. An important role in government debt management is played by the secondary market of government bonds on which securities are treated. Operations in the primary and secondary markets of government bonds are carried out by investment and universal banks (dealers). The amounts that the state receives into loans from creditors, as well as interest on them, is mainly paid at the expense of budget funds, current income and release of new loans. This method of repayment of state loans is called refinancing.

Public debt management operations are related to the cash execution of the budget, the operations are performed by emission banks. Banks are involved in the release of loans, pay interest on them and pay bonds to be redempted.

The state for the purpose of managing public debt resorts to clarification of the loan conditions relating to the return by reducing the size of the nominal percentage (conversion) or turns short-term liabilities In medium - or long-term (consolidation) or combining several loans into one loan (unification), which forms consolidated (pounded) debt.

One of the methods of managing public debt is the repurchase of loans that appeal in the loan capital market. In this embodiment, the state entrusts the central and commercial banks make loan redemption with subsequent payment to them money. In the absence of funds from the state to pay off the state domestic debt (bankruptcy), it can cancel the loan or refuse to pay it, but this method is applied in practice extremely rare.

The public debt management in the Russian Federation is carried out by the Federal Treasury, which is a part of the Ministry of Finance of Russia. It is assigned to the following tasks:

* Registration of all debt obligations of the state and debt guarantees (external and internal);

* Preparation of proposals for servicing public debts;

* Determination of levels, composition, time and conditions for the release of internal and external loans, including the issue of government securities.

The Ministry of Finance of Russia speaks on behalf of the Government of the Russian Federation as a borrower both in the domestic and foreign financial market. In this regard, cooperation in the issuance of government securities and the management of internal and external public debt is established between the Ministry of Finance of Russia and the Central Bank of the Russian Federation. The Central Bank of the Russian Federation carries out operations on state securities, namely, they sell them-selling, redemption, issues loans on the security of state securities, acts as an agent of the Ministry of Finance of Russia for the placement of new issues of government debt obligations.

2. AnalysisbudgetdeficitfederalbudgetRussianFederation

2.1 Generalcharacteristicsourcesfinancingdeficitfederalbudget

The sums of sources of financing the deficit of the federal budget of the Russian Federation in 2005-2008. According to the statistical data of the Accounts Chamber are presented in Table 2.1.

Table 2.1. Sources of financing the deficit of the federal budget of the Russian Federation in 2005-2008. (billion rubles)


General financing
including:
internal financing

debt Obligations of the Russian Federation, constituent entities of the Russian Federation, municipalities, expressed in the securities specified in the currency of the Russian Federation

state reserves of precious metals and drags of stones
budget balances
external financing
including:

Thus, the sums of sources of general financing of the deficit of the federal budget of the Russian Federation have not changed much during the four years.

The equity relations are presented in Table 2.2.

Table 2.2. Shares of sources of financing the deficit of the federal budget of the Russian Federation in 2005-2008. (billion rubles)


General financing
including:
internal financing

debt obligations of the Russian Federation, constituent entities of the Russian Federation, municipalities, expressed in the securities specified in the currency of the Russian Federation
shares and other forms of participation in capital in state and municipal property
state reserves of precious metals and precious stones
budget balances
external financing
including:
the debt obligations of the Russian Federation, the constituent entities of the Russian Federation, expressed in the securities of the specified in foreign currency
credit agreements and agreements concluded on behalf of the Russian Federation, the constituent entities of the Russian Federation, indicated in foreign currency
other sources of external financing

From this table, it can be seen that in 2007-2008 the bulk of the sources of funding for budget deficit accounted for internal financing and only small ones. However, in 2005-2006, the share of domestic and external sources was approximately equal, and in 2005, external financing in the amount was more internal.

A large proportion of internal sources of deficit financing belongs to the debt obligations of the Russian Federation, the constituent entities of the Russian Federation, municipalities expressed in the securities specified in the currency of the Russian Federation.

A significant proportion of external sources of deficit financing in 2005-2006 amounted to loan agreements and agreements concluded on behalf of the Russian Federation, the constituent entities of the Russian Federation specified in foreign currency. And in 2007-2008, the share of loan agreements and treaties has decreased greatly, and the main part of external sources began to draw up debt obligations of the Russian Federation, the constituent entities of the Russian Federation, expressed in the securities of the secured in foreign currency.

This is due to the fact that in 2007 and 2008, external financial borrowing and loans (loans) of the governments of foreign states, banks and firms of the external borrowing program were not envisaged, which led to a decrease in the share of loan agreements and contracts from 34.17% in 2006 up to 4.75% in 2007 and then up to 2.02% in 2008.

Shares and other forms of participation in capital in state and municipal property, as well as state reserves of precious metals and precious stones in the total amount of funding sources are insignificant. The dynamics of the sources of funding for the federal budget deficit in 2003-2008 are presented in the next diagram.

Fig. 2.1. Dynamics of deficit financing sources

federal budget in 2003-2008

The data of this diagram confirm that last years An increasing share of sources of financing the deficit of the federal budget falls on sources of internal financing, and the share of external financing sources decreases.

2.2 Analysisinternalstatedebt

The dynamics of the volume of state domestic debt from 1993 to 2009 is presented in Table 2.3.

Table 2.3. The volume of state domestic debt of the Russian Federation

As of	The volume of state domestic debt of the Russian Federation, billion rubles.
		including State guarantees in the currency of the Russian Federation

In accordance with the report of the Accounts Chamber, the total amount of state domestic debt of the Russian Federation in rubles as of January 1, 2008 amounted to 1301.15 billion rubles, or 4.3% of GDP for 2007, and on January 1, 2009 - 1499.82 billion . rubles, or 3.5% of GDP for 2008. Increase total amount The state's domestic debt of the Russian Federation for 2008 amounted to 198.67 billion rubles, or 15.27%, the ratio of the volume of public debt and the volume of GDP decreased by 0.8 percentage points.

An increase in the total state debt of the Russian Federation in 2008 occurred, in particular, by increasing the state domestic debt by 198.67 billion rubles, or 15.27%.

During 2008, the share of state domestic debt of the Russian Federation, in the total public debt of the Russian Federation, increased from 54.2% to 55.7%. The volume and structure of the state domestic debt of the Russian Federation are presented in Figures 2.2. and 2.3.

Fig. 2.2. The volume and structure of the state domestic debt of the Russian Federation as of January 1, 2008 (1,301.2 billion rubles)

Fig. 2.3. The volume and structure of the state domestic debt of the Russian Federation as of January 1, 2009 (1,499.8 million rubles)

According to the report on the state of the state domestic and foreign debt of the Russian Federation, the state domestic debt as of January 1, 2008 amounted to 1,301,151.9 million rubles (3.9% of GDP for 2007); As of January 1, 2009 - 1,499,824.4 million rubles (3.6% of 2008 GDP) and increased by 198,672.5 million rubles, or 15.3%. State domestic debt as of January 1, 2009 does not exceed the established article 1 Federal Law On July 24, 2007 No. 198-ФЗ, the limit of state domestic debt (1 804 189.6 million rubles). Public securities are of particular importance in the formation of state domestic debt (Fig. 2.4.)

Fig. 2.4. State domestic debt of the Russian Federation, expressed in government securities, billion rubles

The share of state domestic debt expressed in government securities in the amount of state domestic debt as of January 1, 2009 compared to January 1, 2008 decreased by 1.2 percentage points and amounted to 94.8%.

2.3 Analysisexternalstatedebt

In accordance with Article 6 of the Budget Code of the Russian Federation, external debt are obligations arising in foreign currency. The dynamics and the structure of the state external debt are presented in Table 2.4.

Table 2.4. Structure of state foreign debt of the Russian Federation (at the beginning of the year; billions of US dollars)


State foreign debt (including the obligations of formerly. USSR adopted by the Russian Federation)
including:
debt to participating in the Paris Club
debt Countries not included in the Paris Club
commercial debt
debt to international financial organizations
eurobond loans
bonds of the domestic state currency loan (OVGVZ)
loans debt of Vnesheconombank, provided at the expense of the Bank of Russia
providing guarantees of the Russian Federation in foreign currency

Article 1 of the Federal Law of July 24, 2007 No. 198-FZ (as amended) establish the upper limit of the state foreign debt of the Russian Federation as of January 1, 2009 in the amount of $ 41.9 billion (27.2 billion euros).

According to the state of the state external and domestic debt of the Russian Federation at the beginning and end of the reporting fiscal year, the volume of state foreign debt of the Russian Federation as of January 1, 2009 in dollar equivalent of $ 40.6 billion, which is confirmed by the results of the inspection and does not exceed the established upper limit of public debt. The volume and structure of the state domestic debt of the Russian Federation are presented in Figures 2.5. and 2.6.

Fig. 2.5. The volume and structure of the state foreign debt of the Russian Federation as of January 1, 2008 (44.9 billion US dollars)

Fig. 2.6. The volume and structure of the state foreign debt of the Russian Federation as of January 1, 2009 (40.6 billion US dollars)

According to the Accounts Chamber, the State External Duty in the ruble equivalent as of January 1, 2008 amounted to 1,101,649.8 million rubles (44,880.7 million US dollars), or 3.3% of GDP for 2007, increased 2008 90,538.9 million rubles, or 8.2%, and amounted to 1,192,188.7 million rubles on January 1, 2009 (40,577.7 million US dollars), or 2.9% of GDP for 2008. At the same time, in the dollar equivalent, the volume of state external debt decreased by $ 4,303.0 million, or 9.6%.

As a result of the decline in the debt in most types of state external debt, its structure has changed: the share of market debt (state securities of the Russian Federation, expressed in foreign currency) decreased from 74% to 73% with a simultaneous increase in the share of non-market debt (loans of the governments of foreign states, MFIs, foreign commercial banks and firms, state guarantees in foreign currency) from 26% to 27%.

3. Pathovercomingdeficitfederalbudget

3.1 ProbustbalancedfederalbudgetRussianFederationandmethodsreducedeficit

Since the end of 2007, the growing world oil prices have accompanied the increase in gas demand and other energy, replacing it, thereby running around the increase in the cost of the latter, as in the world and the All-Russian market.

By the end of 2008, the cost of the barrel of oil was set at $ 130. In general, for 2008 electricity tariffs increased by 40%.

Without the increasing costs of processing enterprises, increased by the rise in the cost of raw materials, which uses in great demand in greatest demand. This process was caused by the orientation of our commodity and energy potential for export. Because of this need for the development and expansion of production in the real sector, the economy was not fully satisfied.

That is, the change in the global situation (mainly prices for raw materials) was the cause of the rapid transition from the priority federal budget to a deficit since 2009. In 2008, the federal budget surplus according to the Ministry of Finance was 1 trillion. 697 billion rubles, or 4% of GDP. And in 2009 there was a deficit that was 2 trillion. 326.14 billion rubles. or 6.4% of GDP.

The federal budget in January-April 2010 is executed with a deficit of 3.4% of GDP, according to the Ministry of Finance. Slowly growing negative Balance of the State Cases Against the background of the actual freezing of government and stagnation of income - they are not growing since mid-2009.

The Ministry of Finance summed up the results of the federal budget in the first third of the year 2010. January-April revenues amounted to 2.618 trillion rubles, costs - 3.063 trillion rubles, budget deficit - 445 billion rubles, or 3.4% of GDP (Fig. 3.1.). While it is far from the expected Ministry of Finance by the end of the year 6.8% of GDP. Separately in April, the situation with a deficit looks somewhat worse than in general for four months. April deficit amounted to 5.7% of GDP against 3.9% in March.

Fig. 3.1. Revenues and expenses of the federal budget in 2009-2010 (billion rubles).

As can be seen from the schedule, the revenues of the federal budget, starting from the second half of 2009, do not actually grow.

It should also be noted that since 2009 the deficit began to be financed from the Reserve Fund of the Russian Federation, and before that he was only formed. Thus, the reserve fund accounts have become sources of funding for the deficit of the federal budget.

In April 2010, the Ministry of Finance of Russia continued to implement the order of the Government of the Russian Federation of January 19, 2010 No. 23-R on the direction of funds for the reserve fund to finance the deficit of the federal budget. Part of the funds of the Fund in foreign currency in the accounts in the Bank of Russia, namely, 5.38 billion US dollars, 3.99 billion euros and 0.78 billion pounds of sterling, was implemented for 350.00 billion rubles, and the proceeds Enrolled in account of the federal budget accounting.

As of May 1, 2010, the cumulative amount of the reserve fund was 1,188.70 billion rubles, which is equivalent to $ 40.59 billion. The balances of funds on certain accounts for the accounting of reserve fund funds as of May 1, 2010 amounted to:

· 18.07 billion US dollars;

· 12.42 billion euros;

· 3.04 billion pounds sterling.

Among the experts there is an opinion that while maintaining a modern economic situation, including the scarce budget, the reserve fund can fully run in 2011. Therefore B. obligatory It is necessary to take measures to reduce the deficit.

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According to the Federal Law "On the Focal Budget for 2008" No. 382-ФЗ dated December 28, 2009, the federal budget surplus amounted to 1,705,052.4 million rubles, the sources of financing the federal budget deficit were minus 1 705,052.4 million rubles, including internal sources of financing 421 242.9 million rubles, external sources Minus 135,024.3 million rubles, a change in the cash balances of the federal budget in the amount of minus 1 991 270.9 million rubles.

According to the federal law "On the federal budget for 2009" No. 255-ФЗ dated 03.10.10, the federal budget deficit for 2009 amounted to minus 2,322,310.5 million rubles, the sources of financing the federal budget deficit amounted to 2,322,310.5 million. rubles, including sources of domestic financing 421 940.9 million rubles, sources of external financing minus 128 604.1 million rubles, a change in cash balances of the federal budget 2,028,973.7 million rubles.

According to the Federal Treasury, in particular the "cash execution of the federal budget for January 1, 2011" the deficit of the federal budget in the amount of minus 1,811,791.5 million rubles, the sources of funding for the federal budget are 1,811,791.5 million rubles, including sources Internal financing 7 445,846.6 million rubles, sources of external financing 119,676.3 million rubles, a change in cash balances of the federal budget 1 684,669.4 million rubles

Federal Law "On the Federal Budget for 2011 and the Planned period of 2012 and 2013" FZ No. 357 of December 13, 2010 provides for the federal budget deficit for 2011 is minus 1,814,004.0 million rubles. Sources of financing 1,814,004.0 million. rubles, including sources of domestic financing 1,768,274.1 million rubles, sources of external financing 45,729.9 million rubles, a change in cash balances of the federal budget of 289,396.8 million rubles.

For the planning period 2012 and 2013, the federal budget deficit is planned in the amount of minus 1 734,450, 0 million rubles and minus 1,795,680.0 million rubles, respectively. Sources of funding for the federal budget for 2012 are envisaged in the amount of 1,734,450.0 million rubles, including sources of domestic financing 16,515,281.7 million rubles, sources of external financing 82,921.8 million rubles, changing cash balances of the federal Budget 7 500 million rubles.

The sources of funding for the federal budget for 2013 are provided for in the amount of 1,734,450.0 million rubles, including sources of domestic financing 16,515,281.7 million rubles, sources of external financing 82,921.8 million rubles, changing cash balances of the Federal Budget 7 500 million rubles.

Sources of funding for the federal budget for 2013 are provided for in the amount of 1,795,680.0 million rubles, including sources of domestic financing 17 121 367.7 million rubles, sources of external financing 83,543,227.5 million rubles, changes in cash balances federal budget 10 000 million rubles.

Based on data on sources of funding for the federal budget presented in Appendix 8, we will analyze the structure of sources of financing the federal budget deficit for the period from 2008 to 2013.

The structure of the sources of domestic financing of the federal budget deficit from 2008 to 2013 is presented in Appendix 9.

The federal budget for 2008 according to the Federal Law "On the Focal Budget for 2008" No. 382-ФЗ dated December 28, 2009 was executed with a surplus of 1,705,052.4 million rubles, the sources of financing the federal budget deficit were minus 1705 052.4 million rubles, including sources of domestic financing of the federal budget deficit in the amount of 421,242.9 million rubles (-24.71% of the general sources of financing the deficit of the federal budget). Among them, the share of government securities, the nominal value of which was listed in the currency of the Russian Federation amounted to minus 10.6%, the exchange rate difference for the federal budget minus 42.4%, a change in other financial assets in federal property of 24.5%.

According to the federal law "On the execution of the federal budgets for 2009" No. 235-ФЗ dated 03.10.10. Sources of funding for the federal budget deficit for 2009 amounted to 2,322,310.5 million rubles, from them sources of domestic financing in the amount of 421,940.9 million . 18.17% of all sources amounted to 18.17% of all sources, of which funds in operations with state securities, the nominal value of which is indicated in the currency of the Russian Federation account for 17.9% of all sources of funding for the federal budget deficit, the termal difference for the federal budget was 15 , 1%, the change in other financial assets minus 7.6% of all sources of funding for the deficit of the federal budget.

According to the Federal Treasury, in particular the "cash execution of the federal budget for January 1, 2011" the sources of funding for the federal budget deficit for 2010 amounted to 1,817,791.5 million rubles, including the sources of domestic financing of the federal budget deficit amounted to 7,445.9 million. rubles (0.41% of all sources) the main of which are funds for operations with state securities, the nominal value of which is indicated in the currency of the Russian Federation (34.3%), other sources of domestic financing of the federal budget deficit amounted to minus 614,029.6 million . rubles (-33.9% of all sources), of which the smallest specific weight falls on the change in other financial assets in the federal property (-13.1% of all sources).

Federal Law "On the Federal budget for 2011 and the planning period 2012 and 2013" FZ No. 357 dated December 13, 2010, sources of financing of the federal budget deficit for 2011 were approved in the amount of 1,814,004.0 million rubles, including internal deficit sources The federal budget approved in the amount of 1,768,24.1 million rubles, which is 97.5% of all sources of financing the deficit of the federal budget. Of these, the greatest specific weight falls on government securities, the nominal value of which is indicated in the currency of the Russian Federation in the amount of 1,340,757.2 million rubles (73.9% of all sources), funds from the sale of shares and other forms of participation in capital, located The federal property approved in the amount of 297,954.0 million rubles (16.4% of all sources). The smallest specific weight falls on budget loans provided within the country in the currency of the Russian Federation in the amount of minus 63,987.0 million rubles or minus 3.5% of all sources.

For 2012, the sources of financing of the federal deficit are planned in the amount of 1,734,450.0 million rubles, including internal sources of financing occupy 95.2% of all sources of financing in the amount of 1,651,528.2 million rubles, of which the greatest share has to for funds received from the placement of government securities, the nominal value of which is indicated in the currency of the Russian Federation 86.7% of all sources of 1,504,408.2 million rubles, for funds from the sale of shares and other forms of participation in the capital in the federal The property accounts for 15.9% of all sources in the amount of 276,115.0 million rubles. The smallest share accounts for the fulfillment of state guarantees of the Russian Federation in the currency of the Russian Federation in the amount of minus 50,100.0 million rubles (-7.1% of all sources).

In 2013, it is also planned to finance the deficit of the federal budget due to the internal sources of financing the deficit of the federal budget, the greatest share of which occupy funds for operations with state securities, the nominal value of which is expressed in the currency of the Russian Federation in the amount of 1,504,408.2 million rubles (95 , 4% of all sources), for funds from the sale of shares and other forms of participation in capital in federal ownership accounts for 17.2% of all sources in the amount of 309,365.0 million rubles.

The structure of the sources of external financing of the federal budget in the total volume of sources of funding for the federal budget deficit from 2008 to 2013, as well as the structure of changing the cash balances of the federal budget in the total sources of funding for the federal budget deficit from 2008 to 2013 are presented in Appendix 10.

The federal budget for 2008 according to the Federal Law "On the Focal Budget for 2008" No. 382-ФЗ dated December 28, 2009 was executed with a surplus of 1,705,052.4 million rubles, the sources of financing the federal budget deficit were minus 1705 052.4 million rubles, including sources of external financing of the federal budget deficit in the amount of minus 135,024.3 million rubles (7.92% of the total sources of financing the deficit of the federal budget). Among them, the greatest share is occupied by funds in operations with state securities, the nominal value of which is indicated in foreign currency amounted to minus in the amount of -80 106.5 million rubles (4.7% of all sources).

According to the federal law "On the execution of the federal budgets for 2009" No. 235-FZ of 03.10.10, sources of external financing of the federal budget deficit for 2009 amounted to minus -128 604.0 million rubles (-5.54% of all sources), from The share of funds for operations with state securities, the nominal value of which is indicated in foreign currency is minus 2.1% of all sources of financing the federal budget deficit in the amount of -47 974.4 million rubles, foreign states are minus 2.3% All sources in the amount of -52 468.6 million rubles.

According to the Federal Treasury, in particular the "cash execution of the federal budget for January 1, 2011" sources of external financing of the federal budget deficit for 2010 amounted to 119,676.3 million rubles (6.6% of all sources), including fundamental funds Operations with government securities, the nominal value of which is indicated in foreign currency in the amount of 121,556.1 million rubles or 6.71% of all sources, loans of foreign countries occupy a minus 2.31% of all sources in the amount of -41 937.5 million. rubles.

Federal Law "On the Federal budget for 2011 and the planning period 2012 and 2013" FZ No. 357 dated December 13, 2010, the sources of external financing of the federal budget deficit for 2011 were approved in the amount of 45,729.9 million rubles (2.52% of all sources ), among which the greatest share occupy funds for operations with state securities, the nominal value of which is indicated in foreign currency in the amount of 137,529.8 million rubles (7.6% of all sources), the smallest share accounts for loans of foreign states In the amount of minus 45,370.3 million rubles (-2.5% of all sources), government financial and government export loans in the amount of 36,206.1 million rubles (-2.0% of all sources).

For 2012, the sources of external financing of the federal deficit are planned in the amount of 82,921.8 million rubles (4.78% of all sources), including the highest specificity falls on funds received from the placement of government securities, the nominal value of which is indicated in foreign Currency of 10.1% of all sources in the amount of 174,409.7 million rubles. The smallest share accounts for other sources of external financing of the federal budget deficit, among which state guarantees in the amount of minus 14,732.9 million rubles (-0.85% of all sources) and government financial and government export loans in the amount of minus 49 699.1 million rubles (-2.87% of all sources).

In 2013, it is also planned to finance the deficit of the federal budget due to external sources of financing, the greatest share of which occupies funds for operations with state securities, the nominal value of which is expressed in foreign currency in the amount of 176,114.1 million rubles (9.8% of all sources ). The smallest specific as in 2012 falls on state guarantees in the amount of minus 16,448.6 million rubles (-0.92% of all sources) and government financial and government export loans in the amount of minus 51,469.3 million rubles (or 2 , 87% of all sources).

According to the federal law "On the execution of the federal budget for 2008" No. 382-ФЗ dated December 28, 2009, the federal budget for 2008 was executed with a surplus of 1,705,052.4 million rubles, the sources of financing the federal budget deficit were minus 1705,052.4 million . rubles, including the change in the cash balances of the federal budget amounted to minus 1 991,71.0 million rubles (or 116.79% of all sources). Including the largest share accounts for the change in the balance of funds of the reserve fund in the amount of minus 4,007 198.9 million rubles (235% of all sources), a change in cash balances of the Stabilization Fund of the Russian Federation in the amount of 3,849,11.3 million rubles (225.8% of all sources), a change in cash balances of the National Welfare Fund in the amount of minus 2 184,493.8 million rubles amounted to 128.1% of all sources of funding for the deficit of the federal budget. The smallest specific weight falls on the change in other remnants of the funds of the federal budget minus 20.6% of all sources.

According to the federal law "On the execution of the federal budget for 2009" No. 255-FZ of 03.10.10, the change in the cash balances of the federal budget amounted to 2,028,973.6 million rubles 87.37% of all sources. Including the largest share in the composition of sources falls on the change in the balance of cash of the Reserve Fund of the Russian Federation in the amount of 2,223,772.7 million rubles or 95.76%. The share of funds from the National Welfare Fund amounted to a minus 3.9% in the amount of minus 90 013.5 million rubles.

According to the Federal Treasury, in particular the "cash execution of the federal budget for January 1, 2011", the change in the cash balances of the federal budget amounted to 1,684,669.4 million rubles or 93% of all sources of financing the deficit of the federal budget. The change in remnants of the funds of the Reserve Fund of the Russian Federation accounts for 58.2% (1,054,563.4 million rubles) as part of all sources of funding for the federal budget deficit, the funds of the National Welfare Fund, directed to the financing of the federal budget deficit amounted to 11.4% of all Sources of funding in the amount of 206,614.9 million rubles, a change in other cash balances of the federal budget 23.4%.

Federal Law "On the Federal Budget for 2011 and the Planned period 2012 and 2013" FZ No. 357 dated December 13, 2010 approved a change in the cash balances of the federal budget in 2011 in the amount of 289,396.8 million rubles, which is 16% of all sources Financing of the federal budget deficit. The greatest share is accounted for by changing the balance of reserve funds in the amount of 284,396.8 million rubles 15.7%. Changing the cash balances of the National Welfare Fund will amount to 5,000 million rubles or 0.3% of all sources.

For the planning period of 2012 and 2013, due to the exhaustion of the Reserve Fund's funds, the law establishes the financing of the federal budget deficit due to the national welfare fund in the amount of 7,500 million rubles (0.43% of all sources) and 10,000 million rubles (0.56 % of all sources), respectively.

year 2009. Sources of funding for the federal budget deficit for 2009 compared with 2008 increased by 236.2% in connection with the 2008 federal budget survey for the deficit in 2009.

Sources of domestic financing of the federal budget deficit in 2009 compared with 2008 increased by 0.17%. Including funds for operations with state securities, the nominal value of which was indicated in the currency of the Russian Federation increased by 142.2%, the state reserves of precious metals and precious stones increased by 373%, the budget loans provided within the country in the currency of the Russian Federation decreased by 753.5%, funds from the sale of shares and other forms of participation in capital in federal property decreased by 70.7%.

2010. In 2010, the sources of funding for the federal budget deficit compared to 2009 decreased by 22%.

Sources of domestic financing of the federal budget deficit in 2010 decreased by 98.2% compared with 2009. Among them, the largest increase in 663.7% funds from the sale of shares and other forms of participation in the capital in federal property, state reserves of precious metals and precious stones by 85.5%, repayment of obligations at the expense of other sources of domestic financing of the federal budget deficit decreased 71.5%, in addition, increased by 49.4% of the funds for operations with state securities, the nominal value of which is indicated in the currency of the Russian Federation. The termal difference for the federal budget decreased by 137.7%, funds at other budget loans (loans) provided by the federal budget within the country decreased by 52.2%.

2011. Compared to 2010, in 2011 there is a minor increase in sources of financing the federal budget deficit by 0.12%.

Also approved an increase in the sources of domestic financing of the federal budget deficit in 2011 by 1,760,828.2 million rubles in comparison with 2010. Of these, an increase in funds for operations with state securities, the nominal value of which is indicated in the currency of the Russian Federation, is provided for 719,281.8 million rubles or 115.7%, a significant increase of 19 times was approved compared with 2010 funds from the sale of shares and other forms of participation in the federal property capital, a decline in 90.5% of state reserves of precious metals and precious stones and changes in other financial assets in federal ownership by 78.8% were also planned. In addition, in 2011, the execution of state guarantees of the Russian Federation in the currency of the Russian Federation in the amount of minus 54,800 million rubles was approved. The Salda value of budget loans provided within the country in the currency of the Russian Federation is planned in the amount of minus 63,987.1 million rubles, which is 62% more than in 2010.

The planned period of 2012 and 2013 provides for a decrease in the sources of funding for the federal budget deficit by 4.4% compared with 2011, in 2013 - an increase of 3.5% compared with 2012. Among the sources of domestic financing of the federal budget deficit (in 2012 decrease by 6.6% by 2011, in 2013 an increase of 3.7% by 2012) in 2012 it is planned to increase funds for operations with state securities, the nominal value of which is indicated in the currency of the Russian Federation by 12.2% compared From 2011, in 2013 - a slight decrease in 1.3% compared to 2012. Also in 2012 it is planned to fulfill state guarantees of the Russian Federation in the currency of the Russian Federation in the amount of minus 123,055.5 million rubles, which is 124.5% more than in 2011, in 2013 minus 100,033.0 million rubles, which 18.3% less than in 2012. In addition, the Salda value of budget loans provided within the country in the currency of the Russian Federation in 2012 is planned in the amount of 33.3 million rubles, which is 152% more than in 2011, in 2013 in The amount of 54,560.0 million rubles, which is 64% more than in 2012.

Analysis of the dynamics of sources of external financing of the federal budget deficit shows that in 2009, the total amount of sources of external financing of the federal budget deficit increased by 4.8% compared with 2008 due to an increase in funds for operations with state securities, the nominal value of which is indicated in foreign Currency by 40.1%, reducing foreign fund loans by 52.1%.

In 2010, the increase amounted to 193.6% by increasing funds for government securities operations, the nominal value of which is indicated in foreign currency by 353.4% \u200b\u200bin the amount of 169,530.5 million rubles, and by increasing the Salda value of state financial and government export loans by 68,218.7 million rubles, which is 242.3% more than in 2009.

For 2011, a decrease in external sources of funding for the federal budget deficit by 62% by reducing loans of foreign countries by 8.2%, reducing the Salda value of state financial and government export loans by 190.4%, also provides for the fulfillment of state guarantees in foreign currency in The amount of 10 223.6 million rubles.

The planning period of 2012 and 2013 is planned to increase the sources of external financing of the federal budget deficit by 81.3% in 2012 by 2011 and 0.75% in 2013 by 2012. This increase will occur due to an increase in funds under state securities, the nominal value of which is indicated in foreign currency by 27%, as well as at the expense of foreign fund loans by 40.4%. Also, the planned period of 2012 and 2013 provides for the fulfillment of state guarantees in foreign currency in the amount of 14,732.9 million rubles and 16,448.6 million rubles, respectively.

Analysis of the dynamics of changes in the cash balances of the federal budget for the period from 2008 to 2013 shows that in 2009 a change in the cash balances of the federal budget increased by 4 020,244.6 million rubles or 201.9%. The balance of funds of the reserve fund increased by 6,330,971.6 million rubles or 155.5% compared with 2008, the funds of the National Welfare Fund increased by 2,094,480,3 million rubles or 95.9%. In connection with the restructuring of the means of the Stabilization Fund from January 1, 2008. Direct funds and fund of national welfare. Other balances of the federal budget decreased 456,096.1 million rubles or 129.8%.

In 2010, there is a reduction in cash balances of the federal budget by 344,304.2 million rubles or 17% compared with 2009. Including the balance of funds of the Reserve Fund decreased by 1,69,209.3 million rubles or 52.6% by 2009, the balance of national welfare fund increased by 296,628.5 million rubles or 329.5% to 2009. Other secrets of the federal budget in 2010 increased by 528,27.7 million rubles.

For 2011, the law approved the reduction of cash balances of the federal budget by 1,395,272.7 million rubles or 82.8% compared to 2010. Reducing the balance of cash reserve funds approved in the amount of 770,167.7 million rubles or 73% by 2010. The funds of the National Welfare Fund according to the law will decrease by 201 614.9 million rubles or 97.6% compared with 2010.

On the planning period of 2012 and 2013, due to the exhaustion of funds of the Reserve Fund, funding the federal budget deficit at the expense of the National Welfare Fund. In 2012, an increase in the cost of 50% by 2011 is planned, in 2013 by 33.3% by 2012.

Thus, the main sources of financing the deficit of the federal budget in 2011 - 2013 will be government borrowings in the domestic financial market (73.9%, 86.7% and 82.7%, respectively, in the total sources of funding for the federal budget deficit), as well as funds From the privatization of the property in federal property (16.4%, 15.9%, 17.2%), in connection with the use of reserve fund funds in full in 2011.

According to Annexes No. 42 and 43 to the Federal Law "On the Federal Budget for 2011 and the Planned period of 2012 and 2013", sources of financing of the federal budget deficit for 2011 are formed in the amount of 1,814.0 billion rubles, in 2012 and 2013 in connection With a reduction in the scope of the federal budget deficit, it is planned to reduce the amount of sources of funding for the federal budget deficit to 1,734.4 billion rubles, and 1,795.7 billion rubles, respectively, which corresponds to the amount of deficiency.

Introduction

Theoretical foundations of the budget deficit

1 Concept, reasons and types of budget deficit

2 ways to finance the state budget deficit in modern development conditions

3 Methods for regulating budget deficit

State budget deficit of the Russian Federation

1 sources of funding for federal budget deficit

2 Budget deficit analysis

Conclusion

List of used literature

Introduction

In the formation and development of the economic system of any modern state, one of the leading roles plays state regulation, which is carried out on the basis of economic policies chosen by the authorities. One of the most important tools that allows the state to carry out economic and social regulation is the financial system of society, the main link of which is the state budget.

However, this system is often facing problems expressed in the form of a budget deficit. Budget deficit is the excess of income expenditures; The financial phenomenon with which all states of the world inevitably faced in certain periods of their history. Fully balanced state budget, that is, the budget without a balance is possible only theoretically.

The relevance of the topic of course work is that due to the action of various factors (economic, political, natural, etc.), the situation often arises when budget revenues (tax and non-tax) do not cover all the costs for the relevant level of the budget system. Budget deficit arises as a result of the imbalance of the economy, reducing income and sharp increase in costs caused by mismanagement. The market economy cannot eliminate the budget deficit if measures relating to the stabilization of the economy and equalizing costs with income will not be implemented; Under this implies the hard regime of saving funds from all power and managerial structure.

The theoretical basis for writing this course work was the works of domestic authors, educational and methodological benefits of higher educational institutions, as well as periodic scientific publications on finance and credit.

The goal of the course work is to study the theoretical foundations of the budget deficit, identifying its features, methods of its coverage and analysis of the deficit of the state budget of the Russian Federation.

In accordance with the intended purpose, the following tasks were delivered:

· Examine the essence of the budget deficit, the main causes of its occurrence, as well as socio-economic consequences;

· Disclose the mechanism for financing the budget deficit in modern conditions;

· Consider the problems of budget deficit management and methods to eliminate them in the context of overseas practice;

· Explore sources of financing the deficit of the state budget of the Russian Federation;

· Analysis of the deficit of the state budget of the Russian Federation.

The object of the study is a budget deficit as an economic phenomenon.

As a subject of research, economic relations are acting in the process of execution of the budget.

The study methodology was based on the use of dialectical logic and systemic approach. During the work, general scientific methods and techniques were used: analysis and synthesis, classification, grouping and comparison methods, statistical analysis, etc.

The information base of the study was regulatory acts, federal laws, presidential decrees, as well as statistical data and financial reporting data for 2012-2014 and Internet sites.

1. Theoretical foundations of the budget deficit

1.1 Concept, reasons and types of budget deficit

In modern conditions, despite the continuous increase in tax revenues, in leading foreign countries there is a chronic shortage of their state budgets, that is, the excess of the budget expenditures over its income.

The state of nationwide finances is one of the most important economic indicators any country. In the management of the financial system, the problem of budget deficit plays an important role.

Budget deficit is an excess of costs over its income. The limit amount of the budget deficit of the subject of the Russian Federation is associated with income volumes and may not exceed 15% of the budget revenues of the subject of the subject of the Russian Federation without taking into account assistance from the federal budget. The deficit is regarded as temporary if there are prospects for its overcoming and it is not more than 3% of the income amount. If the budget deficit is up to 10% of the income amount, this is a permissible deficit, and if more than 10% is a critical deficit.

In the process of adoption and execution of the budget, the balance of income and expenses is of great importance. If income exceeds costs, the surplus arises. But most often expenses exceed income. In this case, the deficit arises.

Budget deficit is a financial phenomenon that is not necessarily extraordinary. In the modern world there is no state that in those or another periods of its history would not face the budget deficit.

The budget deficit means excess of income costs. It characterizes its imbalance and arises on the basis of the action of various factors - both objective and subjective. The well-known budget deficit factor is nothing more than the impossibility of the state to ensure the budget of the budget necessary income. The reason for this may be a decline in production, a high level of cost production of goods, the need for the latest equipment and production reconstruction through the introduction of new technologies, the imbalance of the economy, and in general, reducing economic efficiency.

Budget deficit negatively affects the economy, in particular, stimulating inflation processes. It is a brake of economic growth of the state, not to mention its negative social consequences. However, the scientific literature will occur in the scientific literature that the budget deficit may have a positive impact on the revival of economic life. You can only agree with this, because the deficit itself can contribute to economic activity, but its sources of financing. In countries where the state securities market is well developed, the magnitude of the budget deficit has a less tangible effect on the state of the economy in this period, but its presence will necessarily influence the economic life in the future. Therefore, a lacked budget is an objective requirement of the economic development of the state.

As a rule, the deficit of the state budget reflects an unstable position in economic, financial activities, is covered by finding internal sources of financing, state loans, sometimes due to the issue of emissions paper moneynot supported by the commodity mass. Not rarely budget deficit is associated with inflation.

Deficities arise as a result of emergency circumstances: wars, large natural disasters, etc., when usually reserves are not enough and have to resort to sources of special kind. The deficit can reflect crisis phenomena in the economy, its collapse, the ineffectiveness of financial and credit relations, the inability of the government to keep the financial situation in the country. In this case, it is an extremely disturbing phenomenon that requires not only urgent and effective economic measures (to stabilize the economy, financial recovery of the economy, etc.), but also relevant political decisions.

However, if financial resources are sent to the development of the economy, priority industries, i.e. It is used effectively, then in the future, the growth of production and profits will be commemmed by the costs and society as a whole will only benefit from such a deficit. Even the most economically developed countries in critical periods, as a rule, have a scarce budget from 10 to 30%. If the government does not have a clear economic development program, and excess of income expenses admits with the aim of Latania "financial holes", subsidizing unprofitable production, the budget deficit will inevitably lead to an increase in negative moments in the development of the economy, the main of which is the strengthening of inflationary processes.

The causes of the budget deficit may appear:

· Growth of government spending due to the structural restructuring of the economy and the need to develop industry;

· Reduction of the state budget revenues during the economic crisis;

· Emergency (wars, mass riots, large catastrophes, natural disasters);

· Ineffectiveness of the financial system of the state;

· Political populism, expressed in the growth of social programs not secured by financial resources;

· Corruption in the public sector;

· The ineffectiveness of the tax policy, which causes an increase in the shadow sector of the economy.

By type of appearance, the budget deficit can be divided into the following categories:

· Cyclic;

· Structural;

· Operational;

· Primary;

· Quasi-fiscal.

The budget deficit arising from the decline in production is called a cyclic deficit. The deficit arising from consciously accepted measures to increase government spending and reducing taxes to prevent the decline is called a structural deficit.

In the first case, the deficit rather, evil, since it is the result of the fall in economic activity and indicates the under use of the Company's production opportunities. Structural deficit, if it is a product of a targeted state policy to stabilize the economy, can have substantial assistance in preventing sharp fluctuations in economic conjuncture.

Operational deficit is a general deficit of the state budget minus the inflationary part of interest payments for public debt. Debt service (that is, the payment of interest on it and the gradual repayment of the principal amount of debt is its depreciation) is an important statement of government spending. Often, the budget deficit announced in the reports is overestimated on the basis of exaggeration of government spending due to inflationary interest payments. At high rates of inflation, when the difference in the dynamics of nominal and real interest rates is very significant, this overestimation of government spending may be quite significant. There may be situations where the nominal official deficit of the state budget and the nominal duty is growing, and the real deficit and debt decreases, which makes it difficult to evaluate the effectiveness of the fiscal policy of the government. Therefore, when measuring the budget deficit, inflation is needed: the real budget deficit is the difference between the nominal deficit and the amount of public debt at the beginning of the year multiplied by the inflation rate.

The primary deficit (surplus) of the state budget is the difference between the value of the overall deficit and the entire amount of debt payments. The presence of primary deficit is a factor in the increase in debt burden.

In various countries with transitional economies, the possibility of choosing priority methods for financing budget deficit is not the same, although limited. Opportunities for mainly without inflationary budget stabilization, as a rule, insignificant and funding is carried out with the active participation of the Central Bank. At the same time, in countries such as, for example, the Czech Republic, Slovakia, etc., where there was no significant violation of the market equilibrium to the beginning of the transition period, and the government has a firm intention to carry out market reforms and enjoys confidence, financing the budget deficit from any source It is associated with less costs than, for example, in Belarus, Russia and other states of the former USSR, where there is a sharp disadvantage of funds coming from both external and internal sources. However, for a more accurate assessment of the possibilities of debt financing of the budget deficit, it is advisable to compare the total amount of public debt not only with GDP, but also with the amount of money supply.

Quasi-fiscal (quasi-budgetary) deficit - existing along with the measured (official) hidden deficit of the state budget, due to the quasi-fiscal (quasibudgetary) activity of the state.

Quasi-fiscal operations include, for example, the following:

· Financing by state excess employment enterprises in the public sector and payment of salaries at rates above the market at the expense of bank loans or by accumulating mutual debt;

· Accumulation in commercial banks, separated at the initial stages of economic reforms from the Central Bank, a large portfolio of inactive loans - so-called "Bad debts" (overdue debt obligations of state-owned enterprises, preferential loans to households, firms, etc.). These loans are eventually paid mainly at the expense of preferential loans of the Central Bank;

· Separate operations related to public debt, as well as financing by the central bank of damages from measures to stabilize the exchange rate of currency, interest-free and preferential loans to the government (for example, on the purchase of wheat, rice, coffee, etc.); Refinancing loans to commercial banks for "bad debts" service, as well as refinancing by the Central Bank of Agricultural, Industrial and housing programs Governments at preferential rates, etc.) activities of the Central Bank, state-owned enterprises and commercial banks, both in the industrial and transition economies.

Generalization of the causes of the budget deficit allows you to allocate:

· Emergency;

· Crisis;

· Anti-crisis;

· Intergovernmental.

The emergency deficit is based on emergency circumstances (wars, natural disasters, etc.), from which it is difficult or impossible to insure. To prevent and eliminate consequences emergency situations Various reserve and extrabudgetary funds are usually formed.

The crisis and anti-crisis budget deficit are determined by the crisis in the economy, the monetary, financial sector and the measures of its liquidation. In this connection, deficiencies that have stimulating and dissimulate meaning can be distinguished.

By duration, the budget deficit happens:

· Short-term: excess of costs over income is limited by the framework of one fiscal year and is a reflection of current changes in the economic situation of the country that were not taken into account when drawing up a budget project;

· Long-term: is associated with an increase in the gap between budget expenditures and income over a number of years and is due to the reasons of a sustainable nature.

In most countries of the world, the tendency to an increase in the deficit of national budgets is due to the following common factors:

· Increasing the number of social payments to the population and an increase in social burden on the budget;

· An unfavorable demographic situation associated with the aging of the population, resulting in the costs of paying pensions, various benefits and allocations on housing and communal services, transport services, healthcare, etc.;

· Liberalization of tax legislation and as a result - reduction of tax rates without relevant adjustment of the costs of the state budget expenditures;

· Increasing the volume of foreign debt.

Depending on the economic content And the directions of exposure distinguish:

· Active deficit;

· Passive deficit.

Active budget deficit arises as a result of direct excess of expenses on income receipts. Passive is a consequence of reducing tax rates and reduce revenues to the budget (i.e., not related to the growth of expenses).

2 ways to finance the state budget deficit in modern development conditions

In most countries, including Russia, the following basic ways of financing budget deficit are used:

· Credit and monetary emission (monetization);

· Debt financing (internal and external);

· Increased tax revenues in the state budget, as well as income from privatization, sales of state property.

Consider the advantages and disadvantages of the emission method of financing the state budget deficit in Table 1.1.

Table 1.1 - the advantages and disadvantages of the emission method of financing the deficit of the state budget.

Em session method of financing the deficit of the state budget.
Dignity	disadvantages
The growth of money supply is a factor in the increase in total demand and, therefore, the volume of production. The increase in the money supply causes a decline in the interest rate on the money market (depreciation of the loan price), which stimulates the investment and ensures the growth of cumulative expenses and the aggregate release. This measure, therefore, has a stimulating effect on the economy and can serve as a means of exiting a recession	In the long term, the increase in money supply leads to inflation, i.e. This is an inflationary method of financing.
This is a measure that can be done quickly. The growth of the money supply occurs, or when the Central Bank conducts operations on the open market and buys government securities and, paying for sellers (households and firms) the cost of these securities, issues additional money (such a purchase it can be done at any time and in any The required amount), or at the expense of a direct emission of money (on any required amount).	This method can have a destabilizing effect on the economy during overheating. The decline in the interest rate as a result of the growth of the money supply stimulates an increase in total expenses (primarily investment) and leads to an even greater increase in business activity, increasing the inflation gap and accelerating inflation.

Monetization as a way to reduce the budget deficit is an increase in the amount of money in circulation (including at the expense of bank financing). Although this method is used by the state very rarely, in exceptional cases, since it is purely inflationary, but it should not be excluded from the arsenal methods for financing the budget deficit.

When monetiring increases the amount of money in circulation, the growth rate of the money supply is significantly superior to the growth rates of real GDP, which leads to an increase in the average price level. At the same time, all economic agents pay a kind of inflation tax, and some of their revenues are redistributed in favor of the state through increased prices. The state forms an additional income - senory, that is, a new income from the printing of money.

The monetization of the state budget deficit may not be accompanied directly by the emission of cash, but to be carried out in other forms. For example, in the form of expanding the credits of the Central Bank to state enterprises at preferential rates or in the form of deferred payments. In the latter case, the government buys goods and services without paying them on time. If deferred payments accumulate against public sector enterprises, then they are often funded by the central bank or accumulate, increasing the overall deficit of the state budget. Therefore, although deferred payments, in contrast to monetization, are officially considered not an inflationary way of financing the budget deficit, in practice this separation is very conditional.

In general, monetization can be used as a way to solve the problem of the state budget deficit. However, it is necessary to keep in mind that this is unsafe for the economy way. National governments are usually used in exceptional cases when, for example:

· There is a significant external debt, which eliminates preferential financing of budget deficit from external sources;

· The possibilities of internal debt financing are practically exhausted;

· Currency reserves of the central bank are exhausted, by virtue of which the payment of the balance of payments remains paramount;

· The economy is able to withstand high inflation, and citizens are already accustomed to the permanent increase in prices.

Table 1.2 - the advantages and disadvantages of financing the deficit of the state budget due to internal debt.

Financing of the state budget deficit due to domestic debt
Dignity	disadvantages
It does not lead to inflation, since the monetary mass does not change, i.e. This is not an inflation method of financing.	On debts need to pay. Obviously, the population will not buy government bonds if they won't bring income, i.e. If the percentage will not be paid on them. The payment of interest on government bonds is called "public debt service." The more public debt (that is, the more government bonds issued), the greater the amounts should go to the service of debt. And the payment of interest on government bonds is part of the costs of the state budget, and what they are more, the more budget deficit. The vicious circle is obtained: the state issues bonds to finance the deficit of the state budget, the payment of interest on which it provokes even greater deficit.
This is quite an operational way, since the issue and placement (sale) of government securities can be provided quickly. The population in developed countries is happy to buy government securities, since they are highly liquid (they can easily sell them - it is "almost money"), highly reliable (guaranteed by the state that enjoys confidence) and enough incomes (percentage is paid).	This method in the long term is not inflation.
	"Effect of displacement" of private investment. This effect is that an increase in the number of government bonds in the securities market leads to the fact that a portion of household savings is spent on the purchase of government securities (which ensures the financing of the state budget deficit, i.e. goes to non-production goals), and not on Purchase securities of private firms (which ensures the expansion of production and economic growth). This reduces the financial resources of private firms and, therefore, investments.
	The debt method of financing the state budget deficit can lead to a balance of payments shortage.

The use of government loans to finance additional government spending is also determined by significantly smaller than their negative consequences for the economy compared, for example, with additional emissions. On the other hand, the practice of debt financing is politically more favorable for the government than increasing taxes. In countries where budget deficits are prohibited and funding through the emission bank is also unacceptable, the revenue part of the state budget can be financed only through taxes. But the increase in taxes is always negatively perceived by citizens, whose opinion for the government is not indifferent, especially during the election. Therefore, through credit financing, the government can significantly increase its expenses without strengthening so unpopular tax burden. This, by the way, explains the fact why recently loan financing has become one of the popular economic policies tools in most developed countries whose debt has increased significantly in the last two or three decades.

Debt financing can stimulate economic growth. Increasing its expenses at the expense of loans, the state thereby makes the demand for investment and consumer goods. At the same time, the positive effect of the multiplier begins, providing a stimulating effect on other industries and employment.

Two US economists Thomas Sarzhen (Nobel Prize laureate) and Neil Wallace proved that debt financing of the state budget deficit in the long term can lead to even higher inflation than the emission. This idea received the name "Theorem Sarzhen Wallace" in the economic literature.

The fact is that the state by financing the budget deficit due to an internal loan (issue of government bonds), as a rule, builds a financial pyramid (refinances the debt), i.e. It pays with the past debts of the loan in the present, which will need to return in the future, and the return of debt includes both the amount of debt and interest on debt.

If the state will use only this method of financing the state budget deficit, then the moment in the future can be used when the deficit is so large (i.e., such a number of government bonds and the costs of serving public debt will be so significant) that its financing is debt The way it will be impossible, and will have to use emission financing. But at the same time, the amount of emission will be much larger than if it is carried out in reasonable sizes (small portions) every year. This can lead to a burst of inflation and even determine high inflation.

As Sarjent and Wallace showed, to avoid high inflation, it is wiser not to abandon the emission method of financing, but to use it in combination with debt.

The debt method of financing the state budget deficit can lead to a balance of payments shortage. Not by chance in the mid-80s, the term "twin deficits" appeared in the USA ("Twin-deficits"). These two types of deficits can be interconnected. Recall the identity of injection and seizures:

G + EX \u003d S + T + IM

Where, I - Investments - Government Procurement, Export, - Savings, - Net Taxes, - Import.

We regroup:

(G - T) \u003d (S - I) + (IM - EX)

From this equality it follows that with the growth of the state budget deficit, there should be either to increase savings, or to reduce investments, or increase the trade deficit. The mechanism of exposure to the growth of the state budget deficit to the economy and financing it at the expense of internal debt has already been considered when analyzing the "effect of displacement" of private investments and issuing as a result of the growth rate of interest. However, along with the internal displacement, the growth rate of interest leads to the displacement of pure exports, i.e. Increases trading deficit.

The external displacement mechanism is as follows: The growth of the internal interest rate compared to the world makes the securities of the country more profitable, which increases the demand for them from foreign investors, this in turn increases the demand for the national currency of this country and leads to an increase in the national currency exchange rate , making goods of a given country with respect to more expensive for foreigners (foreigners now have to exchange more of their currency to buy the same amount of goods from this country as before), and imported goods become relatively cheaper for domestic buyers (which should now exchange Less number of national currency to buy the same amount of imported goods), which reduces exports and increases import, causing a reduction in net exports, i.e. Determines the deficit of the trade balance.

Reducing the budget deficit is quite difficult due to a number of reasons. The volume of obligations to exercise costs that the state takes on is very large. These obligations are accumulated by decades, many of them are not subject to reduction, the decline in others is unpopular measure and affects the interests of influential structures. Some costs are extreme in nature and can suddenly increase. Finding new sources of replenishment of the budget revenue is much more complicated: taxation negatively affects business activity in the economy, contributes to greater tax evasion; Privatization of state property gives only one-time flow of money in the treasury, etc. That is why even in developed countries, the budget is more likely to be reduced with a deficit than with a surplus.

In order to balance the government budgets, the limit budget deficit sizes can be established. If in the process of execution of the budget takes place exceeding the limit level or a significant reduction in budget revenues, then the mechanism of the sequestration of expenses is introduced. The sequestration lies in a proportional reduction in government spending (by 5, 10, 15%, etc.) monthly on all budget items over the remaining time of the current fiscal year. Sequetra do not be subject to secure articles.

Among specific activities to reduce the budget deficit should be called such measures that, on the one hand, would stimulate the inflow of funds to the country's budget fund, and on the other, they contributed to the reduction of government spending, namely:

· Changes in the field of investing budget funds in the folk economy industry in order to improve production efficiency;

· Widespread use of financial benefits and sanctions that allow it to fully take into account specific conditions of management and stimulating economic growth;

· A sharp reduction in the sphere of the state economy and public financing;

· Reducing military spending;

· Preservation of financing only the most important social programs, a moratorium on the adoption of new social programs that require significant budget financing;

· Prohibition of the Central Bank of the country to provide loans to government structures of any level without appropriate decoration of debt by government securities.

In addition, in world practice, a system of measures that stimulate investigating foreign capital is widely used to reduce the budget deficit. At the same time, several tasks of both fiscal and economic nature are solved. Reduce budget spendingfinancing capital investments (and therefore, the gap between income and expenses decreases), the base for the production of goods and services is expanding, a new taxpayer appears, the state of the balance of payments is improved.

According to the legislation, the sources of its coverage in the form of internal and external borrowing are envisaged to finance the budget deficit. In the process of execution of the budget, the size of the federal budget deficit should not exceed the total amount of budget investments and public debt service costs. The current expenditures of the budgets of the subjects of the Russian Federation and local budgets may not exceed the volume of their income.

Receipts from sources of funding for the budget deficit of the subject of the Russian Federation are sent only to financing investment costs and cannot be used to finance service costs and repayment of the constituent entity of the Russian Federation.

The size of the local budget deficit cannot exceed 10% of the income of the local budget without taking into account financial assistance from the federal budget and budget of the subject of the Russian Federation. Receipts from sources of financing of the local budget deficit are sent only to financing investment costs and cannot be used to finance service costs and repayment of the municipal debt. Sources of financing budget deficit are approved by the legislative bodies.

3 Methods for regulating budget deficit

financing Economic Budget Monetary

To overcome the budget deficit, it is necessary "treatment" of the economy itself, because Without ensuring dynamism in its development and really noticeable effectiveness, it is impossible to achieve financial sustainability of the country, whatever progressive financial measures have been applied.

To date, three main approaches to budget management were determined.

The first approach is associated with the focus on the achievement of the annual balance of the budget, which means the declaration of its balance of the permanent self-sustaining goal of public finances. Such goaling fiscal policies, in essence, reduces its effectiveness and reduces no anti-cyclic and stabilization character. In depression, long unemployment takes place a reduction in income, which invariably causes a decrease in tax revenues to the state treasury. In such a situation, balancedness can be achieved by either increasing taxes, or reduce government spending, or combinations of both. And this means compression of aggregate demand, coagulation of social production. Upon surplus of the state budget in the conditions of inflationary processes and the growth of cash income, in order to prevent the upcoming excess of income over expenses, the government should either reduce taxes, or increase government spending, or involve both at the same time. In this case, the balance of the budget is achieved by the price of the uniform of the inflationary spiral.

The second approach is focused on achieving the balance of the state budget within the framework of the economic (business) cycle. IN this case Annual deficiencies and budget surplus are allowed, and the fiscal policy is used by the state at the same time as a tool and anti-cyclic regulation, and budget balancing in the long term. This allows expansionist fiscal policy at the stage of recession and depression (increasing government spending, reducing the tax burden) and destructive fiscal policies at the stages of lifting and manifestation of inflation. Despite the external attractiveness of such a mechanism for implementing fiscal policies, it clearly suffers with simplistic. This is due to the lack of identical economic cycles both by the duration of individual phases and the cycle as a whole and in the depth of the recession and the peak of the rises. A long and deep decline can be replaced by a short-term sluggish and low lifting and, on the contrary, a long and stable lift phase may be accompanied by a short-term and shallow decline. And in that, and in another case, the cyclic illegitability of the state budget will be observed.

The third approach is based on the idea of \u200b\u200bfunctional finance, the essence of which comes down to ensure that the fiscal policy is considered only as a tool for the economic policy of the balanced development of the national economy. With this approach, the smugly element is macroeconomic stability, while the balance of the state budget shifts to the background and is considered only as one of the components of such stability. Therefore, the development of the economy may be accompanied by budget as deficits and surpluses. It is assumed that macroeconomic balance and economic growth automatically have a positive impact on overcoming the budget deficit and a reduction in public debt.

To overcome the budget deficit, the normalization of the economy itself is necessary. Without ensuring its dynamic development and really noticeable effectiveness, it is impossible to achieve financial sustainability of the country, whatever progressive financial measures have been applied.

2. The deficit of the state budget of the Russian Federation

1 sources of funding for federal budget deficit

The federal budget for 2012 is executed with a deficit of 39,446.1 million rubles (applications 1, 13 and 14 to this explanatory note). The deficit for 2012 was 0.1% to the volume of GDP, the primary surplus was 0.4% to the volume of GDP.

The balance of sources of financing of the federal budget deficit for 2012 amounted to 39,446.1 million rubles. At the same time, the general attraction at the expense of internal and external sources was 1,330,116.5 million rubles, the volume of repayment on the principal amount of debt amounted to (-) 768,731.7 million rubles, the change in the balances of funds in the accounts was (-) 399 296, 5 million rubles and a term difference - (-) 122 642.2 million rubles.

In accordance with the program of state domestic borrowing of the Russian Federation for 2012, the involvement of borrowed funds was planned in the amount of 1,310,203.0 million rubles, of which Nechassic operations - the program to capitalization of banks and the exchange of non-standard issues of OFZ from the Bank of Russia's portfolio to the standard 763 issues OFZ - 150,000 million rubles and 130,126.1 million rubles, respectively.

Thus, the planned volume of attracting funds directly from the domestic capital market amounted to 1,029,986.9 billion rubles. In fact, the Ministry of Finance of Russia carried out borrowings in this market in the amount of 911,874.3 million rubles (88.5% of the planned amount of non-accounting operations).

Attracting funds from the domestic capital market in a smaller volume than is provided for by the program due to a significant deterioration in the global conjuncture financial markets In March-June 2012. Operations for bank capitalization due to OFS and the exchange of OFZ were not conducted in 2012.

Actual fundraising due to placing on market conditions In 2012, state securities of the Russian Federation in terms of OFZ, taking into account the norms of the Budget Code of the Russian Federation, was 788,301.9 million rubles, including the OFZ PD - 788 301.9 million . rubles.

In 2012, the Ministry of Finance of Russia carried out the placement on a closed subscription of four new issues: GSO-PPS No. 35012RMFS, GSO-PPS No. 36006RMFS, GSO-PPS No. 36007RMFS and GSO-PPS No. 36008RMFS. Taking into account the norms of the Budget Code of the Russian Federation, the actual attraction of funds by placing a closed subscription in 2012 in part of the GSO amounted to 123,572.4 million rubles, including GSO-PPS - 123,572.4 million rubles.

In the reporting period, in accordance with Article 113 of the Budget Code of the Russian Federation, the sources of domestic financing of the federal budget deficit in terms of government securities are reduced totaling 23,156.6 million rubles, including the amount of accumulated coupon income (NKD) in the amount of 13 196 , 6 million rubles and the amount of income exceeding the nominal value, in the amount of 9,960.0 million rubles, 764 received by the Ministry of Finance of Russia when placing bonds at auctions, in secondary bidding and closed subscription.

Reducing debt under state external debt obligations of the Russian Federation for 2012 amounted to (-) 69,077.8 million rubles (2,266.5 million US dollars), of which:

· Repayment of the principal amount of debt on state securities expressed in foreign currency - in the amount (-) 38,726.5 million rubles (1,280.8 million US dollars), or 88.9% of the refined painting in connection with fewer appeals of bond holders of the internal state currency bond loan, as well as a course difference;

· Repayment of the principal amount of debt on loans to the governments of foreign countries, international financial organizations - in the amount (-) 30 351.3 million rubles (US $ 985.7 million), or 77.1% of the refined painting, due to the inconclusion In 2012, a number of intergovernmental agreements, as well as a course difference.

In 2013-2015, the federal budget deficit is designed in the amount: 1.5% of GDP (991.9 billion rubles) in 2013, 0.6% of GDP (459.7 billion rubles) in 2014 and 0.1% GDP (92.2 billion rubles) in 2015. With a relatively small deficit of the federal budget, the volume of non-oil and gas deficit will continue at a fairly high level (in 2013 - 10.1% of GDP, in 2014 - 8.9% of GDP, in 2015 - 8.6% of GDP), What indicates the preservation of the dependence of the Russian economy from energy prices in the world market.

The main sources of financing the federal budget deficit in 2013-2015 will be government borrowing and receipts from the privatization of federal property.

"Pure" raising funds in the domestic and world financial markets during 2013-2015 will be 3,336.4 billion rubles, including: in 2013 - 1,376.3 billion rubles, in 2014 - 1 248, 7 billion rubles and in 2015 - 711.4 billion rubles. Despite the increasing government borrowing, the debt burden on the federal budget will remain within the limits that allow in a timely manner and fully fulfill the obligations under the public debt of the Russian Federation.

For 2013-2015, government borrowings are planned in the amount exceeding the deficit of the federal budget. This will refrain from spending a reserve fund and replenish it at the expense of part of oil and gas income.

In the case of the development of crisis trends in the global economy, the conditions of borrowing on debt markets for the Russian Federation, as well as for many sovereign borrowers, will deteriorate significantly. In the most negative scenario, the debt market can actually be "closed", which will not allow attracting funds in the necessary volumes on acceptable conditions.

In such a situation, it will be possible to refuse to replenish the reserve fund, and with the most negative scenario - to use funds accumulated in the Fund to fulfill budget consumables.

In general, the expenditure of oil and gas revenues accumulated in sovereign funds negatively affects the macroeconomic stability of the country (inflation, exchange rate) and is a factor directly affecting the attractiveness of the Russian economy for foreign investors. In other words, the preservation of funds - a guarantee of wider opportunities to attract the Russian Federation of borrowed resources on favorable conditions in the future. With a relatively calm situation in the economy and in the financial markets, it is advisable to refrain from spending a reserve fund, seeking to occupy on the market on favorable conditions. This strategy can be called "occupy and saving".

Policies in the field of public debt of the Russian Federation for 2013-2015 will be aimed at achieving the following goals:

· Ensuring the balance of the federal budget while maintaining the high degree of debt sustainability achieved in recent years;

· Development and modernization of the infrastructure of the national capital market to turn it into a stable source of financing of increasing budget needs;

· Reducing the value of government borrowing (public debt service), taking into account the timing of borrowing and actually developing conditions for the placement of internal and external loans;

· Expansion of the circle of investors engaged in the purchase of government securities;

· Preservation of Russia's presence as a sovereign borrower on international markets capital as a result of regular borrowing in foreign currency by issuing bond loans of the Russian Federation in moderate volumes;

· Maintaining a representative curve of return on state debt obligations of the Russian Federation in foreign currency necessary for the formation of adequate landmarks for Russian borrowers.

Solving the issue of balance between internal and external borrowings will depend on the conjuncture of domestic and global financial markets, the effectiveness of solving the task of the development of the domestic government market, the preservation of a favorable macroeconomic situation in Russia, primarily from the point of view of maintaining a relatively low level of inflation and taking into account the priority of borrowing In the domestic market of the public debt.

In the planned period, the main tool for attracting funds will be opposed to repayment diversified. At the same time, the priority direction of emission policy will be the issue of medium-term and long-term government securities. The emission of short-term instruments (up to 1 year) is considered as an exceptional measure, the use of which can be justified only under conditions of extremely unfavorable market conditions, in the absence of funding opportunities due to the emission of medium-term and long-term government securities. As a target duration of the OFZ portfolio, a period of 5 years is set.

The practice of placing state savings bonds (GSO) will continue to meet the demand of institutional investors, first of all, carrying out the placement of pension savings.

At the current stage, the instrument of state guarantees of the Russian Federation is increasingly used, acting as an important tool for the post-crisis economic policy of the state. In 2013-2015, it is planned to provide the following state guarantees of the Russian Federation:

· For obligations of OJSC "AHML", OJSC Rosnano, OJSC "Zapolyar", OJSC "OPK" Oboronprom ";

· To implement investment projects;

· For the obligations of the organizations of the Defense and Industrial Complex for the implementation of the State Arms Program in the framework of the state defense order;

· To support the export of industrial products;

· For projects implemented with the participation of international financial organizations.

The planned amount of state guarantees of the Russian Federation in 2013 - 2015 will be:

· In the curve of the Russian Federation in the total amount of 560.7 billion rubles, including: in 2013 - 331.5 billion rubles, in 2014 - 218.3 billion rubles, in 2015 - 11.0 billion rubles;

· In foreign currency - $ 13.9 billion, including: in 2013 - $ 5.0 billion, in 2014 - 4.3 billion US dollars, in 2015 - 4.6 billion dollars.

In 2013 - 2015, budget allocations will be provided for the possible execution of the above state guarantees at the expense of sources of financing the federal budget deficit in the total amount of 588.4 billion rubles, including: in 2013 - 87.2 billion rubles, in 2014 - 250.3 billion rubles. And in 2015 - 250.9 billion rubles.

Cooperation will continue with international development banks (hereinafter - the ICBM), including in the form of attracting limited funds, based on the following principles:

· Implementation in conjunction with ICBM new projects in spheres government controlled, environmental protection, increase energy efficiency, development of the financial market and the micro financial services market, the improvement of the national system of hydrometeorology, physical culture and sports of socially unprotected populations, the development of forestry; The choice of a specific tool for cooperation with the ICBM, as well as the definition of the share of Russian from financing the project will be carried out separately for each project;

· Expanding the practice of providing guarantees of the Russian Federation on projects implemented with the participation of ICBMs, including using new approaches;

· Expanding the participation of the Russian Federation in various ICBM initiatives, including technical cooperation funds, direct investment funds and other cooperation tools;

· Promoting an increase in the portfolio of projects implemented by the International Finance Corporation (IFC), the Multilateral Investment Guarantee Agency (Magi), the European Bank for Reconstruction and Development (EBRD), the Black Sea Trade and Development Bank (EBC), the Eurasian Development Bank (EDB) in the Russian Federation without financial obligations from the Russian Federation;

· Active participation of the Russian Federation as a shareholder in the activities of the ICBM, aimed at ensuring the most efficient use of the advantages of international financial institutions in the interests of the Russian Federation.

It seems that the interaction of the Russian Federation and the ICBM on the principles presented above will allow to develop both the form and directions of cooperation and new cooperation mechanisms with ICBM in recent years. The total amount of funds raised from the ICBM in 2013-2015 may amount to about $ 660 million.

As of January 1, 2014, the national debt of the Russian Federation amounted to 9,040.5 billion rubles, as of January 1, 2015 will be 10,779.7 billion rubles and January 1, 2016 - 11,730.7 billion rubles .

Figure 1 - Shares of external debt.

Thus, the cumulative amount of public debt of the Russian Federation will reach 14.4% of GDP by the end of 2015, while the share of internal debt in the aggregate volume of the public debt will almost reach 80% with the corresponding decrease in the share of external debt.

In 2013-2015, compensatory payments for pre-reform savings of citizens will continue.

In 2013-2015, compensatory payments for guaranteed savings of citizens include funds of the federal budget in the total amount of 150 billion rubles, 50.0 billion rubles annually.

The federal budget deficit financing will be carried out mainly at the expense of government borrowing and funds coming from the privatization of federal property (Table 2.1).

Table 2.1 - sources of financing the deficit of the federal budget billion rubles.

Indicator	2012 (law, taking into account changes)

Total sources
Government borrowing, total
including:
attraction
repayment
Privatization
Other sources

Reserve Fund
fulfillment of state guarantees

The federal budget deficit will be covered mainly at the expense of government borrowing and funds coming from the privatization of state assets. In 2012-2014, the Russian authorities plan to proceed to the restoration of the reserve fund used during the crisis and replenish it at the expense of additional oil and gas income. The funds of the National Welfare Fund (FNB) in 2012-2014 are planned to be used only in a volume equal to financing the formation of pension savings of citizens.

2.2 Budget deficit analysis

The deficit of the federal budget of Russia at the end of 2013 after the amendments to it, which will be discussed at a government meeting on October 10, amounted to 0.7% of GDP. This was announced to journalists the head of the Ministry of Finance of the Russian Federation Anton Sinoov. "The deficit of 0.1 decreased and will be 0.7% of GDP," the Minister quotes the PRIME news agency .

In the law "On the federal budget for 2013 and the planning period of 2014 and 2015" the 2013 budget deficit is laid at 521.415 billion rubles, or 0.8% of GDP. Russia can get a short-state budget in 2013, "VTB Capital Investment Forum" "Russia calls!" Russia completed the first half of 2013 with budget surplus. According to the Ministry of Finance , Budget deficit in 2012 reached 12.82 billion rubles, or 0.02% of GDP.

The income of the federal budget-2013 as a result of amending the amendments will increase by 40.5 billion rubles. "We mainly grow oil and gas income, and not oil and gas - do not grow, - Silanov said. - And the costs remain the same. " According to him, oil and gas revenues will increase compared with the plan for 546 billion rubles, and not oil and gas - decrease by 505 billion rubles to the planned value.

Reduced, and significantly, expects income from privatization. "52 billion rubles - privatization revenues. Decreased by 375 billion rubles [to the planned level], "said Silanov. From the data of the data minister, it follows that initially from privatization was supposed to rescue 427 billion rubles in 2013; Thus, the outcome forecast from the sale of state property for 2013 has been cut by 8.2 times. The federal budget can be obtained in 2013 and in 2014-2016 1.7 trillion. Rubles from privatization, reported by the Ministry of Economic Development Long before this revision, at the end of June 2013 .

The head of the Ministry of Finance also voiced the forecast for the borrowing of the department at the end of 2013. "In essence, we take a planning figure. The plan was 448 billion rubles, about 430 billion rubles we will have to have this year to have a pure attraction from the domestic market, "Silan said.

At the end of September, he did not exclude that Russia in 2013 in the domestic market will take about 200 billion rubles less plan. The program of public domestic borrowing for 2013 is 1.2 trillion. rubles.

The draft law on the budget of Russia for 2014 and the planning period of 2015-2016 adopted in the final, third reading at the plenary session of the lower house of parliament on November 22. In support of the financial document, 248 deputies voted, against - 145, it was not abstained.

According to the bill, the federal budget revenues in 2014 will amount to 13.571 trillion. rubles (18.5% of GDP), in 2015 - 14.565 trillion. rubles (18.3% of GDP), in 2016 - 15.906 trillion. rubles (18.3% of GDP). The costs for the same period will be 13,960 trillion. (19% of GDP), 15.362 trillion. (19.3% of GDP) and 16,392 trillion. rubles (18.9% of GDP), respectively.

The regulatory value of the reserve fund approved for 2014-2016 in the amount of 5.132 trillion, 5.576 trillion. and 6,079 trillion. rubles. By January 1, 2015, the domestic government holder should not exceed 7.246 trillion. rubles, by January 1, 2016 - 8,466 trillion. rubles, by January 1, 2017 - 9,335 trillion. rubles. To the same dates, the upper limit of state external debt is scheduled at 71.9 billion dollars / 55.3 billion euros, 78.8 billion dollars / 60.6 billion euros and 88.5 billion dollars / 68.1 billion euro, respectively.

Russian President Vladimir Putin signed a law on the country's budget for 2014-2016, the press release on the official website Kremlin. Draft scarce budget was approved in the State Duma and Federation Council, while the difference between income and expenses of the country was decided to compensate Reserve funds.

"The federal law approves the main characteristics of the federal budget for 2014, determined on the basis of the projected volume of the gross domestic product in the amount of 73,315 billion rubles and the level of inflation not exceeding 5%, - noted in the Kremlin.

It should be noted that the new three-year budget was first compiled on a program-target principle when expenses are formed on the basis of the goals established by government programs. On the implementation of 39 programs in 2014, it is planned to send 11.6 trillion. rubles, in 2015 - 12 trillion. rubles, in 2016 - 12.33 trillion. rubles. On 46 federal target programs will go, respectively, 0.94 trillion, 1 trillion. and 0.93 trillion. rubles.

Over the next three years, the budget will be in short supply. For example, according to plan, in 2014, budget revenues will be 13.57 trillion. rubles, and expenses - 13.96 trillion. rubles. In this regard, internal loans in 2014 can reach 808.7 billion rubles, in 2015 - up to 1.147 trillion. rubles, in 2016 - up to 1.24 trillion. rubles. According to the document, annual borrowing on the foreign market should not exceed seven billion dollars. The State Dolg probably will increase with 12% of GDP to 14.3% of GDP in 2016.

The coming few years, apparently, make the state to tighten the belt. In 2014-2016, a decline in the federal budget revenues from 19.1% of GDP to 18.5% in 2014 is predicted, up to 18.3% in 2016. This is due primarily to the estimated decrease in oil and gas income. And therefore, in the coming years, expenses will be optimized, and resources are redistributed to the most priority tasks - the fulfillment of May decrees of Vladimir Putin, social obligations of the state and financial support of the pension system.

Inflation in 2014 is expected to be 5% expected, and in the next two years, the level will even decrease to 4.5%. Tariffs for gas, thermal and electrical energy for the population, starting in 2014, will increase to the level of inflation of the previous year, multiplied by 0.7.

Thus, the next three years is expected budget deficit. In 2014, it is supposed to be 389.6 billion rubles (0.5% of GDP), in 2015 - 797 billion rubles (1% of GDP), and in 2016 - 487 billion rubles (0.6 % GDP).

Conclusion

Budget deficit - excess budget expenditures over its income. The volume of budget deficit depends on the large number of macroeconomic factors, which from different sides characterize the development of the economy. The budget deficit cannot be considered otherwise, as in the context of the macroeconomic development and economic policies of the state in the field of income and expenses of the state budget.

The state of the budget system can be called the most important criterion for the economic situation in the country, and one of the most important budget functions is the regulation of the economy.

The budget deficit itself is not catastrophic phenomena, its increase can lead to serious negative consequences not only economic, but also a purely political nature. After all, the confidence of the people to the budget system, the country's budget device determines the confidence in the government, confidence in the reforms. This trust is impossible in the conditions of an unbalanced budget - the chief financial document of the country. And this should finally attract the close attention of the government, and manifest itself in concrete results.

The state budget deficit can be financed by three ways:

· Due to the emission of money;

· Due to the loan from the population of his country (internal debt);

· Due to the loan from other countries or international financial organizations (external debt)

The problem of the budget deficit (or at least a decrease in its share in the state budget) depends on the correctness of the Government's approach to its assessment and the introduction of civilized measures aimed at reducing the budget deficit. The adoption of well-minded laws aimed at maintaining the national manufacturer and the development of production as a whole, as well as the development of the mechanism of their implementation, the most faithful path leading to a balanced state budget.

1. Akindinova N., Chernyavsky A.// New course, 2010, №6

Butrin D. Budget loans does not happen much. // Online, 2011, №1

Afanasyev P., Belenchuk A.A., Krivoza I.V. Budget I. budget system, 2010.

Budget Message from the President of the Russian Federation budget Policy In 2011-2013.

Budget Code of the Russian Federation of 07/31/1998 N 145-FZ (adopted by the State Duma of the FS RF 07/17/1998)

6. Vistoguzov V. Budget deficit did not meet the expectations of the Ministry of Finance. // Kommersant, 2011, №4.

7. Dobrovolsky E. Budgeting. Step by step, 2010.

Ermasova N.B. Budget system of the Russian Federation, 2011.

9. Ershov M., Lochmachev V., Tatutov V., Tanasova A. On the debt policy of Russia in the conditions of exiting the crisis. // Money and loan. - 2010. - №8 - p. 32 - 38.

10. Zaitenullina T.G. Budget system of the Russian Federation, 2010.

11. Karavaeva I.V. Domestic tax policy in the conditions of budget deficit // "Finance", 2010, N 1

12. Maleeva N.V. New structure and application procedure since 2010 budget classification RF, 2010.

13. Presidential Message to the Federal Assembly of 2012.

Federal Law "On the Federal Budget for 2012".

Federal Law "On the Federal Budget for 2013".

16. Economic theory / Ed. A.G. Mudnova - M.: 2010

Economic theory / Ed. I.P. Nikolaova. - M.: 2011.

federal budget

The sources of funding for the federal budget deficit in 2017 will amount to 2,753,242.4 million rubles (3.2% of GDP), in 2018 - 2,201,92.8 million rubles (2.2% of GDP), in 2019 - 1 142 165.5 million rubles (1.2% of GDP), including:

sources of domestic financing of the federal budget deficit will be in 2017 3,056,115.7 million rubles (3.5% of GDP), in 2018 - 2,339,826.7 million rubles (2.5% of GDP), in 2019 - 1 269 242.7 million rubles (1.3% of GDP);

sources of external financing of the federal budget deficit will be in 2017 (-) 302 873.4 million rubles (-0.3% of GDP), in 2018 - (-) 328,634.0 million rubles (-0.4% of GDP ), in 2019 - (-) 127 077.2 million rubles (-0.1% GDP).

In part of the sources of domestic financing of the federal budget deficit in the forecast period will prevail the receipts from government borrowing. Thus, in 2017, the volume of attraction from the placement of state securities of the Russian Federation, the nominal value of which is indicated in the currency of the Russian Federation, is planned in the amount of 1,878,722.4 million rubles, in 2018 - 2019 said indicator will be 1,581,262.4 million . rubles and 1,658,695.0 million rubles, respectively. Repays will amount to 828,722.4 million rubles in 2017, 531,262.4 million rubles in 2018 and 608,695.0 million rubles in 2019.

The volume of payments for repayment and maintenance of public debt as a percentage of the total volume of borrowing without the account of the planned exchange operations (coating coefficient) will be 84.7% in 2017, in 2018 - 92.9% and in 2019 - 91.9%.

The Accounts Chamber notes that the growth of attraction in 2017-2019 of state borrowing of the Russian Federation due to the placement of government bonds on the domestic debt market can lead to the deterioration of conditions (increase in profitability) of public bonds for the federal budget, as well as to increase the amount of state internal debt of the Russian Federation and debt burden on the federal budget in terms of its service.

In addition, in the opinion of the Accounts Chamber, in 2017-2019, in the face of continuing from foreign countries, policies to contain the influx of foreign investment on the Russian financial market remain the risks of unacceptable due to the placement on the domestic market of state securities in the currency of the Russian Federation in the required volumes and Remaining conditions based on a number of factors, including an advanced growth of OFZ supply at auctions over the growth of demand for OFZ in 2015 - 2016.

Coupon incomes planned to be plans to place state securities of the Russian Federation, the nominal value of which is indicated in the currency of the Russian Federation, are predicted at the next level: in 2017 OFZ-PC - 11% per annum, OFZ-PD - 9% per annum, OFZ-IN - 3% per annum; In 2018, OFZ-PC - 9.75% per annum, OFZ-PD - 8.5% per annum, OFZ-IN - 3.5% per annum; In 2019, OFZ-PC - 9.5% per annum, OFZ-PD - 8.5% per annum, OFZ-IN - 3.5% per annum.

The Accounting Chamber notes if the value of the RUONIA rate before the end of the year will be at the level of current values \u200b\u200bof the second half of 2016 (10.45% per annum), the amount of coupon income on the OFZ-PC will be about 11.9% per annum and assessing the Ministry of Finance of Russia interest rates In 2017, 4% should be assessed as optimistic.

According to the experts of the Russian Academy of National Economy and public service Under the President of the Russian Federation and the Institute of Economic Policy. E.T. Gaidar "The demand for Russian government securities is and will remain high: investing in OFZ is one of the best strategies on internal debt markets developing countriesThat is largely due to the predictable, understandable and confidence in the Bank of Russia to reduce inflation. In addition, the existence of a voluminous and liquid market of internal public debt is prerequisite Recognition of the country's national currency as a reserve currency, at least regional scale. "

Another major source of deficit financing is planned to use reserve fund funds in 2017 in the amount of 1,151.9 billion rubles and funds of the FNB in \u200b\u200b2017 in the amount of 668.2 billion rubles, in 2018 - 1,162.2 billion rubles, in 2019 - 139.7 billion rubles.

The Accounts Chamber notes that during 2016 the Federal Treasury used the use of funds for the reserve fund in order to finance the deficit of the federal budget of the level with a decrease in the balance of funds in the currency of the Russian Federation in a single account of the federal budget below the target reference to 500 billion rubles. At the same time, the Federal Treasury was carried out on deposit accounts in credit institutions, as well as in securities on repo transactions on volumes exceeding the resulting deviations from a target orientation of 500 billion rubles.

Thus, a decrease in the amount of funds on a single treasury account below the target reference point (500 billion rubles) and the need for the use of the Reserve Fund in the presence of a sufficient amount of funds for covering the formed deficit in placement indicate the need to improve the quality of planning by the Federal Treasury Operations on the management of funds in the unified account of the federal budget.

The volume of revenues to the federal budget of funds from the privatization of federal property in 2017 compared with 2016 will be reduced by 267,116.9 million rubles and will amount to 138,160,93 million rubles, in 2018 - 13,607.0 million rubles, in 2019 - 13,886.7 million rubles.

In 2017, in accordance with the Government of the Russian Federation, decisions are planned to alienate those in federal property packages:

10.9% minus 1 Promotion of VTB Bank (PJSC) (Order of the Government of the Russian Federation of June 15, 2016 N 1223-P);

25% minus 1 Shares of PJSC "Sovcomflot" (Order of the Government of the Russian Federation of August 3, 2016 N 1649-P).

Evaluation of revenues to the federal budget of funds from the sale of a BTB Bank (PJSC) shares package (PJSC) is projected in the amount of 95,500.0 million rubles, from the sale of a package of shares PJSC "Sovcomflot" - 24,000.0 million rubles.

The Committee notes that the actual figures for income from the sale of shares and other forms of participation of the Russian Federation in Capital in 2011 - 2016 show that the meanings established in the initial editions of federal laws on the federal budget, corrected multiple as towards the increase and to the side Decrease depending on the actual execution.

It should be noted that the beginning of the procedure for implementing the Federal Package of Shares of PJSC "Sovcomflot" was repeatedly postponed since 2015, due to the deterioration of the macroeconomic situation in the Russian Federation and the decline investment attractiveness Russian companies with both private capital and state participation.

The Accounts Chamber notes the risk of further transfer of the deadlines planned for 2017 on the sale of a federal stake in PJSC "Sovcomflot" in the unfavorable market conditions.

The volume of revenues to the federal budget of funds from the privatization of state stakes (shares) joint stock companies and other property objects (without taking into account the value of shares of the largest companies that occupy a leading position in the relevant sectors of the economy, and taking into account the order of the Government of the Russian Federation of June 9, 2016 N 1172-P) planned in 2017 in the amount of 18.7 billion rubles In 2018 - 13.6 billion rubles, in 2019 - 13.9 billion rubles.

The Committee believes that the purpose of the privatization program will first of all be to create effective management of enterprises, and not the search for additional sources of financing deficit.

The volume of revenues from the sale of state reserves of precious metals and precious stones in the domestic market in 2017 will increase by 5,889.0 million rubles against 2016 and will amount to 10,411.0 million rubles, in 2018 - 2019, the specified volume will be 10,500, 0 million rubles annually. An increase in revenues to the federal funds budget is planned to ensure due to an increase in the volume of vacation stones (mainly natural diamonds) from the State Fund of Russia.

Payments to the purchase of state reserves of precious metals and precious stones in 2017 - 2019 will increase compared with 2016 and will be 6,000.0 million rubles in 2017, in 2017 8 500.0 million rubles, in 2019 - 10 500.0 million rubles.

The budget allocations provided for the possible execution of state guarantees of the Russian Federation in the currency of the Russian Federation, in 2017 will amount to 80,573.4 million rubles, in 2018 - 115,523.2 million rubles, in 2019 - 84 030.1 million. rubles. The volumes of these allocations are formed according to the state guarantees of the Russian Federation at the time of preparation of the draft law on the basis of the actual volumes of the principals provided by them. The volume of budget allocations for the fulfillment of state guarantees provided for the implementation of the state defense order, a coefficient of 0.2 was applied.

Analysis of the actual use of budget allocations provided for on the execution of state guarantees on possible guarantee cases showed that in 2014 - 2015, the execution of state guarantees was not carried out, in January - September 2016, the guarantors are fulfilled in the amount of 0.13 billion rubles, in 2013 The year is fulfilled by the obligations of the guarantor in the amount of 2.6 billion rubles.

The provision of budget loans to the budgets of the constituent entities of the Russian Federation from the federal budget in 2017 is envisaged in the amount of up to 100,000.0 million rubles, in 2018 to 100,000.0 million rubles, in 2019 to 50,000.0 million rubles in order to Providing additional financial assistance to the subjects of the Russian Federation. Budget loans are provided for partial coverage of budget deficits of the constituent entities of the Russian Federation, covering temporary cash ruptures arising from the budgets of the constituent entities of the Russian Federation, as well as for the implementation of measures related to the elimination of the effects of natural disasters and man-made accidents. The fee for the use of such budget loans is set in the amount of 0.1 percent per annum.

In determining the amount of budget loans from the federal budget in 2017, the budgets of the constituent entities of the Russian Federation take into account the need for partial compensation for the total debt on debt obligations of the constituent entities of the Russian Federation to be repurchased by the constituent entities of the Russian Federation in 2017 (with the exception of Moscow, Khanty-Mansiysk and Yamalo -Nenetsky AO).

At the same time, it should be noted that in the amendments of the Government of the Russian Federation to the draft federal law N 4313-7 "On Amendments to the Budget Code of the Russian Federation and the recognition of a certain provisions of the legislative acts of the Russian Federation" was proposed to extend the norm on making changes to the consolidated budget Painting of the federal budget without amending the federal law "On the Federal Budget for 2017 and for the planning period of 2018 and 2019" in accordance with the decisions of the Government of the Russian Federation after the preliminary consideration of the Tripartite Commission on intergovernmental relations in the event of an increase in budget allocations for the provision of budget loans From the federal budget budgets of the constituent entities of the Russian Federation, in excess of the established amount of budget allocations within revenues from the return of budget loans provided to the budgets of the constituent entities of the Russian Federation.

Thus, on the basis of a similar standard in 2015, budget allocations were increased by 32.0 billion rubles, while the volume of early returned budget loans amounted to 63.4 billion rubles, in 2016 - by 28.0 billion rubles, the volume early Returned budget loans as of October 1, 2016 amounted to 40.1 billion rubles, which is potential additional funds for the provision of budget loans from the federal budget to the budgets of the constituent entities of the Russian Federation in excess of the established amount of budget allocations.

The Committee notes that parts 8 and 9 of Article 7 of the Federal Law of April 9, 2009 N 58-FZ "On Amendments to the Budget Code of the Russian Federation and Separate Legislative Acts of the Russian Federation" found that until January 1, 2017, the budget deficit of the subject of the Russian Federation (local budget) can exceed these restrictions on the difference between received and redeemed budget loans, and the state (municipal) debt before January 1, 2018 - on budget loans debt.

The Committee considers it possible to synchronize these rules, extended until January 1, 2018 withdrawing a restriction on the size of the budget deficit of the constituent entity of the Russian Federation (local budget).

The Accounts Chamber notes that from January 1, 2018, the capabilities of the constituent entities of the Russian Federation to attract budget loans will be limited in connection with the termination of the time limits established by Article 107 of the Budget Code of the Russian Federation. When calculating the maximum amount of state debt of the subject of the Russian Federation from January 1, 2018, debt on budget loans provided from the federal budget will be taken into account.

According to the results of the execution of the budgets of the constituent entities of the Russian Federation in 2015, the excess of the maximum amount of state debt of the subject of the Russian Federation (taking into account budget loans) was noted in 18 regions. At the same time, in the Republic of Ingushetia, the volume of budget loans for 13.3% exceeds the annual volume of budget revenues of the constituent entity of the Russian Federation without taking into account the approved volume of gratuitous revenues, in the Republic of North Ossetia - Alanya - by 7.2%.

The provision of budget loans for measures related to the elimination of the effects of natural disasters and man-made accidents, if necessary, will be carried out, as in previous years, without percentage.

The volume of refunds on loans provided to other budget budgets of the Russian Federation will be in 2017 - 226,228.6 million rubles, in 2018 - 330,164.3 million rubles, in 2019 - 202,500.0 million rubles, What is higher than the amount of providing them in 2017-2018 more than 2 times and in 2019 more than 4 times.

The provision of budget loans at the expense of targeted foreign loans (borrowing) in 2017 - 2019 will continue in the amount and for the same goals as in 2016 (300 thousand US dollars), in ruble equivalent in 2017 - 2019 will be 20 respectively 20 , 3 million rubles, 20.6 million rubles and 21.3 million rubles.

The Accounts Chamber notes that in Article 11 of the draft law does not provide for budget allocations for the provision of budget loans by the federal budget within the country at the expense of targeted foreign loans (borrowing) in 2018-2019, which does not comply with the draft program of state external borrowing of the Russian Federation.

Return of budget loans provided within the country at the expense of targeted foreign loans, in accordance with the calculation of internal sources in 2017, it is provided in the amount of 1.3 billion rubles, in 2018 - 0.9 billion rubles, in 2019 - 0, 7 billion rubles.

Compensation payments for guaranteed savings of citizens in accordance with the Federal Law of May 10, 1995 N 73-FZ "On the restoration and protection of savings of citizens of the Russian Federation" (deposits in the savings bank of the Russian Federation as of June 20, 1991, deposits (contributions) In the public insurance organizations of the Russian Federation as of January 1, 1992 and the repurchase of certificates of Sberbank of the USSR and state treasury obligations of the USSR, posted on the territory of the Russian Federation in the period before January 1, 1992) in 2017 - 2019 will not change compared with the volume of payments in 2016 and will be 5,500.0 million rubles annually.

In general, from 1996 to 2015, funds in the amount of 490.8 billion rubles were sent from the federal budget for these purposes. The actual execution of compensation was: for 2012 - 11.9 billion rubles, or 23.8% of the planned annual volume, for 2013 - 9.2 billion rubles, or 18.4%, for 2014 - 7, 8 billion rubles, or 15.6% of the originally stipulated volume, in 2015 - 6.8 billion rubles, or 13.5% of the initially stipulated volume, as of October 1, 2016 the total amount of compensatory payments amounted to 4.2 billion . rubles, or 75.8% of the volume provided for by the Federal Law N 359-FZ, taking into account changes.

The Committee notes that the trend of annual reduction in the actual execution of compensation payments, due to the non-exposure of the age categories of citizens eligible for compensation in the three-time amount of deposits in the savings bank of the Russian Federation and deposits (contributions) in public insurance organizations, provides reason to expect not fulfillment provided for These targets are in full.

Other sources of domestic financing of the federal budget deficit are planned in 2017 in the amount of 185,992.7 million rubles, in 2018 - 127,639.3 million rubles, in 2019 - 79,565.1 million rubles.

In terms of sources of external financing of deficit in 2017 - 2019, the volume of repayment of the state foreign debt of the Russian Federation will exceed the attraction of funds: In 2017, the attraction of external loans will be 480,444,1 million rubles ($ 7,117 million), repayment - 512 671.3 million rubles (7,595.1 million US dollars); In 2018, the attraction - 209,457.9 million rubles (3,048.9 million US dollars), repayment - 284 120.5 million rubles ($ 4,135.7 million); In 2019 - attraction of 214 319.3 million rubles (3,014.3 million US dollars), repayment - 243,397.2 million rubles (3,423.3 million US dollars).

The budget allocations provided for the possible execution of state guarantees of the Russian Federation in foreign currency, in 2017 are scheduled in the amount of 2,256.6 million rubles (33.4 million US dollars), in 2018 - 3,653.9 million rubles ( US $ 53.2 million), in 2019 - 4,179.5 million rubles (US $ 58.8 million). Volumes of budget allocations for the possible execution of state guarantees of the Russian Federation are formed on the state guarantees of the Russian Federation at the time of preparation of the draft law based on the actual volumes of the obligations provided by them.

It should be noted that payments from the federal budget for the execution of debt obligations under guarantees provided in foreign currency, in 2014 - 2015 were not made in connection with the execution of the principles of their obligations.

ConsultantPlus: Note.

The text of the paragraph is given in accordance with the original.

In accordance with the Project of the External Borrowing Program, it is envisaged in 2017 to attract IBRD loans on 17 projects, including 9 existing projects, in the total amount of $ 117.7 million (equivalent of 7,944.1 million rubles), which 23.7 million US dollars, or 25.2%, more than 2016, established by the Federal Law of N 359-FZ and in the calculations of it, and is due to the adjustment of the planned volumes of loans for 9 existing projects, taking into account the actual need for Using borrowed funds in 2016, as well as the growth of the forecast rate of the US dollar in relation to the ruble, in 2018 - on 15 projects, including 7 existing projects, totaling $ 48.9 million (3 357.9 million rubles), in 2019 - for 12 projects, including 4 existing projects, totaling $ 14.3 million (1,019.3 million rubles).

The Accounts Chamber notes that the Council of Executive Directors of the World Bank issues on the provision of the Russian Federation of IBRD loans for the implementation of new MBRR projects to the present, according to the Ministry of Finance of Russia, did not take place.

Considering that the coordination comes from a year to 8 years, the likelihood of signing loan agreements is low, it is necessary to note the risks of non-fulfillment of the program of external borrowing in 2017-2019.

In addition, according to the Accounts Chamber, during the implementation of IFR projects, the share of IFR loans is significantly reduced significantly reduced the share of MFI loans compared to the initially planned volume, as well as the initially planned implementation periods of 5 to 8 years, which leads to a significant increase in the costs of the federal budget. .

The provision of state financial and state export loans to foreign countries and (or) to foreign legal entities in 2017 is scheduled in the amount of 376 750.0 million rubles (US $ 5,581.5 million) (Returns - 108,360.6 million rubles ( 1,605.3 million US dollars), in 2018 the provision is projected in the amount of 417 181.0 million rubles (6,072.5 million US dollars) (Returns - 166,863.6 million rubles (2,428.9 million . US dollars), in 2019 the provision - 259,394.1 million rubles ($ 3,648.3 million) (Returns - 165,574.4 million rubles (2,268.8 million US dollars). Indicated volumes Funds are needed to complete existing projects and implementing the Russian Federation of adopted obligations under current intergovernmental agreements, as well as in order to provide state financial support for the export of industrial products in industries, where the high level of competitiveness of domestic products is preserved.

It should be noted that the actual provision of public financial and export loans annually is below the planned volume. So, in 2012, the execution was 80.2% approved budget appointments, in 2013 - 47.2%, in 2014 - 91.1%, in 2015 - 91.8%.

The Accounts Chamber notes that the cause of under-use approved volumes of government loans is the lack of export contracts and, as a result, non-use of foreign borrowers of state loans of the Russian Federation, provided for funding for projects included in the Program for the provision of public financial and government export loans, as well as an invalid of intergovernmental agreements during the year.

The overdue debts of the governments of foreign states, their legal entities on the principal debt on state loans provided by the former USSR and the Russian Federation increased by 97.6 billion rubles for 2015, or 34.2%, and amounted to 383.2 billion rubles, What is due to the duration of the procedure for resolving the arrears of individual debtors.

The Accounts Chamber notes appropriateness to intensify activities to resolve the overdue debt of individual debtors, which will be positively affected by the parameters of the federal budget.

Other sources of external financing of the federal budget deficit will be in 2017 - (-) 270,646.1 million rubles or (-) $ 4,009.6 million, in 2018 - (-) 253,971.3 million rubles ( -) $ 3,696.8 million), in 2019 - (-) 97 999.3 million rubles (-) $ 1,378.3 million).

Introduction

1. Theoretical Budget Balance Management Basics

1.1 The concept and value of the budget deficit

1.2 Classification of budget deficit financing sources

1.3 Essence of public debt and management methods

2. Analysis of the budget deficit of the federal budget of the Russian Federation

2.1 General characteristics of sources of financing of the federal budget deficit

2.2 Analysis of domestic public debt

2.3 Analysis of external public debt

3. Ways to overcome the deficit of the federal budget

3.1 Problems of Balanced by the federal budget of the Russian Federation and the methods for reducing the deficit

3.2 Perspectives of public debt and its reduction

Conclusion

Bibliography

budget deficit financing debt

Introduction

Economic reforms have changed the basis of the functioning of the budget system of the country. The relationship between the state authorities of various levels has changed, which required the development of a methodology for the formation of a new budgetary mechanism. The budget system of any federal state within certain periods of time exists in the conditions of unbalanced budgets. The normal functioning of such a system is associated with the need for a rational redistribution of budgetary resources using a clear mechanism for its implementation.

Many economically developed states lived in a debt and continue to live, although it would be fair to note the current tendency to reduce the budget deficit of economically developed countries. Normal is the budget deficit approximately corresponding to the level of inflation in the country.

The reason for imbalance is both public debt. Service of public debt (payment of interest to lectures) is a heavy burden for any state, since it constantly defits a certain proportion of working capital and leads to an increase in the deficit of the state budget.

The purpose of this work is to analyze the budget deficit, sources of its financing and public debt as the most important elements of the financial system of the state, their main characteristics.

The specific tasks of this course work are:

Determination of the essence of the deficit of the federal budget of the Russian Federation, the sources of its financing and public debt;

Analysis of the composition and dynamics of sources of financing of deficiency, as well as internal and external public debt;

Analysis of the current state and problems of balance of the budget of the Russian Federation, as well as the definition of possible prospects and ways to reduce the deficit of the state budget and public debt.

1. Theoretical Budget Balance Management Basics

1.1 The concept and value of the budget deficit

There are no states in the modern world that they would not face budget deficit in certain periods of their history. It is due to different reasons. In some cases, the state can consciously go to an increase in budget deficit. In particular, in order to stimulate economic activity and aggregate demand during the decline in production, the government can adopt special decisions aimed at increasing employment (for example, financing programs for creating new jobs) or significantly reduce taxes. As a result, budget expenditures are increasing or its income is reduced, a deficit arises. But this deficiency is consciously created by the state and is called a structural deficit.

Active and passive deficiencies are also distinguished. Active deficit arises as a result of exceeding the costs of income, and passive - as a result of a decrease in tax rates and other revenues, which is a consequence of the slowdown in economic growth, misunderstanding, etc.

1) an increase in the number of social benefits, and therefore social burden on the budget;

2) the unfavorable demographic situation associated with the aging of the population, as a result of which the costs of paying pensions, allocations for health care, etc.;

3) liberalization of tax legislation and as a result of this reduction in the amount of tax rates (without the corresponding adjustment of government spending);

4) increasing the volume of external debt.

In general, the state of the state budget is determined by three main factors:

1) a long-term trend in the dynamics of tax revenues and government spending;

2) the stage of the economic cycle in which the economy is located in the period under review;

3) current state policies in the field of budget expenditures and income.

1) "Tax Amnesty", which allows taxpayers who previously bred from taxes, to make a total of a certain amount equal to a certain part of the total tax collection;

2) measures to collect expired tax payments;

3) by introducing temporary or added taxes;

4) deferred payments of wages to public sector employees;

5) postponement of mandatory wage indexing in accordance with the dynamics of inflation levels;

6) sales of state assets;

7) the presence of a hidden deficit due to quasi-budget costs.

The latter include centralized loans provided on preferential conditions by the Central Bank. In addition, the Central Bank can finance individual operations related to the public debt, cover losses from measures to stabilize the exchange rate of the currency, refinance agriculture, etc. As a result, the losses of the Central Bank are growing and inflation is increasing, and the deficit is not growing.

Under conditions, when cash income increases, the state should act directly oppositely, i.e. Reduce taxes or increase costs. Currently, this theory in practice adhere to a limited number of countries, mainly countries with developing and transition economies. In most developed countries, the theory of cyclic balancing budget has been widespread in the practice of state regulation of the economy. The foundations of this theory were laid by J. Keynes in the 30s.

At the same time, a large role is assigned to "built-in stabilizers" (progressive system of taxation, transfer payments of the state - social payments, unemployment benefits, etc.). With their help, the size of the total demand is able to automatically decrease or expand depending on the phase of the cycle in the opposite direction of the conjuncture direction. For example, when decaying business activity, as a result of a decline in total income, an automatic reduction of tax revenues occurs and an increase in certain types of transfersed payments, which leads to the formation of a cyclic deficit and partially compensates for the reduction of aggregate demand.

In the conditions of the rise of the economy, the opposite occurs - tax payments increase, transfer payments are reduced. As part of many modern theories, in particular the theory of the compensating budget, it is considered impossible, and it is not necessary to achieve its balance. To take into account that in modern conditions there are sustainable factors that increase the budget deficit, then it is necessary to more fully use the state loan as a legitimate source of budget revenues. It is the state loan that, in the opinion of the representatives of this theory, is capable not only to compensate for the gap of income and expenses, but also attract an excessive part of savings and invest it into the economy. In most countries with a developed market economy, the government seeks to balance the budget in a longer-term perspective - on a cyclic or functional basis. Under the conditions of an unstable economy, when the situation is generally less predictable, the government is forced to balance the budget annually.

1.2 Classification of budget deficit financing sources

1) Internal sources:

Loans received by the Russian Federation from credit institutions in the currency of the Russian Federation;

State loans carried out by issuing securities on behalf of the Russian Federation;

Revenues from the sale of property in state ownership, etc.;

2) External sources:

State loans carried out in foreign currency by issuing securities on behalf of the Russian Federation;

Loans of the governments of foreign countries, banks and firms, international financial organizations provided in foreign currency.

Sources of financing the budget deficit of the subject of the Russian Federation and the local budget can only be internal sources:

State loans carried out by issuing securities on behalf of the subject of the Russian Federation or the municipality;

Budget loans received from the budgets of other levels of the budget system of the Russian Federation;

Loans received from credit institutions;

Revenues from the sale of property owned by the subjects of the Russian Federation and municipal property, etc.;

In most countries, including Russia, the following basic ways of financing budget deficit are used:

1) Credit and monetary emission (monetization);

2) debt financing (internal and external);

3) an increase in tax revenues to the state budget, as well as income from privatization, sales of state property.

Monetization as a way to reduce the budget deficit is an increase in the amount of money in circulation (including at the expense of bank financing). When monetiring increases the amount of money in circulation, the growth rate of the money supply is significantly superior to the growth rates of real GDP, which leads to an increase in the average price level. At the same time, all economic agents pay a peculiar inflation tax and part of their revenue is redistributed in favor of the state through increased prices.

Monetization turns out to be a sufficiently risky way to finance budget deficit, since it may have a negative impact on the state of balance of payments. This is due to the fact that as a result of the monetization, there is an increase in the supply of money and in the hands of the population accumulates an excess of cash. It inevitably generates an increase in demand for domestic and imported goods, as well as various financial assets, including foreign ones. This, in turn, leads to an increase in prices and creates pressure on the balance of payments.

If the balance of payments becomes negative, then this does not reduce the deficit of the federal budget, but, on the contrary, leads to its increase. Moreover, it adversely affects the national currency rate - its partial devaluation occurs. The balance of balance balance restoration mechanism under these conditions is based on the "binding" of redundant money supply with the help of sales in the foreign exchange market part of the official reserves of the Central Bank, which makes it possible to stabilize the monetary market as a whole.

The monetization of the state budget deficit causes the less raising the level of inflation in the country, the more open economy and the more currency reserves of the Central Bank can spend the support of a relatively fixed exchange rate of the national currency and the restoration of the balance of payments. At the same time, the increase in inflation as a result of the monetization of the budget deficit is more significant in the mode of the flexible exchange rate, although the costs of official foreign currency reserves decrease.

Negative inflationary consequences of the monetization of the budget deficit can be mitigated by the measures of a rigid monetary policy. If the Central Bank reduces the credit capabilities of commercial banks (usually it is carried out by increasing the norm of reserves or interest rate) simultaneously with the expansion of loans to the public sector to finance budget deficit, then internal market rates increase, restraining economic activity. As a result, private investments and net exports are reduced and inflation no longer has such a negative impact on the balance of payments.

1) there are considerable foreign debt, which eliminates preferential financing of budget deficit from external sources;

2) the possibilities of internal debt financing are practically exhausted;

3) Currency reserves of the central bank are exhausted, by virtue of which the payment of the balance of payments remains paramount;

4) The economy is able to withstand high inflation, and citizens are already accustomed to the permanent increase in prices.

If the government still chooses the emission method of budget financing, then the central bank must first introduce restrictions (limits) of lending to state-owned enterprises and organizations. Otherwise, the risk of full displacement of the private sector from the credit market can occur and the investment activity falls. It is also necessary to constantly keep control of the inflation rate, follow the state of the balance of payments.

The public debt acts as a source of mobilization of additional resources and increasing financial opportunities, so government loans may be an important factor in accelerating the pace of socio-economic development. The objective need to use debt financing to meet the needs of society is due to many factors today, primarily an increase in state expenditures. Conducting active social policy, ensuring defense capability, international activities, etc. Require from the state a constant increase in budget spending. Meanwhile, the revenues of the state budget are always limited by the possibilities of taxation. In this sense, the state loan helps to weaken the contradiction between all the increasing needs of the Company and the limited means of the state.

An increase in tax revenues - at first glance it seems the easiest way to reduce or eliminate the deficitations of the federal budget. But there are some circumstances that make it think that increased taxes can only cause an increase in deficits. Higher tax rates are associated with large, and not smaller deficits. This is explained by the fact that if the government receives more financial resources, the legislators will not only go to the spending of all additional tax revenues, but also will be spent more. Thus, there are doubts about the thesis that tax growth will be an effective deficit reducing means. Tax growth may worsen, and not facilitate the problem.

Thus, none of the ways to finance the deficit of the state budget does not have absolute advantages over the rest and is not completely non-inflation.

1.3 Essence of public debt and management methods

The composition of public debt of the Russian Federation includes debt obligations in the form:

Credit agreements and agreements concluded on behalf of the Russian Federation with credit institutions, foreign state and international financial organizations;

State securities issued on behalf of the Russian Federation;

Contracts for the provision of state guarantees of the Russian Federation;

Contracts of the guarantee of the Russian Federation to ensure the fulfillment of obligations by third parties;

Re-ordered contractual obligations of third parties to the public debt of the Russian Federation on the basis of adopted federal laws;

Agreements and agreements on the restructuring of the debt obligations of the past years concluded on behalf of the Russian Federation.

The debt obligations of the Russian Federation are divided into short-term (up to one year), medium-term (from 1 to 5 years) and long-term (from 5 to 30 years). Obligations are repaid within the time limits determined by the specific conditions of loans, and may not exceed 30 years. The public debt of the subject of the Russian Federation is a totality of debt obligations of the subject of the Russian Federation, provided by all owned by the property of the RF property of its treasury.

Debt obligations of the subject of the Russian Federation are carried out in the form:

Credit agreements and agreements concluded on behalf of the subject of the Russian Federation with individuals and legal entities, credit institutions;

State loans of the subject of the Russian Federation in the form of securities;

Contracts with the provision of state guarantees on behalf of the subject of the Russian Federation;

Contracts of the guarantee of the subject of the Russian Federation to ensure the fulfillment of obligations by third parties;

Re-ordered contracts of obligations of third parties to the public debt of the subject of the Russian Federation;

Agreements and contracts for prolongation and restructuring of debt obligations of the subject of the Russian Federation of the past years concluded on behalf of the subject of the Russian Federation.

Credit agreements and agreements concluded by municipal education;

Loans of the municipality in the form of the issue of securities;

Contracts for the provision of municipal guarantees;

Contracts of the guarantee of the municipality to ensure the fulfillment of obligations by third parties;

Debt liabilities of legal entities transferred to municipal debt on the basis of legal acts of local governments.

The repayment of public debt is made due to the income of the budgets of the relevant level or by issuing new state loans. The national debt is repaid through treasury and banks by buying out bonds on the stock exchange or directly from creditors through the revision of repayment or annual payments.

In market conditions for Russia, the most acceptable way to regulate the budget deficit is its coverage exclusively at the expense of public debt, which, in turn, needs to be centralized.

Under the management of public debt, it is necessary to understand the aggregate of the actions of the state related to the study of the market of loan capital, loan issuance, interest payments for issued loans, conducting conversion and consolidation of loans, the definition of bonded courses in the money market, conducting measures to determine interest rates on the state loan and repayment issued loans.

Public debt management costs are shown as special financial operations separately from the budget, and only interest payments on debt are included in the budget consumption. An important role in government debt management is played by the secondary market of government bonds on which securities are treated. Operations in the primary and secondary markets of government bonds are carried out by investment and universal banks (dealers). The amounts that the state receives into loans from creditors, as well as interest on them, is mainly paid at the expense of budget funds, current income and release of new loans. This method of repayment of state loans is called refinancing.

The state in order to manage public debt resorts to clarification of the loan conditions regarding return by reducing the size of the nominal percentage (conversion) or turns short-term liabilities into medium-or long-term (consolidation) or unification of several loans in one loan (unification) that forms consolidated (pounded ) Debt.

One of the methods of managing public debt is the repurchase of loans that appeal in the loan capital market. In this embodiment, the state instructs the central and commercial banks to produce loans with the subsequent cash paid. In the absence of funds from the state to pay off the state domestic debt (bankruptcy), it can cancel the loan or refuse to pay it, but this method is applied in practice extremely rare.

The public debt management in the Russian Federation is carried out by the Federal Treasury, which is a part of the Ministry of Finance of Russia. It is assigned to the following tasks:

Registration of all debt obligations of the state and debt guarantees (external and internal);

Preparation of proposals for servicing public debts;

Determination of levels, composition, time and conditions for the release of internal and external loans, including the issue of government securities.

2. Analysis of the budget deficit of the federal budget of the Russian Federation

2.1 General characteristics of sources of financing of the federal budget deficit

The sums of sources of financing the deficit of the federal budget of the Russian Federation in 2005-2008. According to the statistical data of the Accounts Chamber are presented in Table 2.1.

Table 2.1. Sources of financing the deficit of the federal budget of the Russian Federation in 2005-2008. (billion rubles)

2005	2006	2007	2008
General financing	-1612,9	-1994,1	-1794,6	-1705,1
including:
internal financing	-707,4	-1243,6	-1614,1	-1570,0
out of him:
debt Obligations of the Russian Federation, constituent entities of the Russian Federation, municipalities, expressed in the securities specified in the currency of the Russian Federation	98,1	177,6	223,5	171,6
	35,0	17,6	19,3	6,7
state reserves of precious metals and drags of stones	9,6	1,6	12,9	-2,1
budget balances	-815,7	-1398,2	-1761,1	-1991,3
external financing	-905,5	-750,5	-180,5	-135,0
including:
	-108,0	-41,2	-95,3	-80,1
	-639,3	-681,4	-85,2	-34,5
	-158,2	-27,9	-	-20,4

Thus, the sums of sources of general financing of the deficit of the federal budget of the Russian Federation have not changed much during the four years.

The equity relations are presented in Table 2.2.

Table 2.2. Shares of sources of financing the deficit of the federal budget of the Russian Federation in 2005-2008. (billion rubles)

2005	2006	2007	2008
General financing	100,00%	100,00%	100,00%	100,00%
including:
internal financing	43,86%	62,36%	89,94%	92,08%
out of him:
debt obligations of the Russian Federation, constituent entities of the Russian Federation, municipalities, expressed in the securities specified in the currency of the Russian Federation	-6,08%	-8,91%	-12,45%	-10,06%
shares and other forms of participation in capital in state and municipal property	-2,17%	-0,88%	-1,08%	-0,39%
state reserves of precious metals and precious stones	-0,60%	-0,08%	-0,72%	0,12%
budget balances	50,57%	70,12%	98,13%	116,78%
external financing	56,14%	37,64%	10,06%	7,92%
including:
the debt obligations of the Russian Federation, the constituent entities of the Russian Federation, expressed in the securities of the specified in foreign currency	6,70%	2,07%	5,31%	4,70%
credit agreements and agreements concluded on behalf of the Russian Federation, the constituent entities of the Russian Federation, indicated in foreign currency	39,64%	34,17%	4,75%	2,02%
other sources of external financing	9,81%	1,40%	-	1,20%

A significant proportion of external sources of deficit financing in 2005-2006 components and agreements concluded on behalf of the Russian Federation, the constituent entities of the Russian Federation, indicated in foreign currency. And in 2007-2008, the share of loan agreements and contracts has greatly decreased, and the main part of external sources has become the composition of the Russian Federation, the constituent entities of the Russian Federation, expressed in the securities indicated in foreign currency.

This is due to the fact that 4.75% in 2007 and then up to 2.02% in 2008.

Doliances and other forms of participation in capital in state and municipal property, as well as state reserves of precious metals and precious stones in the total amount of funding sources are insignificant. The dynamics of the sources of funding for the federal budget deficit in 2003-2008 are presented in the next diagram.

Fig. 2.1. Dynamics of deficit financing sources

federal budget in 2003-2008

The data of this diagram confirm that in recent years, in recent years, the increasing sources of funding for the federal budget deficit accounts for sources of internal financing, and the share of external financing sources is reduced.

2.2 Analysis of domestic public debt

The dynamics of the volume of state domestic debt from 1993 to 2009 is presented in Table 2.3.

Table 2.3. The volume of state domestic debt of the Russian Federation

As of	The volume of state domestic debt of the Russian Federation, billion rubles.
As of	total	including State guarantees in the currency of the Russian Federation
01.01.1993	3,57	0,08
01.01.1994	15,64	0,33
01.01.1995	88,06	2,14
01.01.1996	187,74	7,46
01.01.1997	364,46	17,24
01.01.1998	490,92	3,47
01.01.1999	529,94	0,88
01.01.2000	578,23	0,82
01.01.2001	557,42	1,02
01.01.2002	533,51	0,02
01.01.2003	679,91	8,62
01.01.2004	682,02	5,58
01.01.2005	778,47	12,93
01.01.2006	875,43	18,86
01.01.2007	1064,88	31,23
01.01.2008	1301,15	46,68
01.01.2009	1499,82	72,49

In accordance with the report of the Accounts Chamber, the total amount of state domestic debt of the Russian Federation in rubles as of January 1, 2008 amounted to 1301.15 billion rubles, or 4.3% of GDP for 2007, and on January 1, 2009 - 1499.82 billion. rubles, or 3.5% of GDP for 2008. Increasing the total amount of state domestic debt of the Russian Federation for 2008 amounted to 198.67 billion rubles, or 15.27%, the ratio of the volume of public debt and the volume of GDP decreased by 0.8 percentage points.

An increase in the total state debt of the Russian Federation in 2008 occurred, in particular, by increasing the state domestic debt by 198.67 billion rubles, or 15.27%.

Fig. 2.2. The volume and structure of the state domestic debt of the Russian Federation as of January 1, 2008 (1,301.2 billion rubles)

Fig. 2.3. The volume and structure of the state domestic debt of the Russian Federation as of January 1, 2009 (1,499.8 million rubles)

According to the report on the state of the state domestic and foreign debt of the Russian Federation, the state domestic debt as of January 1, 2008 amounted to 1,301,151.9 million rubles (3.9% of GDP for 2007); As of January 1, 2009 - 1,499,824.4 million rubles (3.6% of 2008 GDP) and increased by 198,672.5 million rubles, or 15.3%. The state domestic debt as of January 1, 2009 does not exceed Article 1 of the Federal Law of July 24, 2007 No. 198-ФЗ of the state internal debt (1 804 189.6 million rubles). Public securities are of particular importance in the formation of state domestic debt (Fig. 2.4.)

Fig. 2.4. State domestic debt of the Russian Federation, expressed in government securities, billion rubles

2.3 Analysis of external public debt

Table 2.4. Structure of state foreign debt of the Russian Federation (at the beginning of the year; billions of US dollars)

2005	2006	2007	2008	2009
State foreign debt (including the obligations of formerly. USSR adopted by the Russian Federation)	114,1	76,5	52,0	44,9	40,6
including:
debt to participating in the Paris Club	47,5	25,2	3,1	1,8	1,4
debt Countries not included in the Paris Club	6,4	5,7	5,2	3,7	3,3
commercial debt	2,2	1,1	0,8	0,7	1,2
debt to international financial organizations	9,7	5,7	5,5	5,0	4,6
eurobond loans	35,3	31,5	31,9	28,6	27,7
bonds of the domestic state currency loan (OVGVZ)	7,1	7,1	4,9	4,5	1,8
loans debt of Vnesheconombank, provided at the expense of the Bank of Russia	5,5	-	-	-	-
providing guarantees of the Russian Federation in foreign currency	0,4	0,3	0,6	0,6	0,6

Fig. 2.5. The volume and structure of the state foreign debt of the Russian Federation as of January 1, 2008 (44.9 billion US dollars)

Fig. 2.6. The volume and structure of the state foreign debt of the Russian Federation as of January 1, 2009 (40.6 billion US dollars)

3. Ways to overcome the deficit of the federal budget

3.1 Problems of Balanced by the federal budget of the Russian Federation and the methods for reducing the deficit

By the end of 2008, the cost of the barrel of oil was set at $ 130. In general, for 2008 electricity tariffs increased by 40%.

That is, the change in the global situation (mainly prices for raw materials) was the cause of the rapid transition from the priority federal budget to a deficit since 2009. In 2008, the federal budget surplus according to the Ministry of Finance was 1 trillion. 697 billion rubles, or 4% of GDP. AB 2009 arose a shortage that was 2 trillion. 326.14 billion rubles. or 6.4% of GDP.

The Ministry of Finance summed up the results of the federal budget in the first third of the year 2010. January-April's revenues amounted to 2.618 trillion rubles, costs - 3.063 trillion rubles, budget deficit - 445 billion rubles, or 3.4% of GDP (Fig. 3.1.). While it is far from the expected Ministry of Finance by the end of the year 6.8% of GDP. Separately in April, the situation with a deficit looks somewhat worse than in general for four months. April deficit amounted to 5.7% of GDP against 3.9% in March.

Fig. 3.1. Revenues and expenses of the federal budget in 2009-2010 (billion rubles).

As can be seen from the schedule, the revenues of the federal budget, starting from the second half of 2009, do not actually grow.

· 18.07 billion US dollars;

· 12.42 billion euros;

· 3.04 billion pounds sterling.

Among the experts there is an opinion that while maintaining a modern economic situation, including the scarce budget, the reserve fund can fully run in 2011. Therefore, it is necessarily necessary to take measures to reduce the deficit.

The improvement of the state budget must be carried out in several directions: an increase in its income base; restructuring of the expenditure part of the budget; Streamlining budget procedures.

Restructuring of the budget revenue. For conscientious and not beneficial taxpayers, the level of taxes are excessive. However, tax revenue indicators need to be adjusted to significant amounts of tax payments in the budget that increase the tax burden on enterprises. Another adjustment can be made on a huge number of existing tax breaks. In addition, it should be noted that about a third of all enterprises registered in Russia do not pay taxes at all.

Taking into account all the above factors of the bar, the seizure of GDP in favor of the state rises to the maximum value at which mass evasion from taxes begins. Thus, in the near future there are no prerequisites for reducing the budget deficit by increasing tax revenues. Therefore, the main increase in budget revenues can be obtained through a significant reduction in the number of tax breaks and increasing the collection of customs payments and income from the production and sale of alcohol.

The main directions of the restructuring of budget expenditures. The reality of the federal budget is defined both the collaboration of funds and the validity of the planned costs. In the conditions of the limit limitations of state resources, the federal budget should be developed on the basis of clear priorities for the consumption of its funds. For society, it is important to know not only what state money goes in which sizes, but also, due to the reasons, certain directions and expenditure volumes are selected.

In the restructuring of the obligations of the state, the basic principle must be carried out: the state should give money primarily under reform. Those areas where real reforms go should be provided with financial resources in priority.

In the conditions of limited financial resources, it is important to highlight the priorities of the spending of budget funds: social spending, the share of which increases in the total budget; In structure social expenses Priorities should also be allocated: the cost of paying salary, pensions; Military spending, which reflect priority financing of expenses for defense research and developmental development.

The most important task of the state is the further implementation of the program of savings of public spending. However, budget savings should not be made to the detriment of poor.

Improving budgetary procedures. It is necessary to revise the borrowing policy to cover the budget deficit. First, the maintenance of the budget should be placed at the head of the corner, but the restriction of the negative impact on the economic growth of the burden of servicing the domestic public debt. Secondly, some principles of state work in the financial market should be changed.

The following measures can also be offered:

To draw up a budget project for the next fiscal year based on the limits of financing, which will simplify the work on the preparation of the budget, will make it indicators realistic;

Linet the compilation of the budget with medium-term budget planning, which is important for determining the financial policy of the state to the future and developing a government program for its implementation.

In modern conditions, the state should strengthen its functions on the regulation of economic and social processes in society, to develop a program of effective actions opposing the development of a budget deficit.

Some countries have proven that in conditions related to a sharp increase in budget deficit, it is possible to balance its income and expenses, cycling the entire state regulation mechanism for this. Therefore, the budget deficit should be financed by reserve funds created from the surplus of previous years, and in their insufficiency - attracted resources.

3.2 Perspectives of public debt and its reduction

Analysis of the Accounts Chamber shows that the volume of public debt in 2010 will amount to 5,499.2 billion rubles, which is 1,575.8 billion rubles, or 1.4 times, more than the figure approved for 2009. There is a decrease in the growth rates of public debt volumes (from 40.2% in 2010 to 17.8% in 2012), and its volume in 2012 will increase by 2.1 times compared with 2009. The dynamics of the volume and structure of public debt in 2008-2012 is presented in the next diagram.

Fig. 3.2. Dynamics of the volume and structure of public debt in 2008 - 2012

The structure of public debt in 2010-2012 will change somewhat: the share of internal debt will decrease from 64.1% in early 2010 to 52.5% at the end of 2012, respectively, the share of state external debt will grow from 35.9% to 47.5% .

The debt burden on the federal budget increases significantly: an indicator of the relations of the volume of public debt to GDP will increase from 9.7% in 2009 to 15.4% at the end of 2012.

Currently, the Government of the Russian Federation comes in its debt activities:

Creating conditions for increasing the importance of government borrowing as the main source of refinancing of public debt;

Restrictions on the volume of government borrowing by the volume of public debt repayment;

Increase in the specific gravity of internal debt in the structure of public debt;

Reduce costs of serving public debt;

Restrictions on attracting funds for international financial organizations by financing infrastructure projects with national importance;

These areas of debt policies are successfully implemented by the Government of Russia, as well as the main goals of the debt strategy are considered as follows:

Maintaining the volume and structure of public debt that are guaranteed to fulfill obligations to repay and maintain it, as well as refinance debt regardless of the state of the federal budget;

The implementation of government internal borrowing in the amount, allowing to actively develop the market for corporate and municipal borrowing, providing funding for investments in industries and regions;

Changes in the structure of the public debt of the Russian Federation in terms of further increase in the specific gravity of the internal debt in the structure of aggregate public debt.

Russia is now actively using the method of repaying external debt by commodity supplies, but the remaining techniques are in oblivion. The prospect of the exchange of debt obligations to the shares of privatized enterprises, the repurchase of government debt to ruble funds, followed by the direction of them on investment. From conducting such operations, Russia will receive not only the relief of the debt burden, but also the revival of the work on the implementation of the privatization program and additional investments in the real sector of the economy.

A single debt policy, unity of planning and accounting for all operations to attract, maintain and repay external and domestic government borrowing will be of great importance for increasing the efficiency of state debt. All this will allow:

Optimize the terms of treatment, repayment and profitability of government securities;

Minimize the adverse effects of fluctuations in foreign currency and interest rates in international financial markets on the amount and cost of government borrowing;

Optimize budgetary costs for public debt;

In a timely manner and fully fulfill the obligations to internal and external creditors.

Optimization of the structure of public debt based on the creation of an effective management system will strengthen creditors' confidence in the Russian state as a reliable borrower, will provide a full and advantageous participation of the state in the domestic financial market and a decent exit in the near future to market for foreign borrowing will create more favorable conditions for continuing policies. Reducing debt burden on the economy and the budget of the state.

Experts allocate the following basic principles of the debt policy of the Russian Federation in the perspective.

First, unconditional service of obligations and maintaining a high credit rating. For getting investment rating In the formation of debt policies, it is important to ensure the maintenance of a high level of creditors' confidence, unconditional and timely execution of debt obligations.

Secondly, long-term strategy and efficient use. It is necessary to strengthen the long-term orientation of debt policies, to end with its subordination to solve current budget problems. The debt strategy should be characterized by an integrated approach that takes into account the features of the overall economic strategy for the development of Russia, its currency, monetary, financial, investment policy. The active debt strategy should consist of at least three components: strategies for servicing existing debt, strategies to attract new financial resources and strategies for the use of borrowed funds. At the same time, to implement the goals of active debt strategy, it is necessary to increase flexibility and efficiency in making decisions on public debt management.

Thirdly, communication with foreign policy. Russia should be more active than in the past, to defend its interests in the current world credit-debt management system.

Fourth, ensuring transparency of debt settlement transactions. The existing state debt reporting system is characterized by a high degree of closure, primarily for participants in financial markets - potential investors in terms of the volume of information available for them on the most important aspects of debt management policies and operations. Meanwhile, the transparency of the decision-making regime, the clarity of the rules and procedures for the implementation of public debt management operations contributes to strengthening creditors and investors' confidence in the debt obligations. This, in turn, improves the effectiveness of the work on government debt management operations and in the long run can lead to a decrease in the cost of servicing public debt.

And, finally, it should be noted that the development of the government borrowing market in a qualitative direction will contribute to the solution of governmental objectives to hold Rossi's rating as a first-class borrower, providing unconditional, timely and complete fulfillment of all public debt obligations.

Conclusion

Currently, a budget deficit has become frequent for the state budget. Recently, the federal budget of the Russian Federation became deficient. The budget deficit may be a consequence of an unfavorable economic situation or the result of targeted budget policy.

There are various ways to finance budget deficit. If it is carried out by emissions of money, this leads to an increase in the amount of money in circulation, price increases and inflation. The coating of the deficit at the expense of loans in the private sector leads to a reduction in private investment as a result of the issue of government securities.

Budget deficit is inextricably linked with the concept of public debt, which, depending on the sources of the loan, can be inner and external. A significant state debt negatively affects the economy: leads to strengthening the polarization of society, adversely affects economic growth rates, the costs of servicing the public debt strengthen the budget deficit. External public debt (debt to other countries, foreign companies, banks and international economic organizations) is exported at the expense of export revenue, which can also adversely affect the rate of economic development.

Positive shifts in the structure of the budget are achieved by reducing the irrational state costs, the settlement of intergovernmental relations, and most importantly, as a result of the tax reform.

The most important legislatively fixed measures for public debt management include the establishment of limit volumes of state domestic and external debt, the boundaries of external borrowing; sources of internal financing of the budget deficit, including adventures from the issue of state securities; extreme Size external borrowing; costs of serving state internal and external debt; Upper limits of government internal and external guarantees.

The current economic state of the Russian Federation is characterized by a scarce budget (starting in 2009). The main share of the sources of financing budget deficit is accounted for internal financing. As a result, the reserve fund is strongly depleted, which is used as one of the main sources of funding for the federal budget deficit.

In addition, the amounts of public debt, both internal and external, are constantly increasing. In the future, further increase in debt is expected.

Based on all this, it can be concluded that these phenomena have an adverse effect on the development of the country as a whole. Therefore, the government needs to develop and implement special programs, both to reduce budget deficit and to reduce internal and external debt. Only adoption of effective measures in these areas will facilitate the socio-economic development of Russia.

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