Government debt – the aggregate of the state budget deficit for a certain period. The main reasons for the formation of public debt are the budget deficit and the availability of free funds from individuals and legal entities.
Debt obligations of the Russian Federation may exist in the form of obligations for:
- loans attracted on behalf of the Russian Federation as a borrower from credit organizations, foreign states, including for targeted foreign loans (borrowings) of international financial organizations, other subjects of international law, foreign legal entities;
- government securities issued on behalf of the Russian Federation;
- budget loans attracted to the federal budget from other budgets of the budget system of the Russian Federation;
- state guarantees of the Russian Federation;
- other obligations previously allocated in accordance with the legislation of the Russian Federation to public debt
Russian Federation. Until the fall of 2008, the problem of scarce financing of government spending and effective management of public debt remained in the background.
However, a large-scale drop in domestic and foreign demand for Russian products, weak competitiveness, lack of diversification and low efficiency of the Russian economy this year made the problem of scarce financing as a tool to stimulate economic development one of the most urgent, designed to ensure that the national economy not only goes through the acute phase of the crisis , but also the implementation of its structural reform. As a result, the state’s position regarding the marginal volume of internal and external public debt has undergone adjustments.
So, the upper limit of the state internal debt of the Russian Federation as of January 1, 2010 was increased to 2094.73 billion rubles. The upper limit of the state external debt of the Russian Federation as of January 1, 2010 was set at $ 37.6 billion. The problem of servicing state debt is the key to macroeconomic stabilization in the country.
The state of the federal budget, gold and foreign exchange reserves, the stability of the national currency, the level of interest rates, inflation, and the investment climate depend on its decision. In addition, taking into account the attempts of our international creditors to use the debt problem for political pressure on Russia, the competent settlement of the public debt becomes a factor of national security and a condition for an independent foreign and domestic policy.