This is a system of financial measures carried out by the state in order to repay loans, as well as pay income on these loans, change the terms and conditions of issued loans, issue regular debt obligations. This is one of priority areas financial policy states.

Decision-making on the choice of public debt management methods is mainly influenced by the following factors: the share of public debt servicing costs in total amount expenditure items in the budget and percentage GDP and government borrowings.

When assessing the external public debt, indicators of the ratio of the amount of external borrowings and the volume of exports and the share of expenditures going to repay the external public debt to the amount of export proceeds are used.

Public debt management is a continuous process in which three stages are sequentially distinguished: 1 - placement of securities in order to attract financial resources, 2 - public debt repayment, 3 - public debt servicing.

The public debt is repaid at the expense of the budget, gold and foreign exchange reserves, money received from the sale of state property, as well as with the help of new borrowings.

Public debt management includes two major method groups. financial and administrative.

financial methods consist in choosing the forms and methods by which the state will repay the public debt, taking into account financial indicators. They are aimed at achieving marginal efficiency from attracting loans and finding ways to reduce the costs associated with their repayment to a minimum.

Administrative Methods based on the rapid implementation of orders of state authorities. Their functions do not include evaluation of the effectiveness and efficiency of actions related to public debt management.

The main measures resorted to by the state in the management of public debt are as follows.

In the face of growing debt and budget deficit, the country has the right to resort to such a measure as refinancing of public debt- Issuing new loans to pay off old debts.

Conversion is the government's change in the rate of return on existing loans. As a rule, the state resorts to reducing the amount of payments on loans in percentage terms in order to reduce the costs incurred in managing public debt.

Consolidation- involves making changes to the terms of loans related to their terms. Their change usually occurs in the direction of increase.

Unification of loans- Consolidation into one of several existing loans. At the same time, previously issued bonds are exchanged for new ones. Often unification is carried out together with consolidation.

Cancellation of the public debt- a radical measure in which the state waives all obligations associated with the issued loan.

Public debt management in Russia V last years characterized by a gradual decrease in relative and absolute indicators public debt. The percentage ratio of debt to GDP at face value decreases.

Public debt management is carried outGovernment of the Russian Federation. within the framework of its powers, which are established by the Federal Assembly of the Russian Federation.

It consists in shaping the policy pursued in relation to the public debt, setting the boundaries of debt, determining the goals and directions for influencing micro- and macro-level indicators, and establishing the feasibility of financing public debt through nationwide programs. All this is implemented through a system of measures that are associated with the issuance of debt obligations and its further servicing. This requires the government integrated approach and determines the diversity of regulation of emerging debt.

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The concept, methods and subjects of public debt management

The concept of public debt management

Under public debt management should be understood as a set of state actions related to studying the loan capital market, issuing loans, paying interest on issued loans, converting and consolidating loans, determining the rate of bonds for money market, carrying out activities to determine interest rates on state credit and repayment of issued loans.

Public Debt Management Methods

Operations related to the preparation of documents required for the sale government securities. studying the situation on the loan capital market, placing loans among creditors, paying and accruing interest, is carried out by the Ministry of Finance of Russia and other divisions under the Government of the Russian Federation.

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Public debt management costs shown as special financial transactions separately from the budget, and the budget expenditure includes only interest payments on duty.

important role in public debt management plays secondary market for government bonds. on which they apply securities. Operations in the primary and secondary markets for government bonds are carried out investment and universal banks (dealers).

The amounts that the state receives in loans from creditors, as well as interest on them, are repaid mainly at the expense of budget funds, current income and issuance of new loans. Such method of repayment of government loans called refinancing.

Public debt management operations associated with the cash execution of the budget, operations are performed by issuing banks. Banks participate in the issuance of loans, the payment of interest on them and the payment of bonds subject to redemption.

State for the purposes public debt management resorts to clarifying the terms of the loan, relating to profitability by reducing the amount of nominal interest ( conversion) or turns Short-term liabilities in the medium - or long-term ( consolidation) or combining several loans into one loan ( unification), which forms consolidated (funded) debt.

One of public debt management methods is redemption of loans. circulating in the capital market. In this variant state instructs the central and commercial banks produce redemption of loans with the subsequent payment of funds to them. If the state does not have funds for redemption of the state domestic debt (bankruptcy) it can cancel the loan or refuse to pay it, but this method is rarely used in practice.

Subjects of public debt management

Public debt management in the Russian Federation carried out Federal Treasury . organizationally part of the Ministry of Finance of Russia. It is responsible for deciding the following tasks.

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

Preparation of proposals for servicing public debts;

Determining the levels, composition, time and conditions for issuing domestic and foreign loans, including the issuance of government securities.

Ministry of Finance of Russia speaks on behalf of the Government of the Russian Federation in as a borrower both in the domestic and foreign financial markets.

In this regard, cooperation is being established between the Ministry of Finance of Russia and the Central Bank of the Russian Federation in the field of issuance of government securities and management of internal and external government debt. The Central Bank of the Russian Federation carries out government securities transactions. namely, their purchase and sale, redemption, issues loans secured by government securities. acts as an agent of the Russian Ministry of Finance for the placement of new issues of government debt.

Public debt management

Public debt management is one of the most important elements of the state financial policy, carried out in the following areas: debt servicing; changes in the terms of issued loans; formation of conditions for new loans; monitoring indicators of the volume and level of debt; debt restructuring; debt refinancing, etc. State debt consists of debts of previous years and newly arisen debts.

The country's debt policy is a system of government measures to maintain the necessary and acceptable for the country's finances the amount of debt and the cost of servicing it. In the course of implementing the policy in the field of public debt management, the government operates with the following indicators: the volume of total public debt, the volume of external public debt, the volume of domestic public debt, the growth of public debt, the amount of financial resources diverted from the budget for servicing public debt, the ratio of public debt and GDP etc.

The payment of income on loans and their repayment are usually made at the expense of budgetary funds. Methods of restructuring and refinancing of public debt can also be used. Public debt management also involves the use of conversion, consolidation, regression bond swaps, deferrals, and loan cancellations that are designed to ease the debt burden on the government budget.

The state debt of the Russian Federation is the debt obligations of the Russian Federation to individuals and legal entities, foreign states, international organizations and other subjects of international law, including obligations under state guarantees provided by the Russian Federation. The state debt of the Russian Federation is fully and unconditionally secured by all federally owned property constituting the state treasury. The debt obligations of the Russian Federation may exist in the form of:

ü loan agreements and agreements concluded on behalf of the Russian Federation as a borrower with credit institutions, foreign states and international financial institutions;

ü government loans made by issuing securities on behalf of the Russian Federation;

ü contracts and agreements on obtaining budget loans by the Russian Federation from budgets of other levels budget system RF;

ü agreements on the provision of state guarantees by the Russian Federation;

ü agreements and agreements, including international ones, concluded on behalf of the Russian Federation, on the prolongation and restructuring of the debt obligations of the Russian Federation of previous years.

RF debt obligations can be short-term (up to 1 year), medium-term (from 1 year to 5 years) and long-term (from 5 to 30 years). The debt obligations of the Russian Federation are repaid within the terms determined by the specific terms of the loan, and cannot exceed 30 years. Changing the terms of a state loan put into circulation, including the terms of repayment and the amount of interest payments, the term of circulation, is not allowed.

The volume of the state internal debt of the Russian Federation includes: the main nominal amount of debt on state securities of the Russian Federation; the amount of principal debt on loans received by the Russian Federation; the amount of principal debt on budget loans received by the Russian Federation from budgets of other levels; the volume of obligations under state guarantees provided by the Russian Federation.

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In the scope of the state external debt The Russian Federation includes: the volume of obligations under state guarantees provided by the Russian Federation; the amount of principal debt on loans received by the Russian Federation from foreign governments, credit institutions, firms and international financial institutions.

The government debt of the Russian Federation is managed by the Government of the Russian Federation.

The state debt of a constituent entity of the Russian Federation is the totality of debt obligations of a constituent entity of the Russian Federation. The state debt of a constituent entity of the Russian Federation is fully and unconditionally secured by all property owned by a constituent entity of the Russian Federation and constituting the treasury of a constituent entity of the Russian Federation.

Debt obligations of a constituent entity of the Russian Federation may exist in the form of: loan agreements and contracts; state loans of a constituent entity of the Russian Federation, carried out by issuing securities of a constituent entity of the Russian Federation; contracts and agreements on the receipt by a constituent entity of the Russian Federation of budget loans from the budgets of other levels of the budgetary system of the Russian Federation; agreements on the provision of state guarantees of a constituent entity of the Russian Federation; agreements and contracts, including international ones, concluded on behalf of a constituent entity of the Russian Federation, on the prolongation and restructuring of debt obligations of constituent entities of the Russian Federation of previous years.

The management of the public debt of a constituent entity of the Russian Federation is carried out by the executive authority of the constituent entity of the Russian Federation.

Municipal debt - a set of debt obligations of the municipality. The municipal debt is fully and unconditionally secured by all municipal property constituting the municipal treasury. Debt obligations of the municipality may exist in the form of: loan agreements and contracts; loans made by issuing municipal securities; contracts and agreements on the receipt by the municipality of budget loans from the budgets of other levels of the budget system of the Russian Federation; municipal guarantee agreements.

Municipal debt management is carried out by the authorized body of local self-government.

The Russian Federation shall not be liable for the debt obligations of the subjects of the Russian Federation and municipalities, if these obligations were not guaranteed by the Russian Federation. Subjects of the Russian Federation and municipalities are not liable for each other's debt obligations, if these obligations were not guaranteed by them, as well as for the debt obligations of the Russian Federation.

Article 101 of the RF BC. Management of state and municipal debt

1. Public debt management Russian Federation carried out by the Government of the Russian Federation or the Ministry of Finance of the Russian Federation authorized by it.

2. Management of the public debt of a constituent entity of the Russian Federation is carried out by the highest executive body of state power of a constituent entity of the Russian Federation or the financial body of a constituent entity of the Russian Federation in accordance with the law of the constituent entity of the Russian Federation.

3. Municipal debt management is carried out by the executive and administrative body of the municipality ( local administration) in accordance with the charter of the municipality.

Comments to Art. 101 BK RF

State authorities and local self-government bodies are obliged to use all the powers to generate budget revenues at all levels to pay off debt obligations and service the state and municipal debt of the Russian Federation. In this regard, the question of the activities of these bodies for the management of state and municipal debt is important.

The article does not give an appropriate definition, but in theory financial law management of state and municipal internal debt basically means a set of measures taken by the state and the municipality to pay income to creditors and repay loans, as well as the procedure, conditions for issuing (issuing) and placing debt obligations of the Russian Federation. This activity is carried out by the Government of the Russian Federation or the Ministry of Finance of the Russian Federation authorized by it, in the subject of the Russian Federation - by the highest executive body of state power of the subject of the Russian Federation, municipal debt management - by the executive and administrative body of the municipality.

The main methods of public debt management include the following.

The payment of income on loans and their repayment are usually made at the expense of budgetary funds, but in the face of a constant increase in public debt, the state may resort to refinancing, that is, to repay old public debt by issuing new loans. Refinancing was repeatedly used in our country, in particular, when paying off debt on a state three-percent domestic winning loan in 1966, as well as when issuing state treasury bills in the mid-1950s. Refinancing is used to pay interest and repay the external part of the public debt.

Prior to the entry into force of the Budget Code of the Russian Federation, such methods of public debt management as conversion, consolidation, unification, deferment, and cancellation were used.

A conversion is a change in the rate of return on a loan, such as a decrease or increase in the interest rate of income paid by the state to its creditors.

The state is interested in obtaining loans for long periods. Extending the duration of loans already issued is called public debt consolidation.

Together with consolidation, unification of loans can also be carried out, that is, the combination of several loans into one.

Deferral of repayment of a loan or all previously issued loans is carried out in conditions where further active development of operations to issue new loans is inefficient for the state.

Under the annulment of the public debt is understood as the refusal of the state from debt obligations.

Currently, the legislation provides for debt restructuring (Article 105).

Codes of the Russian Federation

§ 6. Management bodies of the public debt of the Russian Federation

Management of the public debt of the Russian Federation is carried out by bodies of various branches of government and specialized financial organizations. Let's consider them in more detail.

The President of the Russian Federation coordinates and directs the activities of legislative and executive bodies in the field of public debt management of the Russian Federation by forming a system and structure of executive authorities (appoints the Chairman of the Government of the Russian Federation, nominates the Chairman of the Bank of Russia), providing a budget message that also relates to issues of public debt, the possibility of using the right of legislative initiative or veto in parts of improvements legal regulation relations in the sphere of state (municipal) debt.

Public debt management is a set of actions of the state represented by its authorized bodies to regulate the size, structure and cost of servicing the public debt. The purpose of public debt management is to to find the optimal balance between the state's needs for additional financial resources and the costs of attracting, servicing and repaying them.

Principles of public debt management:

1. Unconditionality (ensuring accurate and timely fulfillment of state obligations to investors and creditors without issuing additional conditions)

2. The principle of unity of accounting (accounting in the process of public debt management of all types of securities issued by federal authorities, authorities of constituent entities of the Russian Federation and local governments.)

3. The unity of the debt policy (ensuring a unified approach in the policy of public debt management by the federal center in relation to the subjects of the federation and municipalities)

4. The principle of consistency (coordination of the interests of creditors and the borrower, represented by the state)

5. Risk reduction (fulfillment of all necessary action reducing the risk of both the lender and the investor)

6. Optimality (creation of such a structure of state loans, in which the fulfillment of obligations on them would be associated with minimal costs and minimal risk, and would also have the least negative impact on the country's economy)

7. The principle of publicity (providing reliable and timely information about the parameters of loans to all interested users)

In a broad sense, public debt management involves:

1. Formation of policy in relation to public debt.

2. Determination of the main indicators and limit values ​​of public debt.

3. Establishment of the main directions of influence on micro- and macroeconomic indicators.

4. Identification of priority areas for the use of attracted resources.

Methods that ensure public debt management:

1. Method of refinancing - repayment of part of the public debt at the expense of newly attracted funds.

2. Conversion - a change in the yield of a loan.

3. Consolidation - the transformation of part of the existing debt into a new one with a longer maturity.

4. Novation - an agreement between the borrower state and creditors to replace obligations under the same loan agreement.

5. Unification - the decision of the state to combine several previously issued loans.

6. Deferral method - consolidation while the state refuses to pay income on loans.

7. Default method - refusal of the state to pay the public debt.

In public debt management the following parameters must be taken into account:

1. The total volume of the state debt of the Russian Federation.

2. The ratio of the cost of servicing the public debt and state budget revenues.

To manage public debt, it is necessary to strengthen state influence and control over public debt and strive to reduce the dependence of the state budget on the situation with borrowing.

In addition, when managing public debt, it is necessary to delimit the powers various bodies state authorities managing the public debt, and develop a procedure for their interaction.

The existence of public debt automatically implies the obligation of the state to manage it. Public debt management is understood as a set of actions of the state represented by its authorized bodies to regulate the size, structure and cost of servicing public debt.

The concept of public debt management can be considered in a broad and narrow sense.

Public debt management in a broad sense involves:

• a) Formulation of public debt policy;
• b) Determining the main indicators and limit values ​​of public debt;
• c) Establishment of the main directions of influence on micro- and macroeconomic indicators;
• d) Identification of priority areas for the use of attracted resources, etc.

The definition of public debt policy and its ceiling is set by the legislature, and the operational management of it is carried out by the executive branch.

Public debt management in the narrow sense involves determining the conditions for the issuance, circulation and redemption of specific government securities.

An even narrower interpretation of public debt management involves the regulation of the composition and structure of the total public debt with its unchanged value. Within its framework, the objects of regulation are:

• a) the structure of the terms of circulation of various debt obligations;
• b) the structure of creditors (through the issuance of non-market loans intended for certain groups of creditors).

The purpose of public debt management is to find the optimal balance between the state's needs for additional financial resources and the costs of attracting, servicing and repaying them.

Public debt management is based on the following principles:

• 1) unconditionality - ensuring the accurate and timely fulfillment of the state's obligations to investors and creditors without imposing additional conditions;
• 2) accounting unity - accounting in the process of public debt management of all types of securities issued federal authorities authorities, authorities of subjects of the federation and local governments;
• 3) the unity of the debt policy - ensuring a unified approach in the policy of public debt management by the federal center in relation to the subjects of the federation and municipalities;
• 4) consistency - the creation of the maximum possible harmonization of the interests of creditors and the borrowing state;
• 5) risk reduction - the implementation of all necessary actions to reduce both the risks of the creditor and the risks of the investor;
• 6) optimality - the creation of such a structure of government loans, in which the fulfillment of obligations on them would be associated with minimal costs and minimal risk, and would also have the least negative impact on the country's economy;
• 7) publicity - providing reliable and timely information about the parameters of loans to all users interested in it.

Excessive growth of public debt poses a threat to economic security country and the stability of the budget system.

In this regard, it should also be taken into account that the public debt management system, in its political and economic essence, should include:

• a) determination of the purpose and validity of government borrowing;
• b) minimizing the cost of debt for the borrower;
• c) effective use, accounting and control over the expenditure of attracted resources;
• d) strengthening the investment nature of loans;
• e) ensuring the timely repayment of loans received.

This involves the formation unified system public debt management, including accounting for loans from the constituent entities of the Federation, foreign debt of banks and other corporate borrowings.

The ideal way to service and repay the public debt is the timely return of the received loan and interest on it. However, the intentions of the borrower do not always coincide with the real possibilities. Certain difficulties may arise due to economic, social or political difficulties, as well as unforeseen circumstances in the form of catastrophes, disasters or instability in the state. There is a need to defer the payment of interest or payment of the principal amount of the debt, change the terms of the loan, and sometimes complete refusal of payments. A clear sign of the debt crisis is a serious violation of the payment schedule. The borrowing state is forced to resort to different ways debt regulation.

Public debt management is carried out using the following methods:

• a) refinancing;
• b) conversions;
• c) consolidation;
• d) innovations;
• e) unification;
• e) delays;
• g) securitization;
• h) cancellation.

Refinancing is the repayment of old debt (and interest on it) by issuing a new loan, assuming new obligations. There are three ways to refinance public debt:

• 1) replacement of obligations (with the consent of their holders) with expired repayments for new ones, equivalent in amount to those repaid;
• 2) early replacement of some obligations for others with more long periods repayments;
• 3) placement (sale) of new bonds and redemption of expired bonds at the expense of proceeds.

Conversion - the use of various mechanisms that ensure the replacement of public debt with other types of obligations that are less burdensome for the debtor's economy. The most common types of conversions are debt-for-equity (property), debt-for-goods, debt-for-environment, debt-for-environment buybacks. special conditions(at a discount), conversion of debt into debt obligations of third countries, and others.

Consolidation is a revision of the terms of debt repayment, which can be implemented either by changing the terms of repayment of existing debt obligations (restructuring), or by refinancing existing debt. Restructuring - based on an agreement, the termination of debt obligations constituting state or municipal debt, with the replacement of these debt obligations with other debt obligations, providing for other conditions for servicing and repaying obligations. In other words, restructuring is drawing up a new debt repayment schedule that is more beneficial for the debtor than provided for by the original agreement. This usually provides Grace period, when only interest is paid, and the term for repaying the principal debt is also increased. There is a postponement of payments on short-term debts. The restructuring of external debt can be carried out with a partial write-off (reduction) of the amount of the principal debt. The basis for the creditor to write off debt obligations in whole or in part may be a very low probability, or rather, the practical absence of opportunities to repay debt obligations, due to a decrease in the value of real assets

Innovation-an agreement between the state-borrower and creditors to replace obligations under the same loan agreement.

Unification of loans is the combination of several loans into one, when bonds of previously issued loans are exchanged for bonds of a new loan. It can be done with or without consolidation and conversion.

Deferral of loan repayment consists in the fact that, as in the case of consolidation, the maturity of the loan is unilaterally postponed and, in addition, the payment of income is terminated.

Securitization is the restructuring of non-market loans into securities that are freely tradable on financial markets.

Cancellation - renunciation of all obligations under previously issued loans. But the use of this method leads to irreparable damage to the reputation of the state as a borrower among potential investors and creditors.

Public debt management is a continuous process that includes 3 stages. At the 1st stage are determined limit dimensions government borrowings and guarantees for the next fiscal year, tools for attracting resources and increasing the efficiency of their use are selected. At the 2nd stage, resources are attracted in external or internal financial markets by: issuing and placing government securities, obtaining a loan or providing government guarantees, and then these funds are directed to finance current budget spending or investment projects. The 3rd stage is to find sources of financial resources to pay off and service the public debt, reduce overall costs, and timely fulfill debt obligations. Government debt is repaid by budget revenues, gold and foreign exchange reserves of the country, funds received from the sale of state property, as well as new borrowings.

External debt management is one of the elements of the state's macroeconomic policy. On the one hand, the effective use of external debt can be a powerful factor economic growth to attract additional financial resources. The stable position of the country on international market capital, timely fulfillment of debt obligations contribute to strengthening its international prestige and provide an additional inflow of investments for more favorable conditions. In addition, confidence in its currency is increasing, and foreign trade ties are being strengthened. On the other hand, the external debt crisis can become a serious negative factor not only of economic, but also of political significance.

1. The government debt of the Russian Federation is managed by the Government of the Russian Federation.
2. Management of the public debt of a constituent entity of the Russian Federation is carried out by the executive authority of the constituent entity of the Russian Federation.
3. Municipal debt management is carried out authorized body local government.

Paragraphs 1, 2, 3 of the commented article of the RF BC distinguish between the subjects of jurisdiction between the Russian Federation, constituent entities of the Russian Federation and municipalities. So, in accordance with the commented article, the management of the state debt of the Russian Federation, the state debt of the subject of the Russian Federation, municipal debt is carried out respectively by the Government of the Russian Federation, government bodies executive power of the constituent entity of the Russian Federation, local governments.
In general, the management of state or municipal debt can be considered in two ways. In the broad sense of the word, debt management is one of the directions of the financial policy of the state (municipal formation), carried out by the competent authorities and administration and associated with the obligations of the state (municipal formation) as a borrower or guarantor. In the narrow sense of the word, debt management is a set of actions related to the preparation for the issuance and placement of debt obligations of the state (municipal formation), actions to regulate the state (municipal) securities market, as well as actions to service and repay debt obligations and provide guarantees.
The main principles of state or municipal debt management are:
1) minimization of the value of the state (municipal) debt;
2) regulation of the volume and rate of loan obligations of the state (municipal formation) in the securities market;
3) effective use of attracted funds and control over their intended use;
4) ensuring timely repayment of the loan;
5) implementation of measures for servicing, repayment of the state (municipal) debt in accordance with the main directions of the financial policy of the state (municipal formation).
Management of state and municipal debt includes a number of organizational, economic, financial and legal measures aimed at optimal servicing and repayment of state and municipal debt obligations. Thus, within the framework of state and municipal debt management, the following activities are carried out:
- refinancing is the issuance of new loans, the adoption of new debt obligations in order to cover previously issued debt obligations. This method of managing state and municipal debt, as a rule, is carried out in conditions of insufficient funds from the revenue side of the budget of the corresponding level;
- Conversion is a change in the size of the income part of the accepted debt obligations. At the same time, such a change can be expressed both in a decrease and in an increase in the interest rate of income paid by the borrower (the Russian Federation, a constituent entity of the Russian Federation, municipality) to its creditors;
- Consolidation is a change in the terms of previously issued debt obligations. As a rule, consolidation is used to reduce the maturity of issued government and municipal securities. However, in accordance with general principles civil law consolidation can be carried out only by mutual agreement of the borrower and the lender;
- unification is the replacement of two or more types of previously issued state and municipal loans with one new one;
Cancellation is the renunciation of accepted debt obligations in part or in full. This measure is illegal, but its application takes place during a violent change of power in the territory of the debtor state.
The listed measures for the management of state and municipal debt (with the exception of cancellation) are carried out in accordance with special legislation, as well as taking into account the restrictions established by the RF BC.

During economic activity country, a debt arises, since often for the development and promotion economic activity required borrowed funds. To properly distribute cash and not to bankrupt your state by the inept use of financial resources, it is necessary to regulate borrowed and own resources. Therefore, you need to know who manages the public debt of the Russian Federation.

General information

If we consider the public debt as financial instrument, then with its help the executive and legislative bodies of the country influence money turnover, investment policy, manufacturing and other areas. When considered as an object of state control. structures, use it to establish the necessary provisions for successful functioning. Thanks to this, the government controls the public debt, regulates the issue and circulation of loans, the fulfillment of debt obligations, etc.

There are two main types of government debt:

1. External. It includes a loan taken from another country, a foreign company, a citizen, etc. Such loans are rather burdensome for the state, since raw materials, minerals, financial assets etc. If about 20-30% of the total foreign economic turnover is spent on its maintenance, then the country becomes a debtor. New loans will not be available to her.
2. Interior. It includes all obligations that have not been fulfilled to its own population (individuals and legal entities): non-payment of salaries, pensions, scholarships and benefits, etc.

Capital (the total amount of debt for all borrowings) and current (payments to creditors on loans that have already matured) are also distinguished.

Public debt can be formed both to the country and to individuals

Tasks of public debt management

In order for the efficiency of regulation of this value to be high, it is necessary to solve the set tasks. These include:

1. Stabilization of the amount of debt at a level that will not threaten the economy and security of the country. Fulfillment of conditions under obligations should be carried out without serious damage and underfunding of socio-economic programs.
2. Reducing the amount of funds borrowed to the optimal rate. This is done by extending repayment terms, raising the price of securities, attracting new investors, etc.
3. Formation and maintenance of state authority and the status of a reliable borrower.
4. Carrying out activities so that the market for managed public debt is predictable and stable.
5. Efficient and strategically beneficial use of credit funds.
6. Ensuring timely payment of obligations so that there are no delays and thereby avoiding the occurrence of debt.
7. Expansion of types and forms of borrowings, their distribution by direction, etc.
8. Activity control state structures providing administrative and managerial functions.

There are many more tasks that the state must perform, but these are the main ones.

Management process

This definition implies several functional components:

1. Planning. At the same time, all the pros and cons are weighed, the conditions are calculated and discussed (terms, amounts of payments, interest rate etc.).
2. Service. At this stage, activities are carried out aimed at paying off the basis of the debt, interest, commissions, etc.
3. Monitoring and tracking the status of all loan obligations.

Like any debt, public debt must be properly managed.

The public debt is managed by managing its composition and structure (debt management). The essence of this process is the distribution of all debt items according to certain criteria. The objects it affects are:

1. The state of debts and their terms - by correctly distributing them, the state can partially or completely restructure its loan.
2. Credit structure (percentage and numerical ratio of internal and external, market obligations, distribution by category, etc.).
3. The amount of the total public debt.

An objective assessment of all circumstances and the correct system of actions is the key to a successful credit policy.

How should public debt be managed?

There are several bases on which to regulate this area:

1. Unconditionality. It implies that the state that has assumed a debt obligation will certainly fulfill its conditions.
2. Unity. In accordance with this, the government keeps records of all material loans, regardless of their type (municipal, federal, international, etc.).
3. Risk minimization. This item includes activities aimed at reducing the burden of loans on the country's economy.
4. Optimality. The structure and management system, terms and conditions should be as convenient as possible.
5. Financial independence. Despite burdensome obligations, the sovereignty and freedom of action of the state are not limited.
6. Transparency. All terms and condition of the loan should be open to the public, rating agencies and the media.

Compliance with these principles is imperative, otherwise a violation may lead to termination of the contract. At the same time, debt management must include all these points.

Management is carried out in accordance with established principles

Management measures

There are quite a few ways that are necessary to regulate the public debt. These include:

1. Refinancing is the repayment of a debt in whole or in part with a new loan.
2. Restructuring is a mutual agreement of the parties on changes in the terms of borrowing (terms, amounts of payments, etc.).
3. Conversion - adjustment of the yield on the obligation (decrease or increase in interest, etc.).
4. Consolidation is an increase in the term for repaying a loan, which reduces the burden on the country's budget capital.
5. Unification is the formation of one large loan from several small loans.
6. Deferral of repayment allows not only to extend the loan, as in the case of consolidation, but also to stop accruing interest.
7. Cancellation means a complete renunciation debt obligation. It is applied to the subjects of the contract only when absolutely necessary (insolvency, emergencies, disaster, etc.).

Any of these decisions requires deep study and analysis in order for the effect of them to lead to the expected result. All these methods of public debt management in the Russian Federation violate the most important principle of unconditionality.

Management control

The most important indicators in this process are the following:

• amount of debt;
• the cost of its maintenance.

Careful and competent control over the management of state. debt avoids a budget deficit. If this is not observed, then the country may find itself in a difficult position, so the help of a third party is often required in resolving disputes.

Outcome

In 2018, the Russian government is actively working to improve the situation in this area, credit trust countries in the international arena. For this, various innovations and other effective production measures are used. The high authority and positive reputation of the state among creditors indicates a stable and profitable economy of the country.

About Mrs. debt and not only you can learn from the video:

Attention! In connection with latest changes in legislation, the legal information in this article could be out of date!

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