Evaluation of the debt policy of the southern macroregion subjects in modern conditions

The relevance of the topic is due to the fact that debt crises have an extremely negative impact on the national economy, which implies the need for constant attention on the part of the government to issues of public debt management in order to timely, identify possible violations of debt stability. The subject of the research is the debt sustainability of the constituent entities of the South of Russia as the ability of the constituent entities of the federation to timely and fully service the public debt without significant adjustments to the balance of income and expenses. The aim of the research is to assess the debt sustainability of the constituent entities of the South of Russia and develop measures aimed at increasing it in order to prevent the emergence of an imbalance in regional finances and reduce the likelihood of debt crises. An increase in government borrowing rises budget spending on public debt servicing and can provoke an imbalance in the financial system. Diversification of the debt portfolio helps to ensure its balance. The structure of the debt portfolios of the constituent entities of the Federation may include budget loans, government guarantees, government securities, loans from credit institutions and other instruments. The article notes that the debt sustainability of the constituent entities of the Russian Federation directly depends on the decisions made at the federal level and the amount of government spending directed to specific regions. Therefore, it is necessary to maintain such a level of debt sustainability, which will prevent the emergence of an imbalance in regional finances and reduce the likelihood of debt crises. This presupposes the application of uniform recommendations for assessing debt sustainability in all constituent entities of the Russian Federation. The analysis of the volume and structure of the state debt of the constituent entities of the South of Russia, carried out in the article, made it possible to conclude that the debt policy of the macroregion is fragmented: the structure of debt portfolios is heterogeneous; a change in the level of debt burden can be associated with both an increase in tax and non-tax revenues, a decrease in the amount of public debt, and with reverse processes.

1. The Budget Code of the Russian Federation [Electronic resource]. Reference and legal system «ConsultantPlus». URL: http: //www.consultant.ru/document/cons_doc_LAW_19702/. (In Russ).

2. The main directions of the state debt policy of the Russian Federation for 2017-2019. [Electronic resource]. URL: https://www.minfin.ru/common/upload/library/2017/02/main/Dolgovaya_politika_2017-2019.pdf. (In Russ).

3. Ermakova E.A. Methodological approaches to assessing the effectiveness of the debt policy of a constituent entity of the Russian Federation. Finance and Credit. 2018; 28(604):32–40. (In Russ).

4. Kutsuri G.N. Debt sustainability of public finances of the Russian Federation. Economics and Entrepreneurship. 2015; 3(2):351–355. (In Russ).

5. Sanakoev A.Yu. Debt sustainability factors of the constituent entities of the Russian Federation. Audit and financial analysis. 2018; 6:85–88. (In Russ).

6. Sanginova L.D. Effective debt policy of the constituent entities of the Russian Federation: theory and practice. Economics. Taxes. Right. 2018; 1:96–105. (In Russ).

7. Debt burden on regional budgets decreases for 4 years in a row [Electronic resource]. Access mode: https://riarating.ru/regions/20200219/630154309.html. (In Russ).

8. Rating of subjects of the Russian Federation [Electronic resource]. Access mode: https://www.iminfin.ru/areas-of-analysis/rejtingi/rating-0001-0001-report?territory=79000000. (In Russ).

9. Debt burden on regional budgets resumed its growth [Electronic resource]. Access mode: https://riarating.ru/regions/20210218/630194870.html. (In Russ).