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Instructions following inspection of action on Presidential decisions on measures to reduce regional budget deficits

January 4, 2017

Vladimir Putin approved a list of instructions based on the results of an inspection of the implementation of Presidential decisions on measures to reduce regional budget deficits and debt.

In order to maintain the balance and stability of consolidated regional budgets, the Federal Government is to take additional measures to improve the methodological and institutional basis of inter-budgetary relations. These measures must include annual assessments of the regional budgets’ potential tax and non-tax revenues, with said assessments taken into account for the distribution of inter-budgetary transfers, as well as the development of a new mechanism for the provision of financial assistance to regional budgets.

Instructions to regional senior officials (the heads of supreme executive authorities) in the Russian Federation regions deal with the implementation of a set of measures to reduce regional budget deficits and sovereign debts.

The Presidential plenipotentiary representatives to federal districts are to monitor the implementation of measures to reduce regional budget deficits by the regional executive authorities.

The Central Bank of Russia is to analyse the formation of interest rates on loans issued to the regions by lending organisations and to take measures to reduce them.

January 4, 2017