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Instructions on managing public debt of the Russian Federation constituent entities

October 7, 2017

The President approved a list of instructions on managing the public debt of the constituent entities of the Russian Federation.

With the aim of enabling the constituent entities of the Russian Federation to fulfil their obligations under all previously signed budget loan agreements, the Government of the Russian Federation has been instructed to take measures to revise the said agreements to ensure that each constituent entity of the Russian Federation pays back its debt to the state within seven years; that there will be further debt restructuring for constituent entities that are able to maintain a growth rate of budget revenue in 2018–2019 not lower than the inflation rate; and that the requirements contained in the budget loan agreements will be relaxed in line with the constituent entity’s actual ability to comply with them.

The instructions also concern how to determine the size of subsidies for the purposes of reducing disparities in the fiscal capacity of the constituent entities; providing additional financial support from the federal budget to constituent entities with considerable debt obligations under loans from banking institutions or for government securities; and measures to reduce overdue accounts payable of the consolidated budgets of the constituent entities’ public institutions and municipal authorities.

Government executive authorities have been instructed to revise the terms of government contracts previously signed with banking institutions with the aim of reducing the interest rates on loans.

October 7, 2017