NEW OPPORTUNITIES OF LENDING TO RUSSIAN REGIONS

At the end of 2016 the Government of the Russian Federation has completed big work, concerning the inventory of the authorities of the bodies of state power of the subject s of the Ru ssian Feder ation. T he res u lts of th i s i nventor y are al ready taken into account starting this year in the methodic of grants’ distribution for the financial provision equalization of the subjects of the Russian Federation. However, still there are unresolved question of the sufficiency of the revenue sources for budgets of the subjects of the Russian Federation for the financial provision of expenditure commitments. An important task is the solution of the question of the adjustment of the mechanism of lending to regions in order to promote the implementation of the subjects of the Federation regional development programs and support the regions with low fiscal capacity. Today, the majority of the subjects of the Russian Federation in one form or another actively involve borrowing and in some cases their debt has already exceeded their own revenues. Meanwhile, it’s impossible to overload this burden on the federal budget, but not all the regions can attract market borrowing due to the its high price. The article analyzes the situation with the debt burden in the subjects of the Russian Federation as a deterrent factor for the development regions’ programs and, as a consequence, the introduction of strategic planning. The paper outlines the directions for the solution of this problem.

бюд жет на я об еспеченност ь, бюд жет ы рег ионов, г ос удар -ственный долг регионов, кредиты, монетизация, региональная политика, сбалансированность, стратегическое планирование, budget balance, loans, monetization, public debt of regions, regional budget, regional policy, strategic planning, sustainabilit y

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