Budgetary crediting in the modern system of interbudgetary fiscal relations: a theoretical rethinking and a comparative analysis of practice

This article analyzes theoretical approaches to studying the content of budgetary lending and substantiates its role as a key instrument for strengthening the incentive function of interbudgetary relations. Based on an analysis of controversial approaches to defining the essence of budget lending, the author proposes a comprehensive definition that reveals the dual nature of this interbudgetary regulation instrument. The author traces the evolution of budget lending in Russia, from addressing short-term liquidity issues in the state budget system to becoming a tool for long-term investment and infrastructure development. The main lending models for public entities in Russian and international practice are identified and characterized. Directions for the development of budget lending in Russia are formulated, aimed at maximizing the incentive effect in the system of interbudgetary relations and minimizing fiscal risks.