The state borrowings of the Russian Federation in the context of the new concept of "debt sustainability" of the region

In modern conditions, the financial policy of almost all types of state-public entities of the Russian Federation is characterized by a budget deficit, which forces them to divert more funds to service debt at the expense of socio-economic expenses. In order to minimize threats to the stability of the budget system in the country as a whole, and in the constituent entities of the Russian Federation, as well as to ensure the balance of regional budgets, the federal center pursues a consistent policy of regulating the amount of public debt, debt burden and expenditures on public debt service in the regions. The implementation of government borrowing and the conduct of regional debt policy by the subjects of the Russian Federation is subject to an increasing regulatory impact by the federal center using methods of both a regulatory and financial-economic nature. The article analyzes the level of debt burden of the regions of the Russian Federation over the past two years and the situation with government borrowing in the Ivanovo region, and identifies problems of debt management at the regional level. The measures to improve the system for assessing the debt sustainability of the subjects of the Russian Federation and municipalities and the rules for their classification by debt sustainability groups are considered. The debt sustainability of the Ivanovo region was assessed, the economic consequences of debt restructuring on budget loans were analyzed.