Regional state and municipal debt of the RF: trends, factors, directions of regulation

The article presents the results of a comparative analysis of the growth rate of the total gross regional product of the constituent entities of the RF and the total public debt, interprets the dynamics of municipal debt for the period from 2020 to 2024. The tools for improving the quality of management of the public debt of the constituent entities of the RF and municipal debt are substantiated, namely: introduction methodology for assessing the debt sustainability of municipalities (similar in functional content to the methodology currently used by the Ministry of Finance to assess the debt sustainability of regions of the RF); introduction into the current criteria for assessing the quality of work of senior officials of the constituent entities of the RF, a number of indicators reflecting the qualitative characteristics of the mortgage accumulated by the subject; supplement the established indicators for assessing the effectiveness of local governments with indicators of municipal debt, reflecting its composition, structure, dynamics, indicators of expenses for its servicing for a certain period, relation to the revenue side of the municipal budget; intensify efforts to gradually replace (refinance) relatively expensive bank loans with budget loans. The proposals substantiated in the article can be used in the implementation of state financial policy at the regional level.