Russia's Regional Budgets in July-August 2015

Relatively high growth rate of regional consolidated budget revenues has been off set by even slower growth rates of the federal budget revenues, thus allowing the regional government debt to have been held under control so far. Additionally, the Russian government have used anti-crisis measures to prevent commercial debts from growing, but the debts have not been reduced substantially. Despite a general equilibrium of the regional budgets, chances are high that a substantial portion of the budget expenditure will be carried forward to the end of fiscal year, thereby triggering drastic increase in the regional government debt