The Market for Municipal and Subfederal Borrowings

This paper deals with the Russian market for municipal and subfederal borrowings. The annual consolidated regional budget and the budgets of territorial state off-budget funds for 2013 were executed with a deficit of Rb 625.5bn (or 0.94% of GDP). The amount of consolidated regional budget deficit as a percentage of GDP increased more than twice on 2012. Thus, in 2012 the amount of territorial budget deficit was Rb 273.1bn (or 0.44% of GDP). In 2013, the budgets of subjects of the Russian Federation were executed with a deficit of Rb 599.8bn; the budgets of city districts – with a deficit of Rb 43.4bn; the budgets of intra-city municipal formations of Moscow and St Petersburg – with a deficit of Rb 0,7bn; the budgets of municipal raions – with a deficit of Rb 5,7 bn; the budgets of urban and rural settlements – with a surplus of Rb 7.7bn; the budgets of territorial state off-budget funds – with a surplus of Rb 16.5bn