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Municipal and sub-federal debt market in Russia in 2022

Author

Listed:
  • Shadrin Artem

    (Gaidar Institute for Economic Policy)

Abstract

According to data released by the RF Ministry of Finance, against the backdrop of deteriorating economic dynamic, the consolidated debt of the subjects and municipalities of the Russian Federation amounted to Rb3.16 trillion, or 2.09% of GDP, as of January 1, 2023. Despite an increase by Rb 312.1 bn in nominal terms, it declined in real terms by 3.4%, or 0.9% of GDP. As of January 1, 2022, its size was Rb2.85 trillion, or 2.18% of GDP. The volume of accumulated debt of the subjects of the Russian Federation stood at Rb2.79 trillion as of early 2023, with the share of budget loans in the total volume of accumulated debt grew at an outpacing rate from 55.4% to 71.0%. Accordingly, the share of market borrowings declined: the share of accumulated debt in the form of debt securities in the total amount of accumulated debt contracted from 32.3% to 23.4%, in the form of bank loans — from 10.4% to 4.5%.

Suggested Citation

  • Shadrin Artem, 2023. "Municipal and sub-federal debt market in Russia in 2022," Published Papers ppaper-2023-1277, Gaidar Institute for Economic Policy, revised 2023.
    • Handle: RePEc:gai:ppaper:ppaper-2023-1277
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    File URL: https://www.iep.ru/files/RePEc/gai/ppaper/ppaper-2023-1277.pdf
    File Function: Revised Version, 2023
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    More about this item

    Keywords

    Russian economy; regional and municipal finances; loan market; debt market;
    All these keywords.

    JEL classification:

    • H71 - Public Economics - - State and Local Government; Intergovernmental Relations - - - State and Local Taxation, Subsidies, and Revenue
    • H72 - Public Economics - - State and Local Government; Intergovernmental Relations - - - State and Local Budget and Expenditures
    • H74 - Public Economics - - State and Local Government; Intergovernmental Relations - - - State and Local Borrowing
    • H76 - Public Economics - - State and Local Government; Intergovernmental Relations - - - Other Expenditure Categories

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