SP: the goal of the anti-crisis plan of the government to reduce the debt of the regions has not been achieved

MOSCOW, October 9. The goal of the anti-crisis plan of the RF government to reduce the debt load of regions is not achieved, noted in the conclusion of the accounts chamber (JV) on the implementation of anti-crisis plan in the first half of 2015.

“Until now, the expected result (anti-crisis) plan in terms of balance and reducing the debt burden of the consolidated budgets of subjects of the Russian Federation is not reached,” – said in the report.

The state debt of regions on September 1, 2015 $ 2,117 trillion roubles and from the beginning of the year rose 1.3%. The debt of municipalities amounted to $ 313,4 billion and increased slightly (by 0.06%) over the figure recorded at the beginning of the year.

Also seen a significant rise in debt service costs by region: as at 1 September expenditures amounted to 92.7 billion rubles, an increase of 33.1% compared with the index on 1 September 2014.

“Analysis of the structure of the debt obligations of regions shows a decrease in 2015 debt on credits received by the constituent entities of the Russian Federation from credit organizations, foreign banks and international financial organizations, with 888,1 billion rubles at the beginning of the year to 806,3 billion rubles on 1 September 2015, or 81.8 billion roubles”, – the document says.

The share of commercial loans in the state debt structure of the regions remains significant, amounting to 38.1 per cent (as of 1 January 2015 and 42.5%).

Regions for 8 months received budgetary loans in the amount of 91,3 billion, or 57.1 percent of the planned amount. The share of debt on budgetary credits in the structure of public debt of regions of 1 September 2015 is 36.5% (as of 1 January 2015 – 31%).

The outstanding guarantees at September 1, 2015 amounted to 108.2 billion, i.e. 5.1% of public debt of regions.

The largest decline in commercial loans in January – August was noted in the Nizhny Novgorod and Arkhangelsk regions – by 20.8 billion rubles and 12 billion rubles, respectively, in the Yamal-Nenets Autonomous district – 11,6 billion roubles, in Perm territory – by 8.9 bn.

“Against the backdrop of the recent trend to reduction in commercial debt in a number of regions continue to attract significant volumes of commercial loans,” says the chamber.

So, for January – August 2015, the debt of “commercial” credits of the Rostov region increased by 7.4 billion rubles, the Udmurt Republic – 7 billion rubles, the Republic of Khakassia – 5.3 billion rubles, Krasnodar region – by 5.1 billion rubles, the Republic of Mordovia – 4.3 billion rubles.

“The audit chamber repeatedly issued recommendations regarding the mitigation of conditions of granting of budget loans for the purpose of repayment of market borrowings (regions)”, – stated in the document.