Treasury veksels
1540
0,2
-
Gold certificates
49,1
0,03
1000
0,1
-
State savingsloan
3000
0,2
8000
0,35
13081,7
0,49
2. Debt toCBR
29156,7
18,0
58752,3
9,30
61026*
3,7
59583,27
2,64
0,0
0,0
3. Debt to commercialbanks (under government guarantees)
1899,8
1,2
1700
0,3
5793
0,3
17057,17
0,76
4916,8
0,18
4. Debt of the formerUSSR on commodity debt, of which:
3204
2
3100
0,5
2500
0,2
5300
0,23
4237
0,16
Targeted loan1990
2500
1,5
2400
0,4
1850
0,1
2300
0,10
2037
0,08
Targeted deposits,checks on automobiles, debt to agricultural workers
704
0,4
700
0,1
650
0,0
3000
0,13
2200
0,08
5. Debt to AICsecuritised into treasury bills
0
5441,6
0,9
5040
0,3
4480
0,20
3920
0,15
6. Debt on centralisedcredits and accumulated interest of AIC organisations which carry outprocurements to the Northern territories
25000
1,5
25000
1,11
25000
0,93
7. Debt of АОКАMАZ securities into the Ministry of Finance veksels
1745,5
0,08
8. Debt of textileenterprises of the Ivanovo oblast on interest arrears
560
0,02
560
0,02
9. Debt on financingexpenditure in mobilising reserve
1960
0,1
2389,5
0,11
1993,5
0,07
10. Other, ofwhich:
276,6
0,2
153,6
0,02
2028
0,1
398,027
0,02
8233,2
0,31
Debt to Gosstrakh
23,8
0,01
-
CBR domestic debtassumed from the former USSR
330
0,2
335
0,05
335
0,0
335
0,01
191,4
0,007
Price difference onagricultural resources which require repayment
61
0,04
-
Deficit of 1991republican budget
63
0,04
63
0,01
63
0,0
63,027
0,00
CBR debt on the credit resources of the former Sberbank
128,8
0,08
90,6
0,01
-
Debt to Pension fund
1630
0,1
-
Debt on technicalcredits granted by CBR to CIS
2408
0,09
Debt to FEC enterprisesand of other sectors
5000
0,19
Debt on centralisedcredits and accrued interest by enterprises of AIC of the Cheliabinskoblast
93,8
0,003
Availed veksels of Agroprombank
540
0,02
Overall state domesticdebt
35196,6
21,7
88400
14
188543,6
11,4
365548,2
16,20
500959,1
18,73
for reference:GDP (Rb trln)
162,3
630
1659,2
2256
2675
The volume of the domestic state debt of theRussian Federation with respect to GDP increased in 1997 compared with 1996 by16 per cent. Debt growth on securities and specially OFZs (by 4.5 per cent ofGDP) and GKOs (by 1.1 per cent of GDP) has contributed to that increase. Thevolume of the state debt practically on all other items declinedinsignificantly.
In 1997 new types of taxes appeared. Amongthem are, for instance, debts to FEC enterprises amounting to Rb 5,000 bn oldroubles (0.19 per cent of GDP) and debt on technical credits to CIS countriesgranted by CBR in the amount of Rb 2,408 bn (0.09 per cent of GDP).
2.6.2. The draft 1998 budget
While analysing the draft 1998 budget, it isimportant to bear in mind the history of the budget crisis over 1993-1997 andthe reasons which have brought it about as well as the measures which thegovernment undertook in order to resolve it. Intensification of the budgetcrisis in 1996 has many reasons, but the main one consists in the fact that thegovernment while cutting the budget deficit during 1993-1995 did not try tostart a fundamental tax reform. There were no positive changes in the structureof public expenditure. In reality, the government in the circumstances ofrevenue shortfalls and insufficient borrowed funds confined itself to areduction in the volume of public expenditure by way of their sequestration andincomplete indexation in accordance with the current inflationrate.
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