The cost of servicing the state debt of Russia exceeded 5% of all federal budget expenditures
The cost of servicing the debt of the Russian state for the months of 2022 increased by 237 billion rubles, or by 30.4%, to 1,018 trillion rubles, the authors Vedomosti with reference to policy brief of the Accounts Chamber based on the results of the federal budget meeting for January-September. According to the auditors, public debt service costs amounted to 5.2% of the large number of expenses as of October 1, which is higher than in previous years.
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Over the months, domestic debt service expenses increased by 238.7 billion rubles (plus 35%), to 921 billion rubles, while external debt service expenses decreased by 1.5 billion rubles (minus 1.5%, or $11.4 billion). ). million), up to 96.4 billion rubles. Basically, in 2022, the costs of servicing Eurobonds of the Russia-2030 issue are controlled in accordance with the payment schedule, the note explains. As of October 1, 2020, servicing the public debt cost 532.6 billion rubles (share in total expenses – 3.6%), as of October 1, 2021 – 780.5 billion rubles (4.8%), follows from the data of the supervisory authority.
In general, the volume of public debt over the months increased by 1.4 trillion rubles (minus 6.9%), as of October 1, the public debt amounted to 14.6% of the projected GDP. In particular, external debt amounted to 3.1 billion US dollars or 5.2% compared to the figure on January 1 to 56.6 billion US dollars. In ruble terms, the debt decreased by 1.2 trillion rubles (minus 26.7%) to 3.2 trillion rubles.
The domestic debt was delayed by 257.6 billion rubles (minus 1.6%), up to 16.2 trillion rubles. The share of domestic debt in the total public debt increased to 83.3% from 78.8%. The Ministry of Finance in the fourth quarter increased the volume of reserves after a break from March to September – the volume of reserves exceeded 1.5 trillion rubles. Three more auctions were held before the end of the year.
According to the law on the federal budget for the next three years, this year the Russian public debt increased to 23.4 trillion rubles (internal – up to 18.9 trillion rubles, external – 4.5 trillion rubles) from 20.9 trillion rubles (16.5 trillion rubles). rubles and 4.4 trillion rubles, respectively) at the end of 2021. In the next three years, growth will occur: in 2023 – up to 25.4 trillion rubles (20.7 trillion rubles / 4.7 trillion rubles), in 2024 – up to 27.7 trillion rubles (22.8 trillion rubles / 4 ). .9 trillion rubles), in 2025 – up to 29.9 trillion rubles (25 trillion rubles / 4.9 trillion rubles).
Valery Yemelyanov, an expert at the BCS World of Investments, noted that the low level of burden on the budget in countries in recent years has been 5-15%, but for those who are especially indebted, it can increase a third of the budget. Russia has just entered the danger, he said. He attributed the growth to unplanned budget expenditures and unwillingness to spend NWF funds. There are no significant risks due to the increase in the cost of servicing the public debt, said Mikhail Vasilyev, chief analyst at Sovcombank.
The growth of public debt this year should be about 12% and another 8% is planned to be added in the future, Yemelyanov recalled – servicing will grow approximately within 20% for another year, and the share of spending will rise closer to 6%. At the end of the year, budget expenditures amount to 5%, Vasiliev believes. In 2023, the cost of servicing the public debt will decrease and amount to about 5% of the cost of maintaining the budget expected from it.