Problems of Determining Optimal Public Debt Ratios

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Presentation transcript:

Problems of Determining Optimal Public Debt Ratios Lisbon, Portugal June 21-22, 2007 The Accounts Chamber of the Russian Federation NikolayTabachkov, Auditor

The Russian Federation Public Debt Structure (by the end of the year)

Results of Government Securities Trading

The Ratio of Public Internal Debt of the Russian Federation to GDP

Characteristics of the Public Debt of the Russian Federation (by the end of the year) 2005 2006 The ratio of public debt to GDP, % 14,3 9,1 The ratio of public external debt to GDP, % 10,2 5,0 The ratio of public external debt to export of goods, % 29,0 15,0 The ratio of public debt to federal budget revenues, % 60,0 39,7 The ratio of public external debt to federal budget revenues, % 42,9 21,9

The external debt of the Russian Federation The external debt of the Russian Federation * (by the end of the year, bln. US dollars) 2003 2004 2005 2006 TOTAL 185,7 215,1 258,5 309,7 State authorities: 97,9 97,4 71,4 45,1 - Federal 96,7 95,7 70,2 43,6 - Sub-federal 1,2 1,6 1,5 Monetary authorities 7,8 8,2 11,0 3,9 Banks 24,9 32,5 50,2 101,2 Non financial enterprises 55,1 76,4 126,0 159,5 * to non residents on data of Central Bank of the Russian Federation

The External Debt of the Russian Federation in 2005-2006 (bln The External Debt of the Russian Federation in 2005-2006 (bln. US dollars)

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