Sergei Belyov Speaks at a Seminar Devoted to Budget Sustainability Issues
On 27 October 2017, Head of the Budget Policy Department Sergei Belyov presented a paper titled Tools for Achieving Budget Sustainability at a scientific seminar devoted to budget sustainability issues.
The seminar focused on issues pertaining to fiscal sustainability measuring, the specific features of the existing challenges to the sustainability of public finances in Russia, the development of tools for achieving budget sustainability in Russia, and the creation of an organizational infrastructure for budget sustainability control.
Also, the participants in the seminar addressed the issue of the efficiency of budget rules application in regulating the expenditure ceiling and the sources of budget deficit funding, the issue of the advisability of creating a budget council, and the issue of budget forecasting quality.
As far as the future directions of work are concerned, the participants in the seminar reached a consensus on the modalities of budget rules development in the part of regulating the main directions of public expenditure and raising forex-denominated debt financing, on the assessment of the mutual influence of budget- and monetary policy rules, as well as on the issue of developing budget sustainability indices in light of the growing debts of Russian regions and state-owned companies.