Template-Type: ReDIF-Paper 1.0 Author-Name: Shadrin Artem Author-Name-First: Artem Author-Name-Last: Shadrin Author-Workplace-Name: Gaidar Institute for Economic Policy Title: Municipal and sub-federal debt market in 2020 Abstract: The crisis phenomena in the global and Russian economy directly related to the introduction of quarantine measures in 2020, led to the deficit of the consolidated regional budget. At end-2020, the consolidated regional budget and the budgets of territorial state extra-budgetary funds ran a deficit of Rb667.4 bn, or 0.63% of GDP. To compare, in 2019 the consolidated regional budget and the budgets of territorial state extra-budgetary funds ran a surplus of Rb17.4 bn, or 0.02% of GDP. Classification-JEL: H71, H72, H74, H76 Keywords: Russian economy, regional and municipal finances, loan market, debt market Creation-Date: 2021 Revision-Date: 2021 Length: 12 pages File-URL: https://www.iep.ru/files/RePEc/gai/ppaper/ppaper-2021-1120.pdf File-Format: application/pdf File-Function: Revised Version, 2021 Handle: RePEc:gai:ppaper:ppaper-2021-1120