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 Russia in 2022 
Abstract: According to data released by the RF Ministry of Finance, against the backdrop of deteriorating economic dynamic, the consolidated debt of the subjects and municipalities of the Russian Federation amounted to Rb3.16 trillion, or 2.09% of GDP, as of January 1, 2023. Despite an increase by Rb 312.1 bn in nominal terms, it declined in real terms by 3.4%, or 0.9% of GDP. As of January 1, 2022, its size was Rb2.85 trillion, or 2.18% of GDP. The volume of accumulated debt of the subjects of the Russian Federation stood at Rb2.79 trillion as of early 2023, with the share of budget loans in the total volume of accumulated debt grew at an outpacing rate from 55.4% to 71.0%. Accordingly, the share of market borrowings declined: the share of accumulated debt in the form of debt securities in the total amount of accumulated debt contracted from 32.3% to 23.4%, in the form of bank loans — from 10.4% to 4.5%. 
Classification-JEL: H71, H72, H74, H76 
Keywords: Russian economy, regional and municipal finances, loan market, debt market 
Creation-Date: 2023 
Revision-Date: 2023 
Length: 5 pages 
File-URL: https://www.iep.ru/files/RePEc/gai/ppaper/ppaper-2023-1277.pdf 
File-Format: application/pdf 
File-Function: Revised Version, 2023 
Handle: RePEc:gai:ppaper:ppaper-2023-1277