Regional Budgets Maintain Sufficient Financial Sustainability at the End of 7 Months of 2022

Alexander N. Deryugin – Senior Researcher of the Russian Presidential Academy of National Economy and Public Administration; Senior Researcher of the Gaidar Institute for Economic Policy (Moscow, Russia). Е-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.

At the end of the first seven months of 2022, growth in revenues of the consolidated budgets of the RF regions was outpacing the growth in budget expenditures and the inflation rate, indicating that regions maintained a sufficient level of financial sustainability. As for the structure of expenditures, those expenditures on the national economy are increasingly replacing expenditures on national matters, education and culture. The federal center’s emergency measures aimed to replace regional commercial debt with budget loans contributed both to the reduction of debt servicing costs and to the general reduction of the risk of default on regional debt obligations.

Key words: regions’ budgets, revenues of regional budgets, expenditures of regional budgets, intergovernmental fiscal transfers, regional debt.