External Budgetary Oversight of the Public Debt of Constituent Entities of the Russian Federation

The paper analyzes the regulatory framework and the practice of external financial (budgetary) control bodies in the field of public debt of the constituent entities of the Russian Federation. The study concludes that external budgetary control of public debt can be both preliminary and subsequent and can be carried out in the course of reviewing draft regulatory instruments, monitoring budget execution, assessing a constituent entity's public debt, and auditing chief administrators of budget revenues and sources of financing budget deficits of the constituent entities of the Russian Federation. An examination of the instruments of the Accounts Chamber of the Russian Federation and the Federal Treasury that establish categories of violations detected in the course of public financial control made it possible to classify violations in the sphere of a constituent entity's public debt under the following criteria: stages of budget execution, types of debt obligations, and the occurrence of adverse consequences. A comparison of the violation classifiers used by external and internal budgetary control bodies revealed differences in their approaches: audit and accounts bodies address all types of debt obligations, whereas internal control bodies focus primarily on government securities and guarantees as sources of budget revenue.

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