KEY ASPECTS OF THE IMPLEMENTATION OF MEASURES TO IMPROVE THE MANAGEMENT OF PUBLIC DEBT OF THE RUSSIAN FEDERATION

Abstract

The article defines the modern approaches to public debt management of the Russian Federation and the key aspects of the implementation of measures to improve it, the set of methodical and institutional recommendations has been formulated. Particular attention is paid to the subprogramme «Management of Public Debt and State Financial Assets, Increasing of Efficiency from Participation in International Financial and Economic Relations» of the state program No. 39 «Public Finance Management and Regulation of Financial Markets» due to their fundamental nature in the context of the issues under consideration. Moreover, the results of the analysis of the structure of the modern debt portfolio, formed in the domestic market of state securities, the issues of the state guarantees and their impact on debt sustainability were considered, as well as the level and risks of external debt. The author also concluded that it is necessary to update and publish a strategic document in the field of public debt management at the federal level, which allows to define the precise objectives and limitations of debt management, formulate the principles of portfolio management, as well as increase transparency and positively affect investor confidence. In order to fulfill the upper-level performance indicators of the state program, their role as the strategic reference point in the sphere of public debt management, the author proposes ways of further development, as well as their inclusion in the strategic document on public debt management and approval by the highest executive body.