Национальные институты развития и бюджетные риски: международная и российская практика

Вопросы государственного и муниципального управления. 2019. № 3. С. 175–192.

Morozkina A.

Th e article is aimed at analysing budget risks related to activities of development institutions and ways of  reducing such risks. Th e paper looks at  fi nancing models of development institutions in Russia, including the following models: budget fi nancing, public guarantees, capital contributions and concessional deposits. Th e analysis of  the Russian development institutions shows that, although, in  general all measures of the government support are in place, in a number of key organizations there is a mismatch between market liabilities and non-market assets, which create budget risks. Th e list of such organizations includes Vnesheconombank, Russian Agricultural Bank and DOM.RF (Russian Agency for Housing Mortgage Lending). Th e article further analyses the case of budget support for the Vnesheconombank in 2015–2018, which is the largest case of public support for the development institution in Russia. Th e authors come to  the conclusion that the main source of  risk is  political interference in  the activities of  the development bank and absence of  compensation for fi nancing of low-return projects. Based on the analysis of international best practices the recommendations are given on reduction of budget risks related to development institutions, including such policies as provision of public guarantee, loan portfolio breakdown into subsidized and non-subsidized loans; regular budget transfers and concessional deposits. Th e article concludes that in order to reduce budget risks related to development institutions in Russia the Government needs to develop a transparent framework of compensation evaluation and establishment of mechanism of regular compensation for their activities

Keywords: Внешэкономбанк, институты развития, contingent liabilities, условные обязательства, государственные гарантии, development institutions, бюджетные риски, Модели финансирования, Vnesheconombank, budget risks, public guarantees, funding models