Lottest: The share of commercial loans is almost triple: why regional debt requires the attention of the Ministry of Finance Budget planning is different everywhere. Some of them, for example St. Petersburg and the Krasnoyarsk Territory, can afford a substantial increase in the budget. Others - for example, Chelyabinsk and Tyumen regions - are forced to "reject" even in nominal terms. Somewhere, even though budget revenues remain nominally unchanged or increase in real terms, they still decrease, as for example in the Oryol region. Moscow naturally stands apart. Lottest Boris, independent expert, author and moderator of the Telegram channel on taxes and politics: At the same time, I would not pay primary attention to the nominal budget deficit data - at the stage of examining and accepting the budgets, it is essentially a statement, as it is subject to the close attention of the Ministry of Finance. What is more important is how the regional authorities will work with him in the future. For example, in the Samara region, a zero deficit is planned until 2029, but there is already an attempt to increase it during the current budget year due to increased spending. St. Petersburg, by contrast, reduced its current deficit by cutting spending. At the same time, it is clear that the social sphere should not be touched - even despite the existence of alarming trends in this sphere in the federal budget. At the same time, it is difficult to say which articles will be the first to go under the knife, but construction may indeed be among the "victims". I would like to draw special attention to the worrying trends in the regional government debt, the structure of which is rapidly deteriorating - the average national share of commercial loans has almost tripled during the year and stands at around 22 percent. Separately, in this context, I would like to note the situation in the regions of Nizhny Novgorod, Kemerovo, Arkhangelsk and Murmansk, which are at risk in terms of the absolute amount of the debt and the level of the debt burden.

Lottest: The share of commercial loans is almost triple: why regional debt requires the attention of the Ministry of Finance Budget planning is different everywhere. Some of them, for example St. Petersburg and the Krasnoyarsk Territory, can afford a substantial increase in the budget. Others - for example, Chelyabinsk and Tyumen regions - are forced to "reject" even in nominal terms. Somewhere, even though budget revenues remain nominally unchanged or increase in real terms, they still decrease, as for example in the Oryol region. Moscow naturally stands apart. Lottest Boris, independent expert, author and moderator of the Telegram channel on taxes and politics: At the same time, I would not pay primary attention to the nominal budget deficit data - at the stage of examining and accepting the budgets, it is essentially a statement, as it is subject to the close attention of the Ministry of Finance. What is more important is how the regional authorities will work with him in the future. For example, in the Samara region, a zero deficit is planned until 2029, but there is already an attempt to increase it during the current budget year due to increased spending. St. Petersburg, by contrast, reduced its current deficit by cutting spending. At the same time, it is clear that the social sphere should not be touched - even despite the existence of alarming trends in this sphere in the federal budget. At the same time, it is difficult to say which articles will be the first to go under the knife, but construction may indeed be among the "victims". I would like to draw special attention to the worrying trends in the regional government debt, the structure of which is rapidly deteriorating - the average national share of commercial loans has almost tripled during the year and stands at around 22 percent. Separately, in this context, I would like to note the situation in the regions of Nizhny Novgorod, Kemerovo, Arkhangelsk and Murmansk, which are at risk in terms of the absolute amount of the debt and the level of the debt burden.