Budget system of the Russian Federation. State and municipal guarantees (the most important)

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Budget system of the Russian Federation. State and municipal guarantees (the most important)

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53. State and municipal guarantees

A state or municipal guarantee is a method of ensuring civil obligations, by virtue of which, respectively, the Russian Federation, the subject of the Russian Federation or the municipality - the guarantor gives a written obligation to be responsible for the fulfillment by the person to whom the state or municipal guarantee is given, obligations to third parties in full or in part.

The written form of the state or municipal guarantee is obligatory.

Failure to comply with the written form of a state or municipal guarantee shall entail its nullity.

The state or municipal guarantee specifies:

1) information about the guarantor, including its name (Russian Federation, constituent entity of the Russian Federation, municipality) and the name of the body that issued the guarantee on behalf of the said guarantor;

2) determination of the scope of obligations under the guarantee. The warranty period is determined by the performance period

obligations for which the guarantee is provided.

Guarantees are mainly provided on a competitive basis.

The guarantor under a state or municipal guarantee bears subsidiary liability in addition to the liability of the debtor under the obligation guaranteed by him, and the obligation of the guarantor to a third party is limited to payment of an amount corresponding to the volume of obligations under the guarantee.

The guarantor, who has fulfilled the obligation of the recipient of the guarantee, has the right to demand from the latter the reimbursement of the amounts paid to a third party under the state or municipal guarantee in full in the manner prescribed by the civil legislation of the Russian Federation.

The execution of state and municipal guarantees is subject to reflection in the composition of budget expenditures as the provision of loans.

The total amount of state guarantees provided by the Russian Federation to secure obligations in the currency of the Russian Federation is included in the state internal debt of the Russian Federation as a type of debt obligation.

The total amount of state guarantees provided by the Russian Federation to secure obligations in foreign currency is included in the state external debt of the Russian Federation as a type of debt obligation.

State guarantees of the constituent entities of the Russian Federation and municipal guarantees are provided to the constituent entities of the Russian Federation, municipalities and legal entities to ensure the fulfillment of their obligations to third parties. An agreement on the provision of a state or municipal guarantee must indicate the obligation that it provides.

The total amount of guarantees provided is included in the debt of a constituent entity of the Russian Federation, municipal debt as a type of debt obligation.

When the recipient of the guarantee fulfills his obligations to a third party, the debt of the constituent entity of the Russian Federation, municipal debt is reduced by the appropriate amount, which is reflected in the report on budget execution.

Author: Natalia Burkhanova

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