Analysis of the Impact of Debt Burden on the Budget in Russia and Selected European Countries

This research comprehensively assesses the debt burden as an instrument of influence on the state budget. The analysis is based on Russia and some other European countries. The authors studied the EU countries and the Russian Federation in the matter of external debt. The research is based on the methods of comparative, economic, statistical, and graphical analysis. The authors studied all processes and aspects of debt policies in European countries and Russia. Public debt is an issue that requires increased government attention. Nowadays, the national debt appears to be one of the most important aspects of national security. A country’s debt burden is closely tied to its management of public finances, which shapes the state’s development trajectory and significantly impacts its economic and political future, as well as related issues. Generalizing, we may mark that debt policy, when used skillfully and efficiently, is a rather powerful tool of macroeconomic policy. The existing debt management system in Russia makes it possible to solve current tasks on restructuring liabilities. However, the effectiveness of the current system as a full-fledged instrument of macroeconomic management remains low. In recent years, the Government of the Russian Federation has focused its debt policy efforts primarily on restructuring, while efforts toward a comprehensive structural reorganization of the public debt management system have been largely limited to developing a draft concept.