The role of budget loans in ensuring the budgetary stability of the constituent entities of the Russian Federation

The budgetary stability of the subjects of the Russian Federation is important in the current conditions of the budget process and determines the level of financial security of the region. In turn, the instruments of inter-budgetary relations are developing, including the budget loan, which acts as one of the regulators of fiscal policy and makes it possible to increase the level of regional financial security. The problem of budgetary sustainability of the subjects of the Russian Federation is caused by a number of factors of the internal and external environment that determine the financial capabilities of the territories. The state policy in the field of budget allocation is aimed at solving the described problem, which explains the prospects for the development of such an instrument of inter-budgetary relations as a budget loan. Accordingly, the object of the study is the institute of budget crediting, and the subject is its contribution to ensuring budgetary sustainability of the subjects of the Russian Federation. The following methods are used: analysis of regulatory legal acts, statistical analysis of the assessment of the state of regional budgets, synthesis method, comparative approach to the study of international experience of the European Union, USA, Canada, Australia. The importance of budget loans as universal tools for increasing the sustainability of regional budgets is determined, and the change in the purpose of budget lending from operational functions to spatial and territorial development is shown. The dependence of fiscal sustainability on the level of diversification of the regional economy and the quality of management decisions has been established. The understanding of the budget loan as a multifunctional instrument of budgetary policy is proposed, which supports the long-term financial stability of regions and synchronizes development strategies between decision-making centers and territories. The use of various forms of budget lending helps to reduce the debt burden and increases the efficiency of using budget funds. The introduction of new types of investment-oriented budget loans has increased the long-term budgetary security of the regions, improved the quality of planning and implementation of projects aimed at socio-economic development. The authors present the role of budget credit in ensuring regional fiscal sustainability as a mechanism for forming long-term fiscal sustainability through building up its own revenue base.