Abstract: The subject of this article is the financial economic relations in the sphere of state debt. The traditional use of funds borrowed by the government is geared towards covering the current demands in financial resources, for example, the federal budget deficit. Such circumstance does not allow ensuring strategic approach to state debt management. The fundamental issue of limiting the economic growth in Russia is the insufficient infrastructure development. In light of this, the government is capable of quickly finding the necessary “longer-term money” for the investments to infrastructure. The author suggests maximizing efficiency of the use of obtained funds by the state by means of targeted state borrowing. The scientific novelty of this research consists in the proposal of mechanism of investment use of a portion of state debt. The analysis of global experience supports successful application of targeted bonds as a mechanism of attracting additional investment resources. On the example of the transportation sphere, the article substantiates the need and possibility of issuing state bonds to finance specific objects of infrastructure.

Keywords: transport, infrastructure, bonds, issue, securities, budget, state borrowings, state debt, investments, efficiency

Abstract: The subject of the research is the economic and financial relations arising in the process of financing the current budget deficit through providing a short term fiscal loan. The object of the research is the mechanism of short-term fiscal lending budgets of the RF constituents and municipal entities. The authors summarized Russian experience of lending to public entities by the Treasury of Russia made proposals on improving the mechanism as well as the features of loans from the Federal budget in the conditions of high cost of Bank loans, the benefits of the Federal loans that provide a solution to the problem of the current budget deficit  in the sphere of public legal education. The methodological framework is based on general research methods including analysis, synthesis, comparison, and special research methods (mathematical and statistical). The novelty of this research is caused by the fact that the mechanism of granting the budgetary credit should be associated not only with the possibility of financing the regional level but also take into account potential cash planning and forecasting expanding the list of tools that enhance the liquidity of the single account of the budget consolidation, budgetary resources, including at the local level. The study allowed to conclude that the implemented the Federal Treasury instruments cash management helps to ensure additional stability of budgets in the budgetary system within the framework of ongoing measures to improve efficiency of public finance management.

Keywords: loans, budget stability, liquidity, cash deficiency , single budget account, budget balance, budget credit, deficit, budget, Treasury