Abstract
The article is devoted to the analysis of the dynamics of investments in fixed assets, the level of the debt burden of the regions and the debt instruments used by them from the standpoint of identifying the possibilities of the territories for the financial and investment support of their socio-economic development. On the example of the regions of the Volga Federal District (VFD), the existing financial and investment practice of ensuring the socio-economic development of territories in the investment sphere and in the field of debt policy is considered. The analysis made it possible to establish, firstly, the insufficiency of the existing level of investment in fixed assets of the studied regions in terms of the parameters of economic security to ensure sustainable socio-economic development of the territories, and secondly, the relatively high differentiation of the Volga Federal District regions, both in terms of the level of debt burden and by the structure of public debt. On the example of the Republic of Bashkortostan (RB), proposals are made to increase the level of financial and investment support for the socio-economic development of territories based on the use of financial resources of the household sector. The proposals were developed taking into account both the experience of the best practice of other constituent entities of the Russian Federation (RF) in this area (Tomsk Oblast, Yamalo-Nenets Autonomous Okrug, etc.), and trends in domestic debt policy revealed on the basis of analysis of regulatory legal acts on the budget of the Republic of Belarus republics in the form of a shift in priorities in the area of planned borrowing on public debt towards more active use of government bonds. Taking into account the high debt stability of the Republic of Belarus (according to the criteria set forth in the articles of the Budget Code of the Russian Federation) and the rather strong positions of the republic in investment ratings, it is proposed to expand the practice of using the financial resources of the population through the bond market as a promising tool for increasing the financial security of the republic by attracting internal reserves. In order to minimize investment risk for non-professional investors, it was recommended that the Government of the Republic of Belarus issue sub-federal (government) bonds for the population. The advantages of issuing this type of securities from the point of view of obtaining benefits and realizing financial interests of both the state authorities of the Republic of Belarus and the population are described.
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