February 04, 2008 | Cbonds
|Fitch Ratings-London/Moscow- 04 February 2008: Fitch Ratings has said in a special report released today that the institutional frameworks of Russian subnationals are experiencing a period of stabilisation. The report covers administrative and legal frameworks in the Russian Federation, budget execution and control procedures, modern budgetary framework, including budget revenue sources and expenditure assignment, intergovernmental relations and debt issues.|
“The period of active formation of the cornerstones of the national budgetary system is being accomplished,” says Vladimir Redkin, Associate Director in Fitch’s International Public Finance team. “Recent public finance reforms have led to relative stability of fiscal relations among the tiers of budget system, expansion of the budget planning horizon, strengthening of the budget process and increased accountability. With a longer track record of stable institutional frameworks, Russian regions’ creditworthiness will further improve.” The special report, entitled "Institutional Framework for Russian Subnationals", is available on the agency's website, www.fitchratings.com under International Public Finance/Special reports.