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Development of "Standard" Monitoring System of Regional Finances | 29-08-2003
CEFIR’s partners in the project: SITE and the Research Budgetary Centre

Start Date: August 2003 
Completion Date: current

Project Summary:

The project’s objective is to build a system of regional fiscal monitoring that will allow one to foresee regional crises at an early stage and be prepared to deal with emergencies once they have arisen. By a regional crisis we understand the inability of a subject of the Russian Federation to pay debts, meet social obligations (salaries/wages and unemployment benefits payments, etc.) and provide minimum guaranteed social services.

Specifically, the project will work out criteria that determine whether or not the region is in a crisis situation and what expenditures cannot be deferred until a later point, when the region has acquired liquid assets.

Additionally, the project will develop more effective ways of analyzing budget data and identifying the causes of financial crises and predicting its emergence. A crisis situation can often be predicted with the help of data analysis on planned budget indicators and the budget execution.

Finally, the project aims at developing a more effective crisis response system, which would ensure a proper use of loans received to finance balance sheet gaps.

The monitoring and response system should create «right» incentives for the regional governments, so that they do not seek to obtain loans to the detriment of own tax base development, and do not conceal the fact of a crisis situation from the federal cente once it has arisen.

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