Abstract: The subject of the present research article is the legal regulation of the Russian Federation government debt. The author of the article thoroughly examines the definition of the government debt, its kinds, forms and structure as they are set forth in the fiscal legislation of the Russian Federation. Special attention is paid to the legal regulation of the structure of government debt of the Russian Federation and constituents of the Russian Federation. The researcher has conducted the rather-legal analysis of the fiscal legislation provisions regulating the government debt of the Russian Federation  as originally framed in the Budget Code of the Russian Federation and redrafted in the new versino of the Budget Code of the Russian Federation proposed for consideration. The methodology of the present research is based on using the systems and historical approaches as well as the comparative law and content analysis of legal documents. The novelty of the research is caused by the fact that the researcher has conducted the rather-legal analysis of the provisions of the fiscal legislation regulating the government debt of the Russian Federation in terms of the current version fo the Budget Code of the Russian Federation and the new draft Budget Code of the Russian Federation. The researcher concludes that the new version fo the Budget Code of the Russian Federation contains legal regulations aimed at improving the legal regulation of debt relationships, particularly, the debt policy of the Russian Federation constituents. 

Keywords: budget law, debt policy, credit, loan, finance law, budget, debt, finance, management, debt relationship.

Abstract: All modern states, regardless of their level of economy, actively employ debt instruments in order to achieve balance in fiscal and credit policies. Modern Russian economy is a mixed economy, in which market instruments are supplemented by government regulation, the financial basis of which is formed with the budget. Government borrowings, which constitute government debt, are one of the most important tools in the economic policy of the state. In the modern period, nobody doubts that government debt must be managed and controlled. The existing system, while generally capable of meeting its goals and objectives, is not without flaws in both, economic and legal aspects. The political, social and economic tasks of the state are well-formulated and clear. However, it is quite difficult to draw them to a theoretical legal substantiation and to give them the form of Law. Because of this, despite their immense importance for Russia, the legal issues in this sphere remain underdeveloped. This is particularly true for social relations that are regulated by financial Law. The necessity for researching the major aspects of external borrowing is based on the fact that it is financial Law that establishes the base of competent government bodies in this area, establishes the extent of their powers, the rules for their interaction, as well as form and structure of borrowings. The following methods form the scientific foundation for our current subject, from the perspective of legal sciences, financial Law science, in particular: formal and dogmatic, or specialized legal; comparative historic, comparative Law and empirical sociological methods of research. A major update of Russian financial Law, including the Budget Code of Russian Federation, resulted in an urgent need for comprehensive and thorough study of government debt regulation in the current situation necessary, because the new legal provisions didn’t only fail to address some of the old issues, but added a multitude of new issues that need to be researched and addressed. Because of this, financial Law research of government debt management is not only important for examining existing legal collisions, but for the future functioning of Russia’s government debt management. The policy of borrowing and managing government debt creates a basis for solving strategic and tactical tasks of social and economic growth, and represents an integral part of the financial resource management system of Russian Federation. A country’s fiscal system’s efficiency is directly dependent on the efficiency of the debt management system.

Keywords: budget policy, government debt, foreign debt, internal debt, borrowings, program and goal-based method, budget balance, deficiency, surplus, debt claims