Th is paper examines Russia's 20 years of experience with budgetary reforms. Th e authors focus most of their attention on the introduction into Russian budgetary practice of special-program methods, which is a key feature of the ongoing budgetary reform in the country. Th e main phases of the reform of the budgetary process are analyzed, from the formulation of programs for socio-economic development and the fi rst attempts to apply the tools of program budgeting (the formulation of special federal programs) to the preparation of the federal budget on the basis of government programs and the transition to a program-based budgetary format for constituent entities of the Russian Federation.

Th e paper represents a complex analysis of public debt as one of the major tools of microeconomic policy, through which a modern state can directly or indirectly aff ect the condition and development of the national economy.Th e analysis results are given for modern concepts explaining how the amount of public debt aff ects microeconomic development. It is shown that a growing public debt may cause both a positive and a negative eff ect on microeconomic processes, which makes it possible to reach a conclusion about the contradictory character of debt funding the economy.Th e essence and nature of the Russian Federation's public debt is revealed as an important component of the Russian economy's operating mechanism at the present time.Th e RF public debt dynamics are presented and projected values of its growth are given for the years 2016-2018.A brief description of the characteristics of RF debt policy is provided. It is noted that one of its objectives for the next few years is the need to adapt to the changing conditions in the external and domestic fi nancial markets.One hazard of growing public debt is identifi ed given the structural misbalances and external economic shocks, since it may result in a bigger dependence of the national economy on external and internal borrowings, which, in turn, will provoke additional risks for the development of the Russian economy.It is shown that in the countries with developing markets, growing public borrowings may cause negative macroeconomic consequences. It is proven that in order to enhance the stimulating eff ect of public debt on the macroeconomic processes the state needs to develop an effi cient debt strategy, which would clearly defi ne the economic boundaries of public debt use.

The article explores the development and implementation of promising options for state regulation of the financial sector in the Russian Federation under economic sanctions. It is noted that the presence of systemic problems that caused the slowdown in the development of key segments of the financial market in the pre-sanctions period did not allow the potential of the financial sector to be used in order to stabilize the growth rates of the national economy during the sanctions period. It is shown that the solution of this problem requires stimulating the development of key segments of the financial market (credit market, equity market, debt market and insurance market) through government tools, including a set of diagnostic models, regulatory and strategic tools. Based on the selection of indicators and rates with the strongest correlation, a set of diagnostic models was developed, the testing of which in financial market segments made it possible to establish target strategic values characterizing the level of their development. Theoretical and methodological justification is proposed and testing of diagnostic models of the development level of key financial market segments is carried out. The authors suggested proposals for selecting and implementing the tools for state regulation of the financial sector of the Russian Federation under economic sanctions. Promising options for state regulation of the financial sector to achieve the target values of financial depth indicators based on data from the pre-sanction period are shown and measures for their implementation are proposed that remain relevant in the current sanctions restrictions. The use of the proposed regulatory tools can make it possible to build forecasts for the development of key segments of the financial market of the Russian Federation for the period up to 2028, taking into account the changes in the Russian economy caused by sanctions pressure, which becomes critically important when compensating for serious macroeconomic shocks.

The subject of research of this paper is the specifics of forming and managing a budget surplus when providing economic growth for the national economy. The results of analyzing the concepts of a budget balance are presented, and directions for managing a positive balance of the state budget are revealed. The specifics of the macroeconomic politics of a surplus are given, and it is revealed that forming a “new” fiscal regime – surplus regime – requires a radical restructuring of budget management. The general typical features of countries with a long-term period of a budget surplus are revealed: focus on budget consolidation on the expenditure side of the budget and the ensuing complex budget reforms made aft er achieving a surplus. It is discovered that one of the main reasons for supporting a stable surplus budget in a number of the world’s countries is the radical restructuring of economic and financial priorities, which was caused by serious macroeconomic shocks. It is noted that when assessing the possibility of maintaining a budget surplus in specifi c countries, it should be taken into account that unfavorable macroeconomic events such as the financial crisis of 2008 or the global pandemic of COVID-19 in the current year (2020) are of crucial signifi cance for maintaining a surplus. According to the results of a comparative analysis of the dynamics of the level of budget deficit and the rates of economic growth, using the example of Switzerland and Norway for 2009–2019, no direct correlation between these indicators was discovered, and it was concluded that there was a lack of empirical evidence and appropriate theoretical generalizations about the existence of a cause-and-effect relationship between economic growth and the type of balance (deficit, surplus, “zero-based”) of the state budget. The advisability of using the budget surplus to reduce the tax burden and to reduce the level of state debt was assessed.