State Debt Committee
of the City of Moscow

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The Description of the Project “Finances of Cities and Regions” (permalink )

“Finances of Cities and Regions” is a joint information project of the Committee of Municipal Debt, Securities and Capital Market Development of the Government of the City of Moscow, SSUE “MosFinAgency” and “The Securities Market” Journal. The project is a regular publication within “The Securities Market” Journal appearing approximately once in a quarter.

Aim of the Project

The Project has three main aims:

• to create a permanent open tribune for specialists in the field of subfederal and municipal borrowings and debt management in the cities and regions of the Russian Federation,
• to promote exchange of experience
• to promote development of the theory and practice of debt origination and use of the resources attracted in this way.

The topics of publications for 2001:

• Materials for the conference “Regions and Cities of Russia: Prospects and Opportunities for Debt Origination” held on March 28th 2001. (Published in March 2001)
• Problems of attracting debt resources by the regional and local authorities. (Publication in June 2001)
• Pecularities of the cities of Moscow and Saint Petersburg as municipalities and effectiveness of the borrowing and investment processes. (Publication in September 2001)
• Problems of regional and municipal debt management. (Publication in November 2001)
• The role of loans effected by regional and local authorities. (Publication in December 2001)

The Project is aimed for:

• Administrations of the cities and regions of the Russian Federation.
• Administrations of foreign municipalities.
• Managers and experts of Russian and foreign financial institutions.
• Analysts of Russian and foreign financial institutions.
• Managers of large Russian industrial enterprises.
• Staff and students of Russian financial and economic universities and colleges, specialists of related scientific research institutes.

We invite authors for cooperation

From the Editor-in Chief

The Committee of Municipal Debt, Securities and Capital Market Development of the Government of the City of Moscow and the editors of “The Securities Market” Journal are realising a joint project — a kind of a journal within a journal. What are our objectives?

Firstly let me say what we do not wish. We do not want this project to turn into a kind of pre-ordered show, something like a glossy paper containing favourable reviews and slightly veiled advertising company of the Issuer. We would not wish to pursue this way in any circumstances.

We would like our Project, which is now a small part of “The Securities Market” Journal, to become a free tribune for discussing by professionals, investors and issuers of the problems related to regional finances in general and to municipal borrowings in particular.

We can not underestimate the role of borrowings in financing of municipal programs. Any investment is always connected to debt. The Moscow Government and I personally are of the opinion that borrowings can and must be the locomotive for the city economy if used in the right way. I consider debt as one of the greatest inventions of the humanity. Effective economic development is not possible without borrowing. Debt can be compared to the wheel which turns the economy. This is what we are going to speak about in our publications.

Sergey B. Pakhomov Chairman of the Committee of Municipal Debt, Securities and Capital Market Development of the Government of the City of Moscow Editor-in-Chief of the Project

Original publications of the Project “Finances of Cities and Regions” in the Russian language can be found in the respective section of the Russian version of this site.