Importance The article deals with the problems of budget crisis in Russian regions, namely in the Ryazan oblast. These problems are relates to the rapid growth of total regional budget deficit and public debt. Objectives The paper aims to identify possible ways to overcome budgeted crises and minimize their negative impacts, as well as evaluate the development prospects for the constituent entities of the Russian Federation. Methods Statistics on the regional budget deficit and public debt, and regulatory and legal acts of the Ryazan oblast provided the study's basis. Results We suggest possible ways to address the budget crisis by building a profitable part of the regional budgets, optimize expenditures, and we propose certain measures to ensure the long-term sustainability of the regional budget. Conclusions We conclude that, in order to overcome the fiscal crisis and ensure the long-term sustainability of regional budgets, the best option is to initiate and implement a cluster initiative in the constituent entities of the Russian Federation, which would allow the budget own resources as a result of an increase in tax revenue.
Keywords: budget, budget deficit, public debt, region, cluster
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