Importance The article deals with the issues of regional budgets balance ensuring in the context of reducing the financial asymmetry under the conditions of financial instability. Objectives The paper aims to provide insight into the government borrowing content and structure at the regional level, as well as the issues of management and risks. Methods For the study, we used the methods of comparative analysis, organization, classification, analogy, and comparison. Results The article provides a comprehensive review of government borrowing of a region as a key source of regional budgets balancing. It shows the nature of government borrowing and the management specifics. A detailed risk-based approach to the management of public debt reflects its amount and strategic orientation. Conclusions Managing the public debt at the regional level, it is necessary to use a risk-oriented approach, that will not only solve the problems of a subject's debt servicing and repaying, but also can be a powerful instrument for the region's economic policy.
Keywords: public debt, subjects, Russian Federation, budget balance, deficit, management
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