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Ministry of Justice

Republic of Tajikistan

On August 4, 2016 No. 428

ORDER OF THE GOVERNMENT OF THE REPUBLIC OF TAJIKISTAN

of July 27, 2016 No. 328

About Regulations on the main requirements to use of the target account for providing for ensuring transparency of management of the financial resources arriving from export of the electric power and also about procedure for use of money within the Regional project of transmission of electricity "CASA-1000"

For the purpose of ensuring transparency of management of the financial resources arriving from export of the electric power according to article 15 of the Constitutional law of the Republic of Tajikistan "About the Government of the Republic of Tajikistan" the Government of the Republic of Tajikistan decides:

1. Approve Regulations on the main requirements to use of the target account for ensuring transparency of management of the financial resources arriving from export of the electric power and also about procedure for use of money within the Regional project of transmission of electricity "CASA-1000" it (is applied).

2. To provide to open joint-stock holding company of "Barka Tochik" together with other relevant ministries and departments execution of this resolution and observance of requirements of this Provision.

Prime Minister of the Republic of Tajikistan

Emomalii Rahmon

Approved by the Order of the Government of the Republic of Tajikistan of July 27, 2016 No. 328

Regulations on the main requirements to use of the target account for ensuring transparency of management of the financial resources arriving from export of the electric power and also about procedure for use of money within the regional project of transmission of electricity "CASA-1000"

1. General provisions

1. The regulations on the main requirements to use of the target account and also about procedure for use of money within the regional project of transmission of electricity "CASA-1000" (dalee-Polozheniye) are developed for ensuring transparency of management of the financial resources arriving from export of the electric power according to requirements of the Grant agreement between the Government of the Republic of Tajikistan and International Development Association of April 24, 2015 ratified by the resolution of Majlisi namoyandagon of Majlisi Oli of the Republic of Tajikistan on December 24 2015, No. 286 year and the Warranty agreement between the Government of the Republic of Tajikistan and the European Bank for Reconstruction and Development of August 1, 2015 ratified by the resolution of Majlisi namoyandagon of Majlisi Oli of the Republic of Tajikistan on December 24, 2015, No. 291.

2. The purpose of the Provision is ensuring transparency of management of financial resources and determination of the main requirements to use of the means arriving into target accounts from export of the electric power, and also ensuring target use of these means.

3. In the Provision "the target account" is understood as the account which is bringing in the interest income in US dollars opened by the Exporter according to Provision Item 9 (further - "the target account"),

4. Action of the Provision extends to Open joint-stock holding company "Barkd Tsshchsho-and his legal successors and cessionaries (further - "Exporter").

5. The main objectives of the target account are:

a) establishment of methods of target use of the money arriving from export of the electric power;

b) ensuring transparency when exporting the electric power;

c) elimination of probability of inappropriate use in case of distribution of means from export electricity sale;

d) strengthening of the mechanism of corporate management by increase in responsibility and accountability of controls of the Exporter, his legal successors and cessionaries.

6. For accomplishment of the tasks specified in Item 5 of the Provision target count it shall be kept separately from other accounts used by the Exporter, and the means from export of the electric power placed on such account shall be used by the Exporter for the purpose of and on priority, specified in Chapter 7 of the Provision.

7. For the purpose of ensuring transparency of use of the means placed on the target account:

a) The government of the Republic of Tajikistan will create state commission which will perform selection of the Serving bank by carrying out competitive selection on the basis of compliance of the criteria specified in Provision Item 12;

b) monthly Obsluzhivayushchy bank submits status reports of the account and use of the received money to authorized body in the field of power and to authorized body in the field of management of state-owned property.

2. Main determinations

8. In this Provision the following basic concepts are used:

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