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PRESIDENTIAL DECREE OF THE AZERBAIJAN REPUBLIC

of December 28, 2016 No. 1182

About approval of "Procedure for internal and external borrowing of the legal entities belonging to the state"

Being guided by Item 32 of article 109 of the Constitution of the Azerbaijan Republic, I decide:

1. Approve "Procedure for internal and external borrowing of the legal entities belonging to the state" it (is applied).

2. To the Cabinet of Ministers of the Azerbaijan Republic:

2.1. in three-months time to prepare and provide to the President of the Azerbaijan Republic offers on reduction of acts of the President of the Azerbaijan Republic to compliance with this Decree;

2.2. to prepare and provide to three-months time to the President of the Azerbaijan Republic the bill establishing responsibility for violation of the Procedure approved by part of 1 this Decree;

2.3. in three-months time to provide coordination of regulatory legal acts of the Cabinet of Ministers of the Azerbaijan Republic with this Decree and to report on the President of the Azerbaijan Republic;

2.4. check coordination of regulatory legal acts of the central executive bodies with this Decree and in five-months time to report on execution of it on the President of the Azerbaijan Republic;

2.5. resolve other issues following from this Decree.

3. To provide to the Ministry of Justice of the Azerbaijan Republic coordination of regulatory legal acts and acts of normative nature of the central executive bodies with this Decree and to report on the Cabinet of Ministers of the Azerbaijan Republic.

President of the Azerbaijan Republic

Ilham Aliyev

Approved by the Presidential decree of the Azerbaijan Republic of December 28, 2016, No. 1182

Procedure for internal and external borrowing of the legal entities belonging to the state

1. General provisions

1.1. This Procedure governs the relations connected with internal and external borrowing (further - borrowing) the legal entities belonging to the state and establishment of upper limit of borrowing.

1.2. This Procedure does not extend to borrowings of banks, non-bank credit institutions and insurance companies, 51 and more percent of shares (shares) of which directly or indirectly belong to the state.

1.3. Borrowing of the legal entities belonging to the state with the state guarantee is performed according to the Law of the Azerbaijan Republic "About public debt" and the Presidential decree of the Azerbaijan Republic "About rules of the conclusion of agreements on the credits obtained on the state guarantee" of February 13, 2006 No. 368.

2. Basic concepts

2.0. The concepts used in this Procedure express the following values:

2.0.1. are implied by the legal entities belonging to the state:

1. the joint-stock company, limited liability company and commercial legal entities performing activities in other form of business of 51 and more percent of shares (shares) of which directly or indirectly belong to the state;

2. the non-commercial legal entities and legal entities of the public law created by the state;

3. the affiliated economic societies, non-commercial legal entities and legal entities of the public law created by the legal entities specified in paragraphs 1 and 2 of subitem 2.0.1 of this Procedure of 51 and more percent of shares (shares) of which directly or indirectly belong to these legal entities;

2.0.2. borrowing - borrowing by the legal entities belonging to the state according to obligations of the agreements signed with residents and nonresidents of the Azerbaijan Republic, borrowing on security transactions, borrowing on the guarantee provided for providing obligations of the third parties, borrowing according to obligations of the leasing agreement, borrowing in the form of goods, works and services.

3. Regulation of borrowing and establishment of upper limit of the legal entities belonging to the state

3.1. The legal entities belonging to the state provide to the Ministry of Finance of the Azerbaijan Republic information on intentions of borrowing and total amount of borrowing the next year till June 1 of the current year.

3.2. The Ministry of Finance of the Azerbaijan Republic within 30 days analyzes addresses about intentions of borrowing and, considering ratio of total amount of these borrowings to the macroeconomic and other financial performance and indicators of debt stability of the country predicted the next year including to gross domestic product, ratio of expenses on debt servicing to budgeted expenses, the currency rate, prepares offers on upper limit of borrowing and, approving the investment projects provided in upper limit of borrowing with the Ministry of Economics of the Azerbaijan Republic represents to the Cabinet of Ministers of the Azerbaijan Republic.

3.3. The Cabinet of Ministers of the Azerbaijan Republic in coordination with the President of the Azerbaijan Republic till December 15 of the current year sets upper limit of borrowing of the legal entities belonging to the state the next year.

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