RESOLUTION OF THE CABINET OF MINISTERS OF THE REPUBLIC OF UZBEKISTAN

of November 3, 1994 No. 534

About approval of the Procedure for provision and repayment of foreign currency loans at the expense of Republican currency fund

For the purpose of streamlining of provision and strengthening of control of repayment of foreign currency loans at the expense of the Republican Cabinet of Ministers currency fund decides:

1. Approve the Procedure for provision and repayment of foreign currency loans at the expense of Republican currency fund according to appendix.

2. To the Ministry of Finance of the Republic of Uzbekistan:

provide allocation of foreign currency loans in strict accordance with decisions of the Government on development of priority import-substituting and export-oriented productions, purchase of food and other first-priority needs;

establish tough control of target use of the provided credit resources, their payback and timely return to the republican budget.

3. To impose control over the implementation of this resolution on the Deputy prime minister Hamidov B. S.

Appendix

to the Resolution of the Cabinet of Ministers of the Republic of Uzbekistan of November 3, 1994 No. 534

Procedure for provision and repayment of foreign currency loans at the expense of republican currency fund

I. General provisions

1. This Procedure is developed according to the Regulations on Republican currency fund approved by the resolution of the Cabinet of Ministers of May 25, 1993 No. 251, and also the resolution of the Cabinet of Ministers of April 11, 1994 No. 195.

2. Foreign currency loans at the expense of means of Republican currency fund are granted on the basis of decisions of the Government of the republic on financing of investments, development of effective import-substituting productions, and also purchase of extremely scarce food products.

At the same time in decisions of the Government loan granting conditions in foreign currency make a reservation (the amount, term, interest rate, etc.).

The loans are granted under property responsibility of the borrower (bail bonds).

3. Foreign currency loans are granted by the Ministry of Finance of the Republic of Uzbekistan according to Item 2 presents of the Procedure taking into account valyutookupayemost of the project and its economic value for the term of no more than 10 years and on the amount (including the added percent) which is not exceeding amount of receipts of currency means of the company borrower during use and repayment of the credit by it.

4. Foreign currency loans are granted to the companies borrowers in the presence of loan security (pledge of property or products, guarantee of higher body, insurance company, authorized bank).

The Ministry of Finance of the Republic of Uzbekistan is granted the right of repayment of overdue debt on the credit at the expense of all means in foreign currency arriving into accounts of the company borrower in National Bank of foreign economic activity and other authorized banks by exposure of payment requests in these banks.

5. The National Bank of foreign economic activity and other authorized banks within 30 days before loan repayment period provide maintenance of daily minimum account balance of the borrower in the amount of, sufficient for implementation of all payments on servicing of obligations of the creditor.

6. Foreign currency loans are granted by the Ministry of Finance on usual commercial conditions with charge of percent in foreign currency on outstanding part of debt on the credit.

Interest rates are established depending on economic value of the credited company and their size shall not be below the annual LIBOR operating at the time of loan granting.

Interest rates are established for the certain period caused by the credit agreement, and operating during this period. After signing of the credit agreement the issued credit goes to the current currency account of the borrower.

7. The company borrower shall utilize the foreign currency loan granted to it by Republican currency fund strictly on purpose.

II. Loan granting

8. For receipt of the credit the borrower addresses to the Cabinet of Ministers of the Republic of Uzbekistan with the reasonable petition which shall contain the following data:

a) the purpose of receipt of the credit, the amount and term for which the credit is asked;

b) economic effect of use of the goods and services which are purchased in the credit account for which acquisition the credit is asked;

c) loan repayment sources in foreign currency.

To the petition of the company borrower it is put the following documents:

a) warranty loan security (pledge agreement, guarantee of higher body, insurance company, authorized bank);

b) the schedule of terms of use and loan repayment, and also payment of the percent added on it;

c) competitive list;

d) conclusion of the Ministry of Finance, Ministry of external economic activity, Goskomprognozstat and National Bank of foreign economic activity of the Republic of Uzbekistan.

In necessary cases the additional data concerning target use of the credit, its repayment and efficiency of imported goods and services can be requested from the borrower.

9. After decision making the Government about allocation of the credit between the Ministry of Finance of the Republic of Uzbekistan and the company borrower is signed the credit agreement (according to appendix) regulating procedure for issuance of credit, its use, condition of charge of percent and debt repayment of the company borrower.

The credit agreement is signed on behalf of the Ministry of Finance of the Republic of Uzbekistan - the Minister or his authorized deputy, on behalf of the company borrower - the head of the company borrower.

III. Repayment of the credits

10. In day of maturity by the Ministry of Finance of the Republic of Uzbekistan the payment request is exposed to the relevant bank on debt repayment of the company borrower for the credit (principal debt and percent) from its currency account.

11. In the absence of necessary means on currency and amount-based accounts the amount of outstanding loans is charged to overdue debt on foreign currency loans with charge of penalty fee at the rate of 0.1 percent from the remaining balance amount on granted loan and percent for each day of delay, but no more than 30 days.

After 30-day term, in case of insufficiency of means on the current currency account of the borrower, the creditor acquires the right to turn claim to property of the borrower, or to charge off in indisputable procedure currency money from the corresponding account of the guarantor, in part, the corresponding amount of missing means, for complete calculation for the obtained credit.

Disclaimer! This text was translated by AI translator and is not a valid juridical document. No warranty. No claim. More info