RESOLUTION OF THE PRESIDENT OF THE REPUBLIC OF UZBEKISTAN

of December 18, 2017 No. PP-3437

About implementation of new procedure for forming and financing of state programs of development of the Republic of Uzbekistan

In the country large-scale work on the accelerated development of economy, active attraction of foreign investments for the purpose of implementation of large infrastructure projects, constructions of modern high-technology production facilities is carried out.

At the same time, number of the shortcomings connected, first of all, with irrational use of the available resources, superficial study of economic feasibility and profitability of the projects included in investing program affects efficiency of activities in this sphere.

There are no concepts of long-term development of industries of economy and regions taking into account the available resources, and also real opportunities of investment attraction, first of all, of foreign. Therefore, cases of initiation of economically unpromising projects, inefficient expenditure of financial resources take place that, finally, leads to decrease in investment appeal of the country in general.

These circumstances require the radical review of procedure for forming of investing program, mechanisms of its financing, increase in transparency and efficiency of implementation of selection offered to projects implementation.

For the purpose of further enhancement of procedure for forming of state programs of development, ensuring efficiency and transparency of financing and selection of projects, and also according to the tasks determined by the Strategy of actions by five priority directions of development of the Republic of Uzbekistan in 2017 - 2021:

1. Accept the offer of the National agency of project management in case of the President of the Republic of Uzbekistan, the Ministry of Economics, Ministry of Finance of the Republic of Uzbekistan about:

implementation of procedure for projects implementation, including on development of the regions and industries of economy financed by means of centralized sources on the basis of the state programs of development of the Republic of Uzbekistan (further - state programs of development) approved by the President of the Republic of Uzbekistan;

formation of Fund of financing of state programs of development of the Republic of Uzbekistan under the Cabinet of Ministers of the Republic of Uzbekistan (further - Fund).

2. Determine that:

financing of the projects included in state programs of development by which centralized sources of financing are determined is performed only through Fund;

fund is accumulated on accounts in the Central bank of the Republic of Uzbekistan;

executive body and the manager of fund is the executive directorate of Fund;

chief executive of Fund is the deputy prime minister of the Republic of Uzbekistan - the chairman of the State committee of the Republic of Uzbekistan on investments - the head Kompleksa concerning investments, innovative development, coordination of activities of free economic and small industrial zones of the Cabinet of Ministers of the Republic of Uzbekistan;

payment terms of work of the chief executive of Fund and his workers are determined by the Supervisory board of Fund.

3. Determine sources of forming of fund:

means of the Government budget of the Republic of Uzbekistan and the state non-budgetary funds intended for financing of the projects included in state programs of development;

the fund of reconstruction and development of the Republic of Uzbekistan allocated for implementation of state programs of development;

the foreign loans attracted under guarantee of the Government of the Republic of Uzbekistan;

other sources established by decisions of the Government of the Republic of Uzbekistan.

4. Approve:

Regulations on procedure for forming of state programs of development of the Republic of Uzbekistan according to appendix No. 1;

structure of the Supervisory board of Fund according to appendix No. 2.

5. Determine that:

state programs of development are created on the basis of the industry, regional and target project portfolios approved taking into account the corresponding concepts of development containing complex vision and strategic tasks on realization of the priority directions of industry, regional and target social and economic development of the Republic of Uzbekistan in the long term, as a rule, for 10 - 15 years;

coordination of work on development and implementation of state programs of development is performed by the State committee on investments together with the Ministry of Economics under the leadership of the deputy prime minister of the Republic of Uzbekistan - the chairman of the State committee of the Republic of Uzbekistan on investments - the head Kompleksa concerning investments, innovative development, coordination of activities of free economic and small industrial zones of the Cabinet of Ministers of the Republic of Uzbekistan;

not centralized investments intended for financing of state programs of development are subject to accounting in Fund;

approval of state programs of development is performed exclusively in the presence according to them the positive conclusion of the National agency of project management in case of the President of the Republic of Uzbekistan;

inclusion of the projects in state programs of development providing financing at the expense of means of centralized sources is performed only in the presence of the positive solution of the Supervisory board of Fund;

the loans of commercial banks for financing of state programs of development are granted after in-depth and comprehensive study of the design estimates and business plans of projects, and also availability of the positive decision of credit committee of commercial bank.

6. To provide to the Ministry of Economics and the Ministry of Finance in two weeks transfer to the State committee on investments and the National agency of project management in case of the President of the Republic of Uzbekistan of databases and the other information necessary for the organization of work on development and implementation of state programs of development.

7. To the national agency of project management in case of the President of the Republic of Uzbekistan, to the State committee on investments together with the Ministry of Economics, the Ministry of Finance, other interested ministries and departments to bring in a month:

in the Cabinet of Ministers of the Republic of Uzbekistan draft of the government decision on the organization of activities of Fund;

in the office of the President of the Republic of Uzbekistan the draft decision of the President of the Republic of Uzbekistan providing procedure for development, conducting examination and approval of the preproject, project and tender documentation of the projects included in state programs of development, and also creation of special structure in system of the National agency of project management in case of the President of the Republic of Uzbekistan responsible for implementation of complex examination of the specified documentation and import contracts with optimization of functions and the number of staff of other state bodies and organizations.

8. By reasonable calculations to allocate to the Ministry of Finance of the Republic of Uzbekistan since January 1, 2018 and to annually provide funds for financing of activities of executive directorate of Fund in expenses of the Government budget of the Republic of Uzbekistan.

9. In the resolution of the Cabinet of Ministers of the Republic of Uzbekistan of September 12, 2003 No. 395 "About measures for enhancement of the mechanism of the economic relations in capital construction":

the fourth Item 3 to exclude the paragraph;

declare appendix No. 4 invalid.

10. To the Ministry of Justice together with the interested ministries and departments to make in the Cabinet of Ministers of the Republic of Uzbekistan offers on the changes and amendments in the legislation following from this resolution in a month.

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