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ORDER OF THE MINISTER OF NATIONAL ECONOMY OF THE REPUBLIC OF KAZAKHSTAN

of April 18, 2018 No. 157

About approval of Rules of limiting determination of amount of external debt of the quasi-public sector and the List of subjects of the quasi-public sector concerning which the limiting amount of external debt is determined

(as amended on 28-07-2021)

According to Items 2 and 3 of Rules of coordination of amounts of the external loans of the quasi-public sector approved by the order of the Government of the Republic of Kazakhstan of September 28, 2017 No. 601, I ORDER:

1. Approve:

1) Rules of limiting determination of amount of external debt of the quasi-public sector according to appendix 1 to this order;

2) the List of subjects of the quasi-public sector concerning which the limiting amount of external debt, according to appendix 2 to this order is determined.

2. To department of policy of management of obligations of the state and development of the financial sector of the Ministry of national economy of the Republic of Kazakhstan in the procedure established by the legislation to provide:

1) state registration of this order in the Ministry of Justice of the Republic of Kazakhstan;

2) within ten calendar days from the date of state registration of this order the direction it the copy in paper and electronic type in the Kazakh and Russian languages on official publication in periodic printing editions, and also in the Republican state company on the right of economic maintaining "The republican center of legal information" for official publication and inclusion in Reference control bank of regulatory legal acts of the Republic of Kazakhstan;

3) placement of this order on Internet resource of the Ministry of national economy of the Republic of Kazakhstan;

4) within ten working days after state registration of this order in the Ministry of Justice of the Republic of Kazakhstan submission to Legal department of the Ministry of national economy of the Republic of Kazakhstan of data on execution of the actions provided by subitems 1), 2) and 3) of this Item.

3. To impose control of execution of this order on the first vice-minister of national economy of the Republic of Kazakhstan.

4. This order becomes effective after ten calendar days after day of its first official publication.

Minister of national economy of the Republic of Kazakhstan

T. Suleymenov

It is approved

Minister of Finance of the Republic of Kazakhstan

"__" __________ 2018

 

_____________ B. Sultanov

Appendix 1

to the Order of the Minister of national economy of the Republic of Kazakhstan of April 18, 2018 No. 157

Rules of limiting determination of amount of external debt of the quasi-public sector

Chapter 1. General provisions

1. These rules of limiting determination of amount of external debt of the quasi-public sector (further – Rules) are developed according to Item 2 of Rules of coordination of amounts of the external loans of the quasi-public sector approved by the order of the Government of the Republic of Kazakhstan of September 28, 2017 No. 601, and determine procedure for limiting determination of amount of external debt of the quasi-public sector within the restrictions set by the Concept of forming and use of means of National fund approved by the Presidential decree of the Republic of Kazakhstan of December 8, 2016 No. 385 (further – the Concept of National fund), and the Concept of the new budget policy approved by the Presidential decree of the Republic of Kazakhstan of June 26, 2013 No. 590 (further – the Concept of new budget policy), except for transactions on intra group financing and non-state loans provided with the state guarantee.

2. The purpose of these rules is risk minimization of deterioration in indicators of stability of external debt of the country by means of effective management of portfolio of the loans attracted by the quasi-public sector.

3. The basic concepts used in these rules:

1) external debt – the amount for certain date of the received and outstanding loan amounts of the subject of the quasi-public sector before nonresidents of the Republic of Kazakhstan;

2) the external loan – the loan relations in which the nonresident of the Republic of Kazakhstan acts as the creditor, and borrower – the subject of the quasi-public sector.

Chapter 2. Procedure for limiting determination of amount of external debt of the quasi-public sector

4. Subjects of the quasi-public sector represent to the central authorized body on state planning till August 1 of the year previous planned forecast plans of borrowings and amounts of repayment of external debt for the planned financial year. Adjustment of plans of borrowings on condition of modification of development plans is allowed.

At the same time for limiting determination of amount of external debt for 2018 subjects of the quasi-public sector represent to the central authorized body on state planning till May 15, 2018 the approved plans of borrowings and amounts of repayment of external debt for 2018.

The limiting amount of external debt of the subject of the quasi-public sector for the end of the corresponding financial year is determined by total value of free reservoir of external loans for the corresponding financial year and external debt for the beginning of year taking into account forecast repayment of external debt in the corresponding financial year:

Dqe = Lye + Dqeb – With, where:

Dqe – limiting amount of external debt of the subject of the quasi-public sector for the corresponding financial year expressed at par value in tenge or in equivalent in US dollars;

Lye – free reservoir of external loans of the subject of the quasi-public sector for the corresponding financial year;

Dqeb – external debt of the subject of the quasi-public sector for the beginning of year;

With – the forecast of repayment of external debt of the subject of the quasi-public sector in the corresponding financial year.

The limiting amount of external loans of subjects of the quasi-public sector is determined according to the restrictions determined by the Concept of National fund and the Concept of new budget policy.

Limiting determination of amount of external debt of the subject of the quasi-public sector for the corresponding financial year:

1) in case the cumulative declared amount of external loans of subjects of the quasi-public sector is equal or less limiting amount of external loans of subjects of the quasi-public sector меньше равно(Lya Lp), then free reservoir of external loans of subjects of the quasi-public sector for year it is equal to the cumulative declared amount of external loans of subjects of the quasi-public sector:

Lye * = Lya, where:

Lye * – free reservoir of external loans of subjects of the quasi-public sector for the corresponding financial year;

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