RESOLUTION OF THE PRESIDENT OF THE REPUBLIC OF UZBEKISTAN

of October 27, 2021 No. PP-5268

About additional measures for decrease in the load of subjects of entrepreneurship connected with execution of credit obligations by them in foreign currency

For the purpose of ensuring subjects of entrepreneurship with long-term borrowing facilities, decrease in their currency risks, and also ensuring execution of the tasks determined within open dialogue of the President of the Republic of Uzbekistan with entrepreneurs who is carried out on August 20, 2021 on direct studying of problems and proposals of entrepreneurs and determination of the main directions of the subsequent development of entrepreneurship:

1. Take into consideration that the credits at the rate to 1 million US dollars allocated in foreign currency are transferred by commercial banks for the purpose of decrease in currency risks of subjects of entrepreneurship to national currency.

2. Determine that in case of transfer of the credits obtained in commercial banks in foreign currency of national currency by the State fund of support of business activity (further - Fund) compensation for a period of up to three years on covering of interest expenses in the part which is exceeding the main rate, but not exceeding 30 percent of the main rate, the credits of the subjects of entrepreneurship having current agreements about provision of compensation, not exceeding equivalent of 1 million US dollars which interest rate does not exceed 1, the 5-fold size of the main rate of the Central bank is provided.

At the same time recalculation of the operating amount of compensations on the specified credits is allowed to make Fonda and in proportion to change their general size.

3. Determine that since November 1, 2021 the loans (loans) attracted at the expense of means of the international financial institutions and the foreign government financial organizations (further - MFI and ZPFO) on behalf of the Republic of Uzbekistan in foreign currency for the purpose of financing of entrepreneurial projects, are refinanced to the financial organizations which are taking part in projects for the term of at least 10 years or for the term of their attraction.

4. To international cooperation and development agency under the Ministry of investments and foreign trade together with the ministries and departments responsible for the projects refinanced with participation of MFI and ZPFO to publish on permanent basis following the results of every quarter on the official website information on the subprojects financed within projects and also results of monitoring of their timely and effective realization.

5. Make change to the Regulations on the State fund of support of business activity for the Agency on development of entrepreneurship approved by the resolution of the Cabinet of Ministers of February 17, 2021 No. 77, it agrees prilozheniyu*.

* Appendix is given in Uzbek.

6. To the Ministry of Economic Development and reducings poverty together with the interested departments in two-month time to make in the Cabinet of Ministers offers on the changes and amendments in acts of the legislation following from this resolution.

7. Assign to the Minister of Finance T. A. Ishmetov, the First Deputy Minister of Economic Development and reducing poverty S. M. Holkhuzhayev and the first deputy minister of investments and foreign trade A. B. Voitov the personal responsibility for the effective organization of execution of this resolution.

Discussion of course of execution of this resolution, implementation of coordination and control of activities of the departments responsible for its execution to assign to deputy prime ministers D. A. Kuchkarovai of S. U. Umurzakov.

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