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PRESIDENTIAL DECREE OF THE KYRGYZ REPUBLIC

of March 4, 2022 unitary enterprise No. 70

About approval of the Procedure for forming and use of Stabilization fund of the Kyrgyz Republic

For the purpose of ensuring stable social and economic development, financing of urgent actions and decrease in dependence of economy on impact of adverse external factors, according to part 2 of Article 43-3 of the Budget code of the Kyrgyz Republic, being guided by article 71 of the Constitution of the Kyrgyz Republic, I decide:

1. Approve the Procedure for forming and use of Stabilization fund of the Kyrgyz Republic according to appendix.

2. To the Cabinet of Ministers of the Kyrgyz Republic to resolve the organizational and other matters following from this Decree.

3. I reserve control of execution of this Decree.

4. This Decree becomes effective after fifteen days from the date of official publication.

President of the Kyrgyz Republic

S. Zhaparov

Appendix

to the Presidential decree of the Kyrgyz Republic of March 4, 2022 No. 70

Procedure for forming and use of Stabilization fund of the Kyrgyz Republic

1. General provisions

1. This Procedure determines legal and organizational basis of forming and use of means of Stabilization fund of the Kyrgyz Republic (further - Stabilization fund).

2. The stabilization fund is the off-budget fund created for ensuring social and economic development of the Kyrgyz Republic and performing savings and stabilization functions.

3. The stabilization fund performs the activities according to requirements of the Constitution of the Kyrgyz Republic, the Budget code of the Kyrgyz Republic (further - the Budget code), other regulatory legal acts of the Kyrgyz Republic and this Procedure.

2. Purposes and tasks of Stabilization fund

4. Main objectives of Stabilization fund are:

- maintenance of stable social and economic development of the country;

- decrease in dependence of economy on impact of adverse external factors.

5. Tasks of Stabilization fund are:

- rational use of financial resources;

- creation of reserve for future generations;

- financing of separate actions and investment into financial and other instruments, including precious metals.

6. Money of Stabilization fund is allocated for the following purposes:

1) implementation of the state economic programs requiring the urgent solution;

2) creation, increase, updating, upgrade of fixed assets;

3) development of industries of economy;

4) financing of the protected expenditure items of the republican budget in case of sharp deterioration in economy and reducing budget receipts.

3. Sources and procedure for forming of Stabilization fund

7. The stabilization fund is created at the expense of the sources provided by the Budget code which arrive into the Single treasurer account opened in National Bank of the Kyrgyz Republic (further - National Bank).

8. Other income according to which decisions are made by the Cabinet of Ministers of the Kyrgyz Republic (further - the Cabinet of Ministers) can go to Stabilization fund.

9. Investment revenues from management of Stabilization fund are formed from placement of money of Stabilization fund in financial and other instruments, including precious metals.

10. Money of Stabilization fund is accumulated on accounts (somovy and currency) authorized state body on forecasting and budget implementation (further - authorized state body) in National Bank which are considered as one consolidated account for the cash accounting of Stabilization fund.

11. The money which arrived into the Single treasurer account according to Item 7 of this Procedure is transferred into the accounts of authorized state body intended for the cash accounting of Stabilization fund within ten working days after their transfer into the Single treasurer account.

12. The regulations of servicing of accounts on the cash accounting of Stabilization fund are provided in the agreement signed between authorized state body and National Bank.

4. Management of Stabilization fund

13. Governing bodies of Stabilization fund are:

1) the Supervisory board of Stabilization fund (further - the Supervisory board) - the supreme body of management providing transparency and effective use of means of Stabilization fund and performing the activities on a voluntary basis. The staff of the Supervisory board affirms the President of the Kyrgyz Republic. The chairman of the Supervisory board is the President of the Kyrgyz Republic, the vice-chairman - the Chairman of the Cabinet of Ministers of the Kyrgyz Republic - the Head of Administration of the President of the Kyrgyz Republic;

2) executive body - authorized state body, being the administrator of Stabilization fund providing money transfer in Stabilization fund, management of accounts of Stabilization fund, and also financing of actions according to subitems 1-4 of Item 6 of this Procedure.

14. The authorized state body prepares the draft of the schedule of work of the Supervisory board and submits it for consideration of the Supervisory board.

15. The supervisory board performs the following functions:

- determination of the list and projects (actions) within the state economic programs requiring financing from Stabilization fund;

- approval of policy and amount of money of the Stabilization fund directed to investments into financial and other instruments;

- approval of the schedule of work of the Supervisory board;

- approval of the report on receipts and use of means of Stabilization fund at the regular meeting;

- decision making on cases in point;

- control of use of money of Stabilization fund and execution of solutions of the Supervisory board.

16. The supervisory board has the right in the procedure established by the legislation of the Kyrgyz Republic and within the competence to involve representatives of state bodies, and also institutes of civil society in discussion of questions of activities of Stabilization fund.

17. Meetings of the Supervisory board are held according to the schedule, and also as required under the leadership of the chairman of the Supervisory board or person authorized by the chairman.

18. The meeting is competent with the assistance of most of members of the Supervisory board.

19. Decisions are made by a majority vote structure of the Supervisory board, and in case of equal number of votes, the final decision is made by the chairman of the Supervisory board.

20. Results of consideration of questions at meeting of the Supervisory board are drawn up by protocols of meetings and solutions of the Supervisory board. Protocols and decisions are signed by the chairman of the Supervisory board or person presiding over meeting and the members of the Supervisory board who are present at meeting. Copies of protocols and decisions are stored at executive body of the Supervisory board.

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