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RESOLUTION OF THE CABINET OF MINISTERS OF THE KYRGYZ REPUBLIC

of June 24, 2022 No. 332

About accounting treatment for debts on budget credits in foreign currency

For the purpose of rendering the state support to the borrowers who obtained budget credits in foreign currency according to Article 31 of the Budget code of the Kyrgyz Republic, Articles 13, of the 17th constitutional Law of the Kyrgyz Republic "About the Cabinet of Ministers of the Kyrgyz Republic" the Cabinet of Ministers of the Kyrgyz Republic decides:

1. To the Ministry of Finance of the Kyrgyz Republic to restructure debt on budget credits in foreign currency and to establish accounting in the following procedure:

1) on the budget credits granted in foreign currency till July 1, 2022, extreme values of currency rates cannot exceed the official rates of the corresponding currencies determined as of February 1, 2022;

2) since July 1, 2022 accounting of the granted budget credits will be made with fixing in national currency on the official rate of the corresponding currency for date of provision of budget credits (money transfer, leave of commodity material resources, payment of contracts, etc.);

3) repayment periods of debt, rate of interest on credit and other terms for crediting remain according to earlier established conditions;

4) in case of the consent of borrowers with the above-stated conditions of restructuring to sign the corresponding supplementary agreements to earlier signed credit agreements (debt obligations).

2. Send this resolution for approval in Jogorku Kenesh of the Kyrgyz Republic.

3. To impose control of execution of this resolution on management of control of execution of decisions of the President and the Presidential Administration Cabinet of Ministers of the Kyrgyz Republic.

4. This resolution is subject to official publication and becomes effective from the effective date the relevant decision of Jogorku Kenesh of the Kyrgyz Republic.

Chairman of the Cabinet of Ministers of the Kyrgyz Republic

A. Zhaparov

 

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