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RESOLUTION OF THE CABINET OF MINISTERS OF THE KYRGYZ REPUBLIC

of November 4, 2022 No. 616

About measures for repayment of accounts payable of state bodies and financing of construction objects by release of treasury obligations

For the purpose of ensuring repayment of accounts payable of state bodies of the Kyrgyz Republic before suppliers of goods, works and services, and also financings of construction objects, according to 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. Approve:

1) Regulations on procedure for release and repayment of treasury obligations of the Ministry of Finance of the Kyrgyz Republic according to appendix 1;

2) Regulations on the State book of registration and accounting of treasury obligations of the Ministry of Finance of the Kyrgyz Republic according to appendix 2;

3) Regulations on procedure for repayment of accounts payable of state bodies and financing of construction objects by release of treasury obligations of the Ministry of Finance of the Kyrgyz Republic according to appendix 3.

2. Determine that heads of state bodies bear the personal responsibility for accuracy of the data by provision of information on accounts payable, and also about construction objects.

3. This resolution becomes effective within ten days from the date of official publication.

4. Declare invalid the resolution of the Cabinet of Ministers of the Kyrgyz Republic "About approval of the mechanism of repayment of accounts payable of state bodies by release of treasury obligations" of December 10, 2021 No. 304.

Chairman of the Cabinet of Ministers of the Kyrgyz Republic

A. Zhaparov

Appendix 1

to the Resolution of the Cabinet of Ministers of the Kyrgyz Republic of November 4, 2022 No. 616

Regulations on procedure for release and repayment of treasury obligations of the Ministry of Finance of the Kyrgyz Republic

1. General provisions

1. This Provision regulates procedure for release and repayment of treasury obligations of the Ministry of Finance of the Kyrgyz Republic (further - authorized/state body on forecasting and execution the budget/Ministry of Finance of the Kyrgyz Republic).

2. Treasury obligations are personalized government securities. The Ministry of Finance of the Kyrgyz Republic acts as the issuer of treasury obligations.

3. Treasury obligations can act as pledge.

4. Treasury obligations are the document granting the right at the scheduled time to unconditional satisfaction of monetary requirement which the owner of treasury obligation imposes on the issuer.

2. Determinations and terms

5. In this Provision the following determinations and terms are applied:

1) the owner of security - the physical person or legal entity owning security;

2) treasury obligation - the long-term security of authorized state body on forecasting and budget implementation nominated in national currency, issued for settlement of obligations of state bodies and financing of construction objects;

3) issuer - The Ministry of Finance of the Kyrgyz Republic acting on behalf of the Cabinet of Ministers of the Kyrgyz Republic;

4) repayment of treasury obligations - transfer of nominal value into accounts of holders of treasury obligations of repayable release;

5) repayment of payments for the coupon - transfer of payments for the coupon into accounts of holders of treasury obligations.

3. Conditions of need of release

6. Treasury obligations are issued for the purpose of settlement of obligations on accounts payable of state bodies and financing of construction objects.

7. Release of treasury obligations for settlement of obligations and financing of construction objects can be performed only based on the order of authorized body.

4. Procedure for release of treasury obligations

8. Treasury obligations of authorized body are issued in paper form.

9. Release of treasury obligations is performed by series according to orders of authorized body in which shall be specified date, conditions of release and repayment of each series of treasury obligations.

10. Each release of treasury obligations has the unique number of series.

11. Each treasury obligation of one series has the unique number.

12. Parameters of treasury obligations are determined by authorized body and established in each treasury obligation.

13. Charge of percent on treasury obligations for settlement of accounts payable of state bodies is not provided (interest-free). At the same time the issuer has the right of release of coupon treasury obligations for financing of construction objects.

14. Data on release of each series of treasury obligations are entered in the State book of registration and accounting of treasury obligations of the Kyrgyz Republic (further - the State book).

15. Release of treasury obligations and registration of right to claim by transfer to the third parties of treasury obligations are performed by authorized body. The owner by transfer of treasury obligations to the third parties officially informs the Ministry of Finance of the Kyrgyz Republic.

16. In case of the making of transactions of purchase and sale and other transactions involving transfer of right of possession treasury obligations including the mortgage relations, record about making of transaction on reverse side of treasury obligations is made. This record shall be registered in the State book.

17. The taxation of the income on treasury obligations is performed according to the tax legislation of the Kyrgyz Republic.

5. Repayment of treasury obligations

18. Repayment of treasury obligations and condition of payments for the coupon is determined by the issuer at the time of release of treasury obligations.

Payments of coupon payments and repayment of treasury obligations are performed by authorized body by money transfer according to conditions of release of treasury obligations into accounts of final holders in repayment day of treasury obligations and coupon payments on treasury obligations according to records of the State book of registration and accounting of treasury obligations.

19. Repayment of treasury obligations is performed after approach of the repayment date specified in treasury obligations and the order of authorized body included in the State book.

20. The owner represents treasury obligations for repayment to the Ministry of Finance of the Kyrgyz Republic which draws up the corresponding delivery-acceptance certificate. The procedure of repayment of treasury obligations is performed according to Regulations on the State book.

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