RESOLUTION OF THE CABINET OF MINISTERS OF THE REPUBLIC OF UZBEKISTAN

of September 21, 2020 No. 573

About the organization of activities of guarantee fund for servicing of public debt under treasury of the Ministry of Finance of the Republic of Uzbekistan

For the purpose of ensuring timely, full and guarantee maintenance of public debt on the basis of the best international practices the DECIDES: Cabinet of Ministers

1. Create under Treasury of the Ministry of Finance of the Republic of Uzbekistan the Guarantee fund on servicing of public debt which does not have the status of the legal entity (further - the Guarantee fund).

2. Approve Regulations on procedure for forming and use of means of the Guarantee fund on servicing of public debt under Treasury of the Ministry of Finance of the Republic of Uzbekistan according to appendix No. 1 *, providing:

determination of sources of forming and directions of use of means of the Guarantee fund;

in non-realization cases timely and fully the organizations debtors or the refinancing banks of payments for debts on the projects and programs financed by public credits, repayment of these debts is performed at the expense of means of the Guarantee fund, with condition of their collection from the organizations debtors;

procedure for debt repayment at the expense of funds of the Guarantee fund and collection from debtors of the means extinguished at the expense of means of the Guarantee fund;

effective management of available funds of the Guarantee fund by their placement on temporary deposits, sales and purchases of foreign currency, and also investment into highly liquid securities;

accounting of means of the Guarantee fund.

3. Determine that:

in non-realization cases timely and fully the organizations debtors or the refinancing banks of payments for debts on the projects and programs financed by public credits, repayment of these debts is performed, first of all, at the expense of means of the Guarantee fund, and in case of insufficiency of means of the Guarantee fund - at the expense of means of the Government budget of the Republic of Uzbekistan;

the debt, the added penalty fee and penal damages extinguished at the expense of means of the Guarantee fund and means of the Government budget of the Republic of Uzbekistan return the organizations debtors or the refinancing banks respectively to the Guarantee fund or the Government budget of the Republic of Uzbekistan.

4. The organizations debtors or the refinancing banks for the projects and programs financed by public credits:

without fail provide the expenses connected with payments on debts in the business plans or expense budgets which are annually created the following financial year;

determine sources of additional incomes for the purpose of timely payment of debts.

5. Make changes to some decisions of the Government of the Republic of Uzbekistan according to appendix No. 2.

6. To the Ministry of Finance together with the interested ministries and departments till November 15, 2020 to make offers in the Cabinet of Ministers of the Republic of Uzbekistan on entering of corresponding changes and amendments into the Budget code of the Republic of Uzbekistan, proceeding from contents of this resolution.

7. To impose control of execution of this resolution on the deputy prime minister of the Republic of Uzbekistan on financial and economic questions and questions of reducing poverty - the Minister of Economic Development and reducing poverty of Kuchkarov D. A. and Minister of Finance of the Republic of Uzbekistan Ishmetov T. A.

*) Appendix No. 1 is not given.

Appendix No. 2

to the Resolution of the Cabinet of Ministers of the Republic of Uzbekistan of September 21, 2020 No. 573

The changes made to some decisions of the Government of the Republic of Uzbekistan

1. In Regulations on the procedure for collection of payment for provision of guarantees for the Republic of Uzbekistan on the attracted foreign loans approved by the resolution of the Cabinet of Ministers of January 8, 2004 No. 7:

a) state Item 2 in the following edition:

"2. The remunerations arriving from borrowers (subborrowers) on the attracted foreign secured loans of the Republic of Uzbekistan are considered as sources of forming of the income of the Guarantee fund under Treasury of the Ministry of Finance of the Republic of Uzbekistan and enlisted on the personal treasurer accounts of the Guarantee fund opened in foreign and national currency";

b) state item 4 in the following edition:

"4. Payments on guarantees of the Republic of Uzbekistan are established in the amount of at least 0,5 of annual interest rates from the remained outstanding amount.

Remuneration are not levied on the credits which source of payment are means of the Government budget";

c) state Item 8 in the following edition:

"8. The remunerations brought by borrowers (subborrowers) are not subject to return and remain at the disposal of the Guarantee fund under Treasury of the Ministry of Finance of the Republic of Uzbekistan".

2. In Regulations on procedure for use, servicing and return of the raised financial resources of Islamic development bank within construction of individual housing according to standard projects in the rural zone, No. 189 approved by the resolution of the Cabinet of Ministers of July 10, 2015:

a) consider Items 27 and 30 invalid;

b) to state the text of appendix to the Provision in the following edition:

"The scheme of return of financial resources, including markups, Islamic development bank within the "Construction of Individual Housing according to Standard Projects in the Rural Zone" project

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