RESOLUTION OF THE CABINET OF MINISTERS OF THE KYRGYZ REPUBLIC

of January 11, 2024 No. 6

About approval of the Regulations on procedure for release, accounting, use and repayment of digital treasury obligations of the Ministry of Finance of the Kyrgyz Republic

For the purpose of effective management of public finances, development of digital technologies, creation of the new tool of government securities, according to Article 60 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. Approve Regulations on procedure for release, accounting, use and repayment of digital treasury obligations of the Ministry of Finance of the Kyrgyz Republic according to appendix.

2. Determine the state company "Infosistems" under the Ministry of Finance of the Kyrgyz Republic the technical operator of special program platform.

3. Declare invalid the resolution of the Cabinet of Ministers of the Kyrgyz Republic "About approval of the Regulations on procedure for release and use of digital treasury obligations of the Ministry of Finance of the Kyrgyz Republic" of November 4, 2022 No. 606.

4. 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.

5. This resolution becomes effective after ten days from the date of official publication.

Appendix

to the Resolution of the Cabinet of Ministers of the Kyrgyz Republic of January 11, 2024 No. 6

Regulations on procedure for release, accounting, use and repayment of digital treasury obligations of the Ministry of Finance of the Kyrgyz Republic

Chapter 1. General provisions

1. This Provision regulates procedure for release, accounting, use and repayment of digital treasury obligations of the Ministry of Finance of the Kyrgyz Republic (further - authorized state body).

2. The digital treasury obligation is the paperless government security registered in special program platform of authorized state body, granting the right to its owner on use for repayment of obligations to budgets of the budget system of the Kyrgyz Republic and before suppliers of goods, works and services and also to demand satisfaction of monetary claim from the issuer after carrying out all payment under obligations to the government budget and before the suppliers of goods, works and services.

3. The Ministry of Finance of the Kyrgyz Republic acts as the issuer of digital treasury obligations.

4. The authorized state body determines conditions, parameters and procedures for use of digital treasury obligations in special program platform.

5. Digital treasury obligations are used only between the participants registered in special program platform for mutual calculations with opportunity to demand from the issuer of satisfaction of monetary claim on the available digital treasury obligations.

6. Use of digital treasury obligations is not limited to terms.

7. Nominal value of one digital treasury obligation is equal to 1 som.

Chapter 2. Determinations and terms

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

1) the owner of digital treasury obligation - the budgetary institution or legal/physical person registered as the participant in special program platform owning digital security;

2) digital treasury obligation - the termless, interest-free and paperless government security of authorized state body nominated in national currency, issued for settlement of obligations of the registered participants, and also their obligations to the government budget;

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

4) use of digital treasury obligations - transfer of digital treasury obligations between the registered participants in special program platform on account of repayment of obligations for the provided goods, works and services;

5) repayment of digital treasury obligations - transfer by the owner of digital treasury obligations on account of repayment of tax, non-tax and other liabilities before budgets of the budget system of the Kyrgyz Republic, and also transfer of monetary claim into accounts of holders of digital treasury obligations in commercial banks;

6) the digital treasurer order - the treasurer tool by means of which transfer and receipt of means between the registered participants in special program platform is made.

Chapter 3. Purposes of release of digital treasury obligations

9. Digital treasury obligations are issued for the purpose of settlement of obligations of budgetary institutions, legal entities and physical persons, and also their obligations to budgets of the budget system of the Kyrgyz Republic.

10. Release of digital treasury obligations on settlement of obligations of budgetary institutions is performed based on the decision of authorized state body.

Chapter 4. Procedure for release, accounting and use of digital treasury obligations

11. Digital treasury obligations of authorized state body are issued in electronic (paperless) form in special program platform.

12. In case of release of digital treasury obligations date of issue, parameters of each release which will contain in special program platform shall be specified.

13. Each release of digital treasury obligations has the unique number.

14. Data on release of digital treasury obligations contain in the online magazine of registration and accounting of digital treasury obligations in special program platform.

15. Release of digital treasury obligations and registration of right of possession by transfer between the registered participants on account of repayment of obligations for the delivered goods, work and service is performed in the online magazine. The owner by transfer of digital treasury obligations to the third parties creates and confirms the digital treasurer order in special program platform.

16. In the online magazine in special program platform record of movement of each digital treasury obligation is kept.

17. Release of digital treasury obligations is performed only in case of coordination with budgetary institutions and suppliers of goods, works and services of payment terms by digital treasury obligations for subsequent use on repayment of tax, non-tax and other liabilities before budgets of the budget system of the Kyrgyz Republic, obligations to suppliers of goods, works and services with possibility of monetary claim on remaining balance on digital treasury obligations.

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