The agreement between the Government of the Republic of Tajikistan and the Government of the Russian Federation on debt restructuring of the Republic of Tajikistan on the public credits granted by the Russian Federation

of February 12, 1997

The government of the Republic of Tajikistan and the Government of the Russian Federation which are hereinafter referred to as with the Parties

recognizing need of the fastest settlement of problem of overdue payments on repayment and servicing of the public credits granted by the Russian Federation to the Republic of Tajikistan

considering difficult economic situation in the Republic of Tajikistan,

in view of efforts of the Government of the Republic of Tajikistan on implementation of the program of economic reforms begun with assistance of the International Monetary Fund and other international financial institutions and directed to stabilization of finance and national currency

agreed as follows:

Article 1

The Russian side grants to the Tajik Side delay on payment:

a) the payments delayed in 1995 in the amount of 67, 27 million US dollars in repayment of principal debt on the public credit granted by the Russian Federation to the Republic of Tajikistan according to the Agreement on provision by the Government of the Russian Federation to the Government of the Republic of Tajikistan of public credit in cash Russian rubles for their one-time exchange for rubles of sample of 1961-1992 in the territory of the Republic of Tajikistan of November 23, 1993;

6) the payments delayed in 1996 in the amount of 35, 74 million US dollars, in repayment of principal debt on the loans granted by the Russian Federation according to the following agreements:

The agreement between the Government of the Republic of Tajikistan and the Government of the Russian Federation on renewal of debt on the technical credits following the results of 1992 and January-April, 1993 in public credit to the Government of the Republic of Tajikistan of May 15, 1993;

The agreement between the Government of the Republic of Tajikistan and the Government of the Russian Federation on renewal of debt on the technical credits following the results of January-June, 1992 and January-June, 1993 in public credit to the Government of the Republic of Tajikistan of July 20, 1993;

The agreement between the Government of the Republic of Tajikistan and the Government of the Russian Federation on public credit for 1993 of July 20, 1993;

The agreement on provision by the Government of the Russian Federation to the Government of the Republic of Tajikistan of public credit in cash Russian rubles for their one-time exchange for rubles of sample of 1961-1992 in the territory of the Republic of Tajikistan of November 23, 1993:

The agreement between the Government of the Republic of Tajikistan and the Government of the Russian Federation on public credit for 1994 of April 13, 1994 regarding the means issued till July 1, 1996;

c) the payments which are subject to payment in 1997 in the amount of 35, 88 million US dollars in repayment of principal debt on the loans granted by the Russian Federation according to the agreements specified in the Item of this Article;

d) the payments which are subject to payment in 1998-2000 in the amount of 107, 63 million US dollars in repayment of principal debt on the loans granted by the Russian Federation according to the agreements specified in the Item of this Article;

e) the added percent in the amount of 41, 18 million US dollars for use in 1993-1996 of the credit till July 1, 1996.

Repayment of the specified debt in the amount of 287, in 7 million US dollars will be made during 1999-2008, from them in 1999 - 11.7 million US dollars, in 2000 - 20, by 0 million US dollars and in 2001-2008 - annually in the amount of 1/8 parts of the amount of the restructured debt remaining after introduction of payments in 1999 and 2000. Within every year payments will be made by quarterly equal shares, no later than the 30th day of the last month of every quarter.

Article 2

On the amount of the debt delayed according to Article 1 of this agreement since January 1, 1997 percent on rate of 2,8 of annual interest rate are charged and paid quarterly, no later than the 30th day of the last month of every quarter. The first payment will be made till June 30, 1997.

Article 3

The Tajik Side can perform repayment of principal debt on the public credits granted by the Russian Side in the property form and other forms of return which are not contradicting legislations of the parties. In this case the Parties will sign the corresponding intergovernmental agreement.

Article 4

The Tajik Side shall service and repay the debt to the Russian Federation in priority procedure, using for this purpose including part of the international financial aid provided to the Republic of Tajikistan.

Article 5

Obligations of the Tajik Side under this agreement are unconditional and all payments according to this agreement will be made without any withdrawals, deduction and offsets of any kind, and also will be free and cleared of all taxes, the commissions and charges existing in the territory of the Republic of Tajikistan.

If these obligations are not fulfilled by the Republic of Tajikistan, the delays granted according to Articles 1 and 2 of this agreement stop the action, all delayed amounts become urgent and shall be without delay paid.

Article 6

The parties charge to authorized banks to make consolidation of the available debt on public credits and to bring the corresponding amendments in technical procedure for servicing of public credit following from this agreement.

Article 7

This agreement becomes effective from the date of the last notification on accomplishment of the interstate procedures by the Parties necessary for its entry into force, and stops the action from the date of full implementation of the obligations by the Tajik Side under this agreement.

It is made in Dushanbe on February 12, 1997 everyone in the Tajik and Russian languages, and both texts are equally authoritative.

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