LAW OF THE AZERBAIJAN REPUBLIC

of May 22, 2007 No. 334-IIIQ

About public debt

This Law regulates implementation of state loans and provision of the state guarantees, and also the relations between the subjects who are taking part in national debt management.

Article 1. The basic concepts used in this Law

This Law uses the following concepts:

1.1. public debt - the debt which is subject to payment according to obligations from the agreements signed on behalf of the Azerbaijan Republic;

1.2. internal public debt - the debt which is subject to payment according to obligations from the agreements signed on behalf of the Azerbaijan Republic with residents of the Azerbaijan Republic;

1.4. the state guarantee - the financial liability which was undertaken by the Azerbaijan Republic according to the procedure, established by this Law on complete or partial obligation fulfillment before the creditor on debt in case of not return to the creditor by the main borrower of debt according to conditions and terms of return coordinated with the creditor;

1.5. state loan - attraction for certain term on behalf of the Azerbaijan Republic of financial resources in case of approval of the creditor of conditions of their return by residents and nonresidents of the Azerbaijan Republic;

1.5. state loan - attraction for certain term on behalf of the Azerbaijan Republic of financial resources in case of approval of the creditor of conditions of their return by residents and nonresidents of the Azerbaijan Republic;

1.6. the register of public debts and state гарантийреестр, conducted in the procedure established by this Law for the purpose of accounting of public debts and state guarantees and management of them;

1.7. the main borrower - the legal entity having debt on the obligation guaranteed by the state;

1.8. the user - the legal entity or the state body using based on the repeated agreement the debt means received by state loans and provided to return at the expense of the government budget;

1.9. the repeated agreement - the agreement signed between relevant organ of the executive authority and the main borrower, determining conditions of distribution, use and return (does not extend to users) state loans and/or means received under the state guarantee;

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