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The document ceased to be valid since  November 25, 2014 according to Item 2 of the Order of the Government of the Kyrgyz Republic of  November 18, 2014 No. 656

ORDER OF THE GOVERNMENT OF THE KYRGYZ REPUBLIC

of June 2, 2008 No. 258

About approval of the Regulations on procedure for consideration of offers on change of terms of return of borrowed funds on the budget advances and the foreign credits recredited by the Government of the Kyrgyz Republic

(as amended on on May 18, 2009)

For the purpose of enhancement of management system credit risks by change of terms of return of the borrowed funds issued from the republican budget of the Kyrgyz Republic and also at the expense of means of the foreign grants and the credits recredited by the Government of the Kyrgyz Republic, the Government of the Kyrgyz Republic decides:

1. Approve the enclosed Regulations on procedure for consideration of offers on change of terms of return of borrowed funds on the budget advances and the foreign credits recredited by the Government of the Kyrgyz Republic.

2. Recognize invalid Items 7.1 - 7.5 Provisions on procedure for placement of the budget advances and the foreign credits recredited by the Government of the Kyrgyz Republic, No. 518 approved by the order of the Government of the Kyrgyz Republic of August 24, 2000 "About enhancement of the mechanism of placement of the budget advances and foreign credits recredited by the Government of the Kyrgyz Republic".

3. To impose control over the implementation of this resolution on the Ministry of Finance of the Kyrgyz Republic.

 

Prime Minister I. Chudinov

Approved by the order of the Government of the Kyrgyz Republic of June 2, 2008 No. 258

Regulations on procedure for consideration of offers on change of terms of return of borrowed funds on the budget advances and the foreign credits recredited by the Government of the Kyrgyz Republic

1. General provisions

1. This Provision establishes procedure for change of terms of return of the borrowed funds issued at the expense of means of the republican budget, the foreign credits recredited by the Government of the Kyrgyz Republic, and also issued in the form of commodity loans from the state material reserve of the Kyrgyz Republic, the state seed fund and at the expense of the grants provided to the Government of the Kyrgyz Republic by the governments of foreign states (further - borrowed funds).

2. This Provision is developed based on the regulations established by the Civil code of the Kyrgyz Republic, the Law of the Kyrgyz Republic "About the basic principles of the budget right in the Kyrgyz Republic" and other regulatory legal acts.

3. Decisions on change of terms of return of debts of business entities on borrowed funds are made by the Government of the Kyrgyz Republic.

4. Change of terms of return of borrowed funds according to the credit agreement or debt obligation (further - the credit agreement) is made in case of approach of natural disasters, and also in case of the financial straits excluding possibility of execution of contractual commitments in terms and the amounts established by the credit agreement. In this case the measures taken by the borrower shall be directed to stabilization of its activities and activization further repayments of obligations.

2. Conditions of change of return of borrowed funds

5. In the presence of the bases provided by this Provision, the Ministry of Finance of the Kyrgyz Republic submits the following offers for consideration of the Government of the Kyrgyz Republic:

- about change of dates of termination of return of remaining balance of borrowed funds;

- about change of terms of the beginning of return of remaining balance of borrowed funds;

- about interest rate realignment for use of borrowed funds;

- about interest rate realignment for charge of penalties or the raised interest rate for use of borrowed funds in case of delay of payments;

- about change of the period of payments in debt repayment on the main amount, the amounts for use of borrowed funds and penalties;

- about change of repayment period of accrued fines for overdue payments on return of borrowed funds;

- about change of terms of return of debt of business entity in connection with natural disasters and other emergency situations.

6. Change of terms of the beginning and the end of return of borrowed funds, is made in case of approach of natural disasters, and also emergence of financial straits when the debtor for getting out of crisis state provides reconstruction of the company, enhancement or the replacement of technological production providing further growth in volumes of production and competitiveness of products, and also the force majeur circumstances requiring considerable time and finance costs.

7. Date of termination of return of borrowed funds depending on debt remaining balance in general under the agreement (including the main amount, interest for using borrowed funds and penalties) can be prolonged:

- in case of debt remaining balance to 1, 0 million som - no more than for 2 years;

- in case of debt remaining balance from 1, 0 million som to 10, 0 million som - no more than for 4 years;

- in case of debt remaining balance from 10, 0 million som to 20, 0 million som - no more than for 7 years;

- in case of debt remaining balance from 20, 0 million som to 50, 0 million som - no more than for 10 years;

- in case of debt remaining balance 50, one million som and more - not from above than for 15 years.

8. Date of termination of return of borrowed funds according to the credit agreement or debt obligation of the industrial enterprises in case of approach of natural disasters and also which are in the financial difficulties excluding possibility of execution of contractual commitments properly can be prolonged:

- in case of debt remaining balance to 1, 0 million som - no more than for 5 years;

- in case of debt remaining balance from 1, 0 million som to 10, 0 million som - no more than for 10 years;

- in case of debt remaining balance from 10, 0 million som to 20, 0 million som - no more than for 15 years;

- in case of debt remaining balance from 20, 0 million som to 50, 0 million som - no more than for 20 years;

- in case of debt remaining balance from 50, one million som and more - not over 25 years.

9. Change towards interest rate decrease for use of borrowed funds and rate can be made for charge of penalties if working conditions of the borrower owing to circumstances considerably changed. At the same time there was situation when the amounts added for use of borrowed funds and for delay of payments were disproportionate to the amount of principal debt and come nearer or exceed the main amount issued according to the credit agreement.

The changed interest rates for use of borrowed funds cannot be less 2,5 of percent. The increased percent including interest for using borrowed funds and percent on charge of penalties cannot be less 5,0 of percent.

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