Document from CIS Legislation database © 2003-2021 SojuzPravoInform LLC

LAW OF THE REPUBLIC OF TAJIKISTAN

of December 11, 1999 No. 886

About the state and guaranteed by the state borrowing and debt

(as amended of the Law of the Republic of Tajikistan of 25.06.2021 No. 1795)

This Law governs the relations arising in the course of the state borrowing by authorized bodies of the Republic of Tajikistan and the non-state borrowing by residents of the Republic of Tajikistan provided with the state guarantees and also in process of management of the state and guaranteed by the state debt.

Chapter I. General provisions

Article 1. Basic concepts

In this Law the following concepts are used:

1) state loan - loan in which the Government of the Republic of Tajikistan acts as the borrower;

2) public debt - the amount of the obtained and outstanding state loans for certain date;

3) the state guarantee - the obligation of the Government of the Republic of Tajikistan to the creditor fully or partially to repay the debt in case of failure to pay by the resident borrower the Republic of Tajikistan the amount which is due from it at the scheduled time;

4) the debt guaranteed by the state - the amount for certain date of the obtained and outstanding non-state loans having the state warranties;

Guaranteed by the state I will jam 5) - non-state loan on which the state warranty is had;

6) the agreement (agreement) on loan - the document fixing legal relationship owing to which the borrower receives means of loan and incurs obligations to the creditor on their return and (or) on interest payment, and also other payments connected with loan;

7) limit of public debt - the fixed amount of the obtained and outstanding state loans planned in the government budget for the corresponding year which the actual public debt for the end of financial year shall not exceed;

8) limit of provision of the state guarantees - the fixed amount approved as a part of the government budget for the corresponding financial year within which the state guarantees can be issued;

9) limit of the state borrowing - the amount of attraction of new state loans established in the government budget for limiting corresponding year;

10) residents:

a) the physical persons having the permanent residence in the Republic of Tajikistan, including temporarily being outside the Republic of Tajikistan;

b) the legal entities created and registered according to the legislation of the Republic of Tajikistan with the location in the Republic of Tajikistan;

c) the companies and the organizations, not being legal entities, but created according to the legislation of the Republic of Tajikistan, with the location in the Republic of Tajikistan;

d) the diplomatic, trade and other official representations of the Republic of Tajikistan which are outside the Republic of Tajikistan;

e) the branches and representations of the residents specified in subitems "b" and "v" of this Item which are outside the Republic of Tajikistan;

11) nonresidents: the legal entities and physical persons which are not residents;

12) external - loan or debt in case of which creditor is the nonresident at the time of borrowing;

13) internal - loan or debt in case of which creditor is the resident at the time of borrowing;

14) government securities - bonds (bill of exchange) of the state borrowing;

15) the program of the state investments - the program of investment of public funds both loan, and own, to priority sectors of economy, approved by the Government of the Republic of Tajikistan;

16) counterguarantee - the guarantee of bank of the Republic of Tajikistan issued for benefit of the Ministry of Finance of the Republic of Tajikistan as ensuring receipt of the state guarantee in the Republic of Tajikistan for benefit of the creditor on loan of resident of the Republic of Tajikistan.

Article 2. The legislation of the Republic of Tajikistan on the state and guaranteed by the state borrowing and debt

The legislation of the Republic of Tajikistan on the state and guaranteed by the state borrowing and debt is based on the Constitution of the Republic of Tajikistan and consists of this Law, other laws of the Republic of Tajikistan and international treaties recognized by Tajikistan.

Article 3. Purpose of the state borrowing

The purpose of the state borrowing consists in attraction of necessary means for budget implementation and repayment of public debt.

The means received on state loans are enlisted in the government budget and used according to the procedure of budget implementation, including by non-paid use (the budget expenditure) or provision on returnable basis to internal borrowers (final borrowers).

Article 4. Limits on the state borrowing, public debt and the state guarantees

Limits of internal and external state borrowing, internal and external public debt and the state guarantees are established in the law on the government budget of the Republic of Tajikistan for the corresponding year.

Limits are set in national and foreign currencies. The limit is considered observed if its parameters in one of the stipulated currencies are sustained.

The amount of public debt which arises upon transition of the state guarantee to public debt is not considered in case of assessment of observance of the set limit of public debt.

If the involved state borrowing goes for repayment of the come obligations on return of the main part of public debt, the amount of this borrowing corresponding to the amount of the forthcoming payments is not considered in case of assessment of observance of the set limit of the state borrowing.

Article 5. Powers of state bodies in the field of the state borrowing and national debt management

Majlisi namoyandagon of the Republic of Tajikistan:

performing the rights granted to it by the Constitution of the Republic of Tajikistan, approves the government budget and grants permission for issue and receipt of public credit.

Government of the Republic of Tajikistan (further "Government"):

1) annually in case of creation of the draft of the government budget adopts the program of borrowing the forthcoming year according to which the state borrowing taking into account the budget policy of the state and the program of the state investments will be performed;

2) makes the decision on need of attraction of the state or guaranteed by the state loans;

3) the procedure for negotiation with creditors determines, signings of the relevant documents by loan, obtaining, accounting and use of means of loan, and also servicing and repayment of state loans;

4) will be organized by national debt management;

5) determines as a part of the draft of the government budget for the next financial year the amount of the state loans arriving in this budget, limits of public debt, the state borrowing, limits on the issued state guarantees and the amount of the means intended for servicing of public debt and also the amount of necessary budget reserve for servicing of obligations on the issued state guarantees;

6) establishes competence of state bodies in the state borrowing and national debt management;

7) performs general coordination of activities of state bodies in the field of the state borrowing and national debt management;

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