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RESOLUTION OF THE CABINET OF MINISTERS OF THE REPUBLIC OF UZBEKISTAN

of December 31, 2008 No. 290

About additional measures for financial and credit support of the export companies

(as amended on 16-08-2017)

For the purpose of ensuring execution of Item 1.6 of the Program of measures for support of the companies of key branches of real production sector, to ensuring their stable work and increase in the export potential approved by the Presidential decree of the Republic of Uzbekistan of November 28, 2008 No. UP-4058, and also implementation of measures for financial and credit support of the export companies to stimulation of growth of investment activity and upgrade of the companies of real production sector, assistance to employment increase of the population and creation of new workplaces the Cabinet of Ministers decides:

1. Provide to the Republican commission on the realization of economically insolvent companies to commercial banks (daleekomissiya) formed according to the Presidential decree of the Republic of Uzbekistan of November 18, 2008 No. UP-4053, the right of consideration of appeals of the export companies for restructuring of the amount of overdue and current debt and to write-off of penalties and penalty fee on the credits of banks.

2. Approve Provisional regulations for procedure for consideration by the Commission of appeals of the export companies for restructuring of the amount of overdue and current debt and to write-off of penalties and penalty fee on the credits of banks according to appendix.

3. Assign to the Commission:

coordination of activities of commercial banks concerning restructuring of the amounts of overdue and current debt and write-off of penalties and penalty fee of the export companies for earlier loans of banks;

rendering assistance in achievement of forecast parameters of new construction by the companies, upgrades, technical and technological rearmament of production, sales of goods (works, services) at the expense of the credits issued from the target funds allocated for increase in capitalization of banks according to the acts of the President of the Republic of Uzbekistan adopted in 2008 from budgetary funds, fund of reconstruction and development of the Republic of Uzbekistan and other shareholders;

consideration on monthly basis of information of working body on the done work.

4. To impose control of execution of this resolution on the First Deputy Prime Minister of the Republic of Uzbekistan Azimov R. S.

Prime Minister of the Republic of Uzbekistan

Shavkat Mirziyoyev

 

Appendix

to the Resolution of the Cabinet of Ministers of the Republic of Uzbekistan of December 31, 2008 No. 290

Provisional regulations for procedure for consideration by the Republican commission on realization of economically insolvent companies to commercial banks of appeals of the export companies for restructuring of the amount of overdue and current debt and write-off of penalties and penalty fee on the credits of banks

I. General provisions

1. These Provisional regulations determine procedure for consideration by the Republican commission on the realization of economically insolvent companies to commercial banks (further - the Commission) formed according to the Presidential decree of the Republic of Uzbekistan of November 18, 2008 No. UP-4053, of appeals of the export companies for restructuring of the amount of overdue and current debt and to write-off of penalties and penalty fee on the credits of banks.

2. For the purposes of these Provisional regulations the following basic concepts are used:

working body - the State committee of the Republic of Uzbekistan on assistance to the privatized companies and development of the competition;

the export company - the company registered as the legal entity in the territory of the Republic of Uzbekistan, exporting goods (works, services) own production, the performing new construction, upgrade, technical and technological rearmament of production and experiencing temporary financial difficulties in connection with decrease in export prices and demand for export products;

bank - the commercial bank which granted to the export company the loan;

restructuring of the amount overdue and current zadolzhennostiizmeneniye of the initial or earlier reviewed terms of the contract on the loan granted to the export company regarding prolongation of terms of repayment of the loan and interest payment, provision of delay (payment by installments) for repayment of overdue debt on the credit in connection with temporary deterioration in financial condition of the specified export company;

write-off of penalties and penalty fee on the credits - reduction of debt of the export company to bank by the amount of the applied penalties and the added penalty fee for untimely repayment of principal debt in connection with temporary deterioration in financial condition of the specified export company;

the appeal of the export company - the official written appeal (petition) of the export company for restructuring of the amount of overdue and current debt and to write-off of penalties and penalty fee on the credits of banks.

3. Operation of these Provisional regulations extends only to activities of the export companies providing implementation of investment projects on implementation of new construction, upgrade, technical and technological rearmament of production worth over 500 thousand dollars of the USA in equivalent, in the presence:

the reasonable financial plan on decrease in product cost (works, services) is at least, than for 20 percent, including reducing materials consumption and power consumption of production, increase in profitability and profitability of production, enhancement of management of financial flows and optimizations of excessive established posts;

earlier performed stable export deliveries of goods (works, services) of own production of at least 30 percent of the annual made products and having the existing export contracts before reduction of prices and demand for export products as a result of impact of the global financial crisis.

4. The commission coordinates activities of the Ministry of Economics, Ministry of Finance of the Republic of Uzbekistan and banks in the field of consideration of questions on restructuring of the credits of the export companies.

II. Main functions of the Commission

5. For accomplishment of the assigned tasks the Commission performs the following functions:

consideration of the conclusions of banks, the Ministries of Economics and the Ministries of Finance of the Republic of Uzbekistan concerning restructuring of the amount of overdue and current debt and write-off of penalties and penalty fee on the credits of banks of the export companies;

control of consideration from banks, the Ministry of Economics and the Ministry of Finance of the Republic of Uzbekistan documentation on restructuring of the amount of overdue and current debt and to write-off of penalties and penalty fee on the credits of banks of the export companies at the scheduled time;

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