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ORDER OF THE GOVERNMENT OF THE REPUBLIC OF KAZAKHSTAN

of June 15, 2009 No. 906

About approval of Rules of determination of limit of government debt and debt of local executive body, limits of provision of the state guarantees and guarantees of the state

(The last edition from 19-10-2018)

According to the subitem 2) of Item 1 of Article 203 of the Budget code of the Republic of Kazakhstan of December 4, 2008 the Government of the Republic of Kazakhstan DECIDES:

1. Approve the enclosed Rules of determination of limit of government debt and debt of local executive body, limits of provision of the state guarantees and guarantees of the state.

2. This resolution becomes effective from the date of signing.

Prime Minister of the Republic of Kazakhstan

K. Masimov

Approved by the Order of the Government of the Republic of Kazakhstan of June 15, 2009 No. 906

Rules of determination of limit of government debt and debt of local executive body, limits of provision of the state guarantees and guarantees of the state

1. General provisions

1. These rules of determination of limit of government debt and debt of local executive body, limits of provision of the state guarantees and guarantees of the state (further - Rules) are developed in compliance by the Budget code of the Republic of Kazakhstan of December 4, 2008 (further - the Budget code) and determine procedure for determination of limit of government debt and debt of local executive body, limits of provision of the state guarantees and guarantees of the state.

2. The size of limits of government debt and debt of local executive body, limits of provision of the state guarantees and guarantees of the state is rounded with an accuracy of one thousand tenges.

2. Procedure for determination of limit of government debt and debt of local executive bodies

3. The limit of government debt for the corresponding financial year is created proceeding from limit of the government debt on the end of the year preceding the planned financial year of the total amount of financing of deficit of the republican budget due to government borrowing in the domestic market and government borrowing in the foreign market in the planned financial year taking into account settlement rate of currency exchange according to appendix 1 to these rules and submitted for consideration of the Republican budget commission.

3-1. Refining of limit of government debt is made in cases of scope change of deficit of the republican budget established for the planned financial year or settlement rate of currency exchange when refining the republican budget within the corresponding financial year.

3-2. The limit of government debt can be exceeded in case of change of the market rate of currency exchange in relation to settlement rate of tenge to the US dollar provided in the course of development of the republican budget for the planned financial year.

4. The amount of expenses on repayment and debt servicing of local executive body shall not exceed the size equal to ten percent from the income of the local budget for the corresponding financial year.

5. For determination of limit of debt of local executive bodies of areas, cities of republican value, the capital for the corresponding financial year data of the central authorized body on budget implementation on condition of debt of local executive bodies for the beginning of the planned period are used.

6. In cases when borrowing by local executive bodies of areas, the cities of republican value, the capital is performed in the form of receipt of loans from the Government of the Republic of Kazakhstan, the limit of debt is created taking into account borrowing in the planned financial year and amount of means.

7. In cases when borrowing by local executive bodies of areas, the cities of republican value, the capital is performed in the form of receipt of budget credits from the republican budget and release by local executive bodies of the cities of republican value, the capital of government securities for the address in the domestic market for financing of budget deficit of the city of republican value, the capital, and also in the form of release by local executive bodies of areas, cities of republican value, the capital of government securities for the address in the domestic market for financing of construction of housing within implementation of the state and government programs:

1) the limit of debt is created taking into account provided till August 15 of the year previous planned by local executive body of area, city of republican value, the capital in coordination with the central authorized body on budget implementation and for architecture, town planning and construction of calculations of borrowing and opportunity to independently serve and pay off the debts in the planned financial year;

2) calculation of limit is perfromed proceeding from the forecast of the budget development programs considered when calculating transfers of general nature for the planned three-year period of local executive body of area, city of republican value, the capital taking into account correction coefficients.

8. The central authorized body on state planning in coordination with the central authorized body on budget implementation sets limit of debt of local executive bodies of areas, cities of republican value, the capital for the planned financial year on formulas, according to appendix 2 to these rules, till September 15 of the year preceding planned.

8-1. Refining of limit of debt of local executive bodies is made in case of change of the budget parameters, when refining republican and local budgets within the corresponding financial year.

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