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RESOLUTION OF THE CABINET OF MINISTERS OF THE AZERBAIJAN REPUBLIC

of July 28, 2010 No. 143

About approval of the Rules regulating external or internal borrowings of the legal entities who are receiving financial aid or grants of investment orientation from the government budget, and also having obligations to the government budget including the debts received under the state guarantee

(The last edition from 02-11-2016)

For the purpose of ensuring execution of Item 3.6 of the Presidential decree of the Azerbaijan Republic of December 21, 2009 "About application of the Law of the Azerbaijan Republic "About the government budget of the Azerbaijan Republic for 2010" the Cabinet of Ministers of the Azerbaijan Republic decides No. 187:

1. Approve "The rules regulating external or internal borrowings of the legal entities who are receiving financial aid or grants of investment orientation from the government budget, and also having obligations to the government budget including the debts received under the state guarantee" (are attached).

2. Charge to the Ministry of Finance of the Azerbaijan Republic, the Ministry of Economics of the Azerbaijan Republic, the State Committee on property questions of the Azerbaijan Republic and Chamber on control of the financial markets of the Azerbaijan Republic, to recommend to the Central bank of the Azerbaijan Republic to inform on jurisdiction on requirements of the Rules approved by Item 1 of this Resolution:

* international financial (financial and credit) organizations;

* the state companies and joint-stock companies in which controlling stock the state owns;

* persons licensed in the security market;

* leasing companies (organizations);

* the credit institutions which obtained the license for implementation of banking activity, their branches and departments, representative offices of local and foreign banks.

3. Charge to the Ministry of Finance of the Azerbaijan Republic to resolve the issues following from this Resolution.

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

Prime Minister of the Azerbaijan Republic

Artur Rasi-Zade

Approved by the Resolution of the Cabinet of Ministers of the Azerbaijan Republic of July 28, 2010 No. 143

The rules regulating external or internal borrowings of the legal entities who are receiving financial aid or grants of investment orientation from the government budget, and also having obligations to the government budget including the debts received under the state guarantee

1. General provisions

1.1. These rules are prepared according to the Law of the Azerbaijan Republic "About public debt" for the purpose of ensuring execution of Item 3.6 of the Presidential decree of the Azerbaijan Republic of December 21, 2009 with No. 187 "About application of the Law of the Azerbaijan Republic "About the government budget of the Azerbaijan Republic for 2010" and establish regulations of external or internal borrowings of the legal entities who are receiving financial aid or grants of investment orientation from the government budget, and also having obligations to the government budget including the debts received under the state guarantee (except as specified borrowings on behalf of the Azerbaijan Republic and provision of the state guarantee for debt).

1.2. These rules are not applied to internal and external borrowings of the legal entities who are not receiving financial aid or grants of investment orientation from the government budget, and also not having the obligation to the government budget including the debts received under the state guarantee.

2. Basic concepts

The concepts used in these rules have the following values:

* the beneficiary - the legal entities receiving the financial aid or grants of investment orientation from the government budget and also having obligations to the government budget including the debts received under the state guarantee;

* the legal entities having obligations to the government budget - the legal entities or state bodies which are debtors according to the obligation on which the state guarantee, and also debt means using based on the repeated agreement received by the state borrowings is issued;

* external and internal borrowings - borrowings according to the obligations from agreements concluded on behalf of beneficiaries with residents and nonresidents of the Azerbaijan Republic, borrowing on security transactions, borrowings on the guarantees issued by the state companies or beneficiaries in which controlling stock the state, for providing obligations of 3rd persons, and borrowing according to obligations from leasing agreements owns;

* the body managing public debt - the Ministry of Finance of the Azerbaijan Republic.

3. Regulation of borrowings of the beneficiary

3.1. Consent on borrowing of the beneficiary does not mean provision of the state guarantee for the obligations following from its borrowing.

3.2. Internal and external borrowings of the beneficiary are performed based on the consent of the body managing public debt.

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