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THE AGREEMENT BETWEEN NATIONAL BANK OF THE REPUBLIC OF BELARUS AND NATIONAL BANK OF TAJIKISTAN ON THE TECHNICAL PROCEDURE FOR THE SERVICES OF THE PUBLIC CREDIT PROVIDED BY THE REPUBLIC OF BELARUS TO THE REPUBLIC OF TAJIKISTAN

of March 28, 2003

The National Bank of the Republic of Belarus and National Bank of Tajikistan, the hereinafter referred to as Banks of Belarus and Bank of Tajikistan, according to article 5 of the Agreement between the Government and National Bank of the Republic of Belarus and the Government and National Bank of the Republic of Tajikistan about settlement of the debt obligations by interstate calculations for 1992-1994 renewed in the public credit granted to the Republic of Tajikistan by the Republic of Belarus, signed in Moscow on May 30, 2002 agreed about the following technical procedure for servicing of the public credit granted by the Republic of Belarus to the Republic of Tajikistan (the daleegosudarstvenny credit) in the amount 646439, of 71 US dollars:

1. Payments on account of repayment of the main amount of public credit are made by Bank of Tajikistan based on payment orders of the Ministry of Finance of the Republic of Tajikistan and made during the period from January 1, 2005 to December 31, 2014 in the amount of 1/10 parts of the granted public credit annually. Within every year repayment of public credit is made by quarterly equal shares from the total annually paid amount no later than the last day of the respective quarter.

2. Payments on account of repayment of percent on public credit are made by Bank of Tajikistan based on payment orders of the Ministry of Finance of the Republic of Tajikistan and made during 2002-2014 by quarterly equal shares no later than the last day of every quarter. Charge of percent is made since May 30, 2002 at the annual interest rate 1,5 rate, proceeding from remaining balance of outstanding part of public credit for date of implementation of payment based on the year accepted in 365 days.

3. If the last day of quarter matches with day off or in the holiday, the Ministry of Finance of the Republic of Tajikistan represents the payment order on write-off of cash amount on account of repayment of the main amount of public credit and/or percent on it to the terms coordinated with Bank of Tajikistan in the free standing agreement allowing Bank of Tajikistan to make payment no later than the last working day preceding the last day of the respective quarter.

Date of making by Bank of Tajikistan of payment on account of repayment of the main amount of public credit and/or percent on it is understood as value date by which the amount of the specified payment is credited on correspondent account No. 000303810 of Bank of Belarus in bank HSBC Bank USA, NY (S.W.I.F.T.: MRMD US 33).

4. The bank of Tajikistan based on the payment orders of the Ministry of Finance of the Republic of Tajikistan represented according to the procedure and the terms coordinated between Bank of Tajikistan and the Ministry of Finance of the Republic of Tajikistan in the free standing agreement transfers from the account ____________ in ______________ bank into correspondent account No. 000303810 of Bank of Belarus in bank HSBC Bank USA, NY for transfer into the account of the Ministry of Finance of the Republic of Belarus No. 3600900000031 in Bank of Belarus cash amount in US dollars for repayment of the main amount of public credit and/or percent on it.

5. No later than the day following behind day of receipt of the statement from correspondent account of Bank of Tajikistan confirming cash write-off, listed for repayment of the main amount of public credit and/or interest payment on it, the Bank of Tajikistan informs the Ministry of Finance of the Republic of Tajikistan on cash write-off.

6. No later than the day following behind day of receipt of the statement from correspondent account No. 000303810 of Bank of Belarus in bank HSBC Bank USA, NY confirming transfer of money for repayment of the main amount of public credit and/or percent on it, the Bank of Belarus credits cash amount into the account of the Ministry of Finance of the Republic of Belarus in Bank of Belarus and informs the Ministry of Finance of the Republic of Belarus on the made transfer.

The bank of Belarus no later than the day following behind day of transfer of cash amount into the account of the Ministry of Finance of the Republic of Belarus informs on the made transfer Bank of Tajikistan on system of information transfer S.W.I.F.T. On receipt of the specified information the Bank of Tajikistan brings it to the attention of the Ministry of Finance of the Republic of Tajikistan according to the procedure, approved between them in the free standing agreement.

7. Information is provided in cases when day of submission of information on effected payment is the share of day off or holiday, in the first working day following behind output (festive) day.

8. In case of non-realization fully or partially of payments in repayment of the main amount of public credit and/or percent on it in the terms stipulated in Items 1 and 2 of this agreement, the Ministry of Finance of the Republic of Belarus makes calculation of percent on overdue payment for annual interest rate 2,5 rate proceeding from the actual number of days for the period of delay, and directs the specified calculation to the Ministry of Finance of the Republic of Tajikistan for payment of the calculated amount. Payment of the amount of the percent added on overdue payment and informing on effected payment is performed according to the procedure, specified in Items 2-5 of this agreement.

9. Exchange of information between Bank of Belarus and Bank of Tajikistan is performed in the Russian or English languages.

10. Annually, since 2002 for 2014 inclusive, the Bank of Belarus and Bank of Tajikistan perform till January 20 of the year following for reporting, reconciliation of effected payments and the remained outstanding amount as of January 1 of the year following reporting. Results of reconciliation are drawn up by the reconciliation statement which is drawn up by Bank of Tajikistan and signed by Bank of Belarus and Bank of Tajikistan. The reconciliation statement is drawn up in duplicate - on one signed copy respectively, for Bank of Belarus and Bank of Tajikistan. Copies of the reconciliation statement after signing go, respectively, Bank of Belarus - to the Ministry of Finance of the Republic of Belarus and Bank of Tajikistan - to the Ministry of Finance of the Republic of Tajikistan.

11. Disputes and disagreements which can arise during the course of performance this agreement will be solved the parties which concluded it during negotiations.

Disputes and disagreements on which the Parties will not reach consent by negotiations will be considered in the location of the defendant by bodies of economic or arbitral courts according to the legislation of the Republic of Belarus or the Republic of Tajikistan.

Changes and amendments to this agreement are drawn up by the separate protocols which are integral part of this agreement.

12. This agreement becomes effective from the moment of its signing and is effective before complete repayment by the Republic of Tajikistan of public credit and percent on it or to the conclusion at the request of the Governments of the Republic of Belarus and the Republic of Tajikistan of the free standing agreement providing other forms of repayment of public credit.

13. Copies of this agreement after its signing are represented respectively by Bank of Belarus - to the Ministry of Finance of the Republic of Belarus and Bank of Tajikistan - to the Ministry of Finance of the Republic of Tajikistan.

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