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Agreement between the Government of the Kyrgyz Republic and Government of the Russian Federation on settlement of debt of the Kyrgyz Republic to the Russian Federation on earlier granted loans

The government of the Kyrgyz Republic and the Government of the Russian Federation which are hereinafter referred to as with the Parties

in accordance with the terms of the multilateral Memorandum of consolidation of the debt of the Kyrgyz Republic (further the imenuyetsyamnogostoronny Memorandum) signed on March 7, 2002 in Paris by representatives of the Government of the Kyrgyz Republic and representatives of the governments of the states creditors of the Paris Club

for the purpose of further development and strengthening of friendship between two countries,

agreed as follows:

Article 1. Categories of debt

Provisions of this agreement will be applied to debt of the Kyrgyz Republic to the Russian Federation on the public credits with repayment periods more than one year provided by the Government of the Russian Federation according to the agreements signed till August 31, 2001 (further the imenuyutsyagosudarstvenny credits).

Provisions of this agreement will be applied to the specified category of debt regardless of the mechanisms of repayment established in the credit and financial agreements which are earlier concluded by the Parties.

Article 2. Ureguliruyemy amounts

The total amount of debt of the Kyrgyz Republic to the Russian Federation on principal debt and percent on the granted public credits which is subject of this agreement (further hereinafter is referred to as - the ureguliruyemy amounts), constitutes 168294625, 17 US dollars as of December 5, 2001 inclusive and is specified in appendix N 1, being integral part of this agreement.

The parties by mutual consent can make changes to the appendix N1, in case of need.

Article 3. Consolidation

The following categories of the ureguliruyemy amounts will be consolidated according to this agreement (further the imenuyutsyakonsolidiruyemy amounts):

a) Hundred percent of the ureguliruyemy amounts on principal debt and percent (including percent for delay), due for settlement and not paid as of December 5, 2001 inclusive, specified in the appendix N2a which is integral part of this agreement;

b) Hundred percent of the ureguliruyemy amounts on principal debt and percent, due for settlement and not paid from December 6, 2001 to December 5, 2004 inclusive, specified in the appendix N2b which is integral part of this agreement.

The parties by mutual consent, in case of need, can make changes to the appendices N2a and N2b, and Vnesheconombank (г.Москва) and National Bank of the Kyrgyz Republic - to the appendix N2b.

Article 4. Repayment of the consolidated amounts

1. The consolidated amounts specified in the Item "and" of Article 3 of this agreement will be extinguished by the Kyrgyz Side in US dollars no later than December 1, 2002.

2. The consolidated amounts specified in the Item of Article 3 of this agreement will be settled by the Kyrgyz Side in US dollars according to the schedule provided in appendix N 3, being integral part of this agreement.

Article 5. Charge and interest payment

1. On the consolidated amounts specified in the Item "and" of Article 3 of this agreement since December 6, 2001, percent on rate of 5,85 of annual interest rates which will be paid along with payment to repayment of these consolidated amounts will be charged.

2. On the consolidated amounts specified in the Item of Article 3 of this agreement since the payment dates established in credit and financial agreements percent on rate of 5,85 of annual interest rates will be charged.

3. The percent specified in Item 2 of this Article will be charged each 6 months and to be paid in US dollars on June 6 and on December 6 every year, and the first payment will be made on December 6, 2002, and the last payment will be made along with the last payment in repayment of the consolidated amounts.

4. Percent will be charged based on 360/360 days in year.

Article 6. Capitalization

1. The following part of the percent added according to Article 5 of this agreement on the consolidated amounts will be capitalized as of dates of the corresponding payments of percent, stipulated in Article the 5th this agreement (further hereinafter are referred to as - the capitalized amounts):

a) 50 percent from the amount of the percent added on the consolidated amounts as of December 6, 2002

b) 60 percent from the amount of the percent added on the consolidated amounts as of June 6, 2003 and on December 6, 2003

c) 70 percent from the amount of the percent added on the consolidated amounts as of June 6, 2004 and on December 6, 2004.

2. The capitalized amounts will be settled by the Kyrgyz Side in US dollars four equal semi-annual payments, at the same time the first payment will be made on December 6, 2006, and the last - on June 6, 2008.

3. On the capitalized amounts, since the dates of capitalization specified in Item 1 of this Article, each 6 months will be charged percent on rate of 5,85 of annual interest rates which are paid in US dollars on June 6 and on December 6 every year, and the first payment will be made on June 6, 2003, and the last payment will be made along with the last payment in repayment of the capitalized amounts.

Percent will be charged based on 360/360 days in year.

Article 7. Not consolidated amounts

The government of the Kyrgyz Republic shall settle all ureguliruyemy amounts on public credits, except the consolidated amounts specified in Article 3 of this agreement according to the schedules established in credit and financial agreements. Charge on this debt of percent and their payment will be performed according to credit and financial agreements. Repayment of the specified ureguliruyemy amounts and interest payment will be performed in US dollars.

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