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The document ceased to be valid since  January 1, 2017 according to article 2 of the Law of the Kyrgyz Republic of  May 16, 2016 No. 60

LAW OF THE KYRGYZ REPUBLIC

of September 21, 2001 No. 83

About the public and non-state debt of the Kyrgyz Republic

(as amended on 20-05-2016)

Accepted by General Court of Jogorku Kenesh of the Kyrgyz Republic on June 26, 2001

This Law governs the relations arising in the course of implementation of the state borrowings when implementing of powers by state bodies on attraction, development and repayment of loans, national debt management, including guaranteed by the state, determines the rights, obligations and responsibility of residents of the Kyrgyz Republic concerning attraction, development and return of the borrowed means, and also for accounting of non-state debts.

Chapter 1. General provisions

Article 1. Basic concepts

1. Public debt - the total amount of the mastered and outstanding internal and external public debt of the Kyrgyz Republic for certain date according to the credit agreement or on other debt obligations of the state.

2. Debt obligation - all obligation types on securities, credit agreements, credit agreements, arrangements and other obligations in paper form and/or record in electronic form determining the fact of borrowing of certain money or purchase of goods and/or services with the obligation to compensate the corresponding amounts or the cost of goods and/or services stipulated by agreements fully or partially.

3. The credit agreement - the legal document which is the contract between the borrower and the creditor, concluded with the purpose of receipt of loan in the form of money (goods or services) and containing conditions on their return, interest payment and other costs provided in the credit agreement.

4. Resident - the legal entity or physical person registered in the Kyrgyz Republic to which the legislation of the Kyrgyz Republic fully extends.

5. The nonresident - the legal entity or physical person having the permanent residence or the permanent location outside the Kyrgyz Republic registered or created according to the legislation of foreign states.

6. The state internal loan - the relations according to the credit agreement or on other debt obligations in which the resident of the Kyrgyz Republic acts as the creditor and acts as the borrower the Government of the Kyrgyz Republic on behalf of the Kyrgyz Republic and regional authorities according to the legislation of the Kyrgyz Republic.

7. The public internal debt - the component of public debt representing the amount of the mastered and outstanding internal loans or other debt obligations of the Kyrgyz Republic for certain date before creditors - residents of the Kyrgyz Republic.

8. The state external loan - the relations according to the credit agreement or on other debt obligations in which the nonresident of the Kyrgyz Republic acts as the creditor and acts as the borrower the Government of the Kyrgyz Republic on behalf of the Kyrgyz Republic.

9. The public external debt - the component of public debt representing the amount of the mastered and outstanding state external loans or other debt obligations of the Kyrgyz Republic for certain date before creditors - nonresidents of the Kyrgyz Republic.

10. Guarantee - the obligation to bear responsibility for debts or default on obligations by other persons. The guarantor bears secondary responsibility for debts or actions of other persons unlike basic guarantee which is provided, mainly, by the main debtor.

11. The state guarantee - the commitment letter provided by the law or the agreement which the Government of the Kyrgyz Republic shall repay fully or partially before creditors the debt in case of non-execution or improper execution at the scheduled time of obligations by the borrower.

12. The borrower having obligations to the state - resident which obtained loan according to the credit agreement signed with the Government of the Kyrgyz Republic on any debt obligation on which it assumes obligations to the state conforming to requirements for use and loan repayment.

13. Internal creditors are residents who provided means according to the credit agreement or other debt obligations.

14. Foreign creditors are nonresidents who provided means under agreements or other debt obligations.

15. Non-state loans - the money, values or services received by residents from internal or foreign creditors according to the credit agreement or other debt obligations.

16. The debt guaranteed by the state - the amount of the non-state loans, mastered and outstanding for certain date, having the state warranties of the Kyrgyz Republic.

17. Total public and non-state debt - the amount of the mastered and outstanding state and non-state loans of the republic for certain date according to the credit agreement or other debt obligation.

18. Borrowing - the process including procedures of decision making about need of attraction of borrowed funds; determination of procedure and conditions of attraction, use, repayment and servicing of loan; procedures of negotiations; obligation fulfillment guarantees; registration and signing of the relevant documents on loan; ratification of the loan agreement (in case of the state external borrowing); obtaining, use of means of loan; repayment and servicing of loan, including accounting procedures, control and the analysis of obligation fulfillment by the parties.

19. Servicing of loan - activities of authorized body or bank for accounting of use of means of loan on accounts of the borrower and to implementation by the borrower of payments on account of repayment of principal debt, percent, commission and other payments in accordance with the terms of loan.

20. Debt repayment - gradual return by the borrower of the mastered loan amounts according to the procedure, established by contracts with creditors, accomplishment in accordance with the established procedure of other components debt of obligations.

21. Insurance sinking fund of public debt - the fund created and managed by the Ministry of Finance of the Kyrgyz Republic on which accounts means for obligation fulfillment on public debt and on the state guarantees accumulate.

22. National currency - the Kyrgyz som which is legal means of payment of the Kyrgyz Republic.

23. Foreign currency - the currency of any other foreign state or currency used by two and more states including the Special Drawing Rights (SDR).

24. Loan currency - the foreign or national currency used by the borrower for obtaining and loan repayment, interest payment and other costs provided in the credit agreement.

25. The financial agent - the financial organization authorized by the Government of the Kyrgyz Republic on carrying out transactions on behalf of the Government of the Kyrgyz Republic.

Article 2. Subject of regulation of this Law

Subject of regulation of this Law are the state and guaranteed by the state non-state borrowing and management formed as a result of such borrowing by public debt and the state guarantees, and also accounting non-state non-quaranteed borrowings by the state.

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