of November 28, 2003 No. 534
About procedure for provision of guarantees for the Republic of Uzbekistan on the attracted foreign loans
According to the Law of the Republic of Uzbekistan "About external borrowings" and for the purpose of enhancement of procedure for granting of guarantees of the Republic of Uzbekistan on the attracted foreign loans the Cabinet of Ministers decides:
1. Determine that:
guarantees of the Republic of Uzbekistan are provided only based on resolutions of the Cabinet of Ministers of the Republic of Uzbekistan;
offers on provision of guarantees for the Republic of Uzbekistan on the foreign credits and loans are introduced in the Cabinet of Ministers only by the Ministry of Finance of the Republic of Uzbekistan.
2. Approve Regulations on procedure for provision of guarantees for the Republic of Uzbekistan on the attracted foreign loans according to appendix.
3. To the Ministry of Finance, the Central bank and the Ministry of Justice of the Republic of Uzbekistan to develop and submit for approval in the Cabinet of Ministers procedure for collection of payment for provision of guarantees for the Republic of Uzbekistan in a month, having provided introduction of this regulation since January 1, 2004.
4. To the Ministry of Justice of the Republic of Uzbekistan together with the interested ministries and departments to make in the Cabinet of Ministers offers on the changes and amendments in the current legislation following from this resolution in a month.
5. To impose control over the implementation of this resolution on deputy prime ministers of the Republic of Uzbekistan Azimov R. S. and Ganiyev E. M.
Chairman
Cabinet of Ministers I. Karimov
Appendix
to the resolution of the Cabinet of Ministers of the Republic of Uzbekistan of November 28, 2003 No. 534
1. This Provision determines procedure for provision of guarantees for the Republic of Uzbekistan to creditors by obligations of residents of the Republic of Uzbekistan on the attracted foreign loans.
2. Guarantees of the Republic of Uzbekistan are provided according to obligations of legal resident persons to foreign creditors under agreements on external borrowings with foreign states, banks or legal entities.
In exceptional cases guarantees of the Republic of Uzbekistan are provided to commercial banks of the Republic of Uzbekistan for refinancing of the foreign credits obtained under guarantee of the Republic of Uzbekistan, or ensuring financing of strategic and socially important projects by which the source of return determines means of the government budget.
3. Guarantees of the Republic of Uzbekistan are provided within the extreme size of the public external debt approved annually by Oliy Majlis of the Republic of Uzbekistan.
4. Guarantees of the Republic of Uzbekistan are provided only based on resolutions of the Cabinet of Ministers of the Republic of Uzbekistan.
Offers on provision of guarantees for the Republic of Uzbekistan on the foreign credits and loans are introduced in the Cabinet of Ministers only by the Ministry of Finance of the Republic of Uzbekistan.
The Ministry of Finance of the Republic of Uzbekistan considers previously materials according to the feasibility statement on the attracted foreign loans, and also documents according to which any obligations of residents of the Republic of Uzbekistan to nonresidents are provided, and introduces on them the conclusion in the Cabinet of Ministers of the Republic of Uzbekistan.
The guarantee of the Republic of Uzbekistan, as a rule, is not issued for providing projects of legal entities in which authorized funds the share of the state constitutes less than 50 percent, except as specified, provided by decisions of the Government.
5. Guarantees of the Republic of Uzbekistan are provided to foreign creditors on condition of provision by the borrower of information on the creditor based on the published annual statements for the last three financial years.
6. Modification of conditions of the credit (loan) agreements guaranteed by the Republic of Uzbekistan, and also provision of guarantees for the Republic of Uzbekistan, connected with change of conditions of these agreements is made according to the written order of the Chairman of the Cabinet of Ministers or the Prime Minister of the Republic of Uzbekistan if international treaties of the Republic of Uzbekistan do not provide other.
7. After adoption of the resolution of the Cabinet of Ministers for receipt of guarantee of the Republic of Uzbekistan the borrower, and in case of refinancing of the foreign credit - together with the subborrower, submits to the Ministry of Finance of the Republic of Uzbekistan the following documents:
a) documents according to which any obligations of residents of the Republic of Uzbekistan to nonresidents, copies of documents in original language based on which external borrowings are attracted are provided or on which there are obligations of the borrower (subborrower) in connection with the involved external borrowings, and also them officially certified translation on the state or Russian languages, including:
drafts of the credit (loan/subloan) agreement, texts of guarantee of the Republic of Uzbekistan and warranty agreement;
the conclusions of the Ministry of Foreign Economic Relations, Investments and Trades of the Republic of Uzbekistan under contracts;
b) forecast schedules of development and repayment of the attracted loans. signed by the borrower;
c) the documents confirming availability of all financing sources of the project;
d) other documents concerning obligations assumed by the borrower (subborrower) and/or the Guarantor.
If the guarantee of the Republic of Uzbekistan is provided under basic (framework) credit (loan) agreements, then only the documents specified in the paragraph the second the subitem "an" of this Item are submitted.
The basic (framework) credit (loan) agreement is understood as the agreement signed between banks in which general terms of financing without specifying of specific projects are determined.
8. The Ministry of Finance of the Republic of Uzbekistan in two weeks from the moment of receipt of the documents specified in Item 7 of this provision:
in the presence of notes and offers sends them to the borrower (subborrower) in writing for completion;
in the absence of notes confirmation about readiness to provide guarantee of the Republic of Uzbekistan sends the corresponding letter.
9. On receipt of the corresponding comfort letter of the Ministry of Finance the borrower signs with the foreign creditor the credit (loan) agreement, after submission of the original and which copies the Ministry of Finance in week time signs the warranty agreement with the borrower (subborrower).
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