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LAW OF THE KYRGYZ REPUBLIC

of August 13, 2004 No. 118


About membership of the Kyrgyz Republic in international financial institutions

Accepted by General Court of Jogorku Kenesh of the Kyrgyz Republic on June 24, 2004

This Law determines legal conditions of membership of the Kyrgyz Republic in international financial institutions.

Article 1. International financial institutions - the organizations created for assistance to economic development and financial stabilization of member countries, to free trade, development of state members by means of provision of financial, technical and other aid. Treat international financial institutions:

- International Monetary Fund (IMF);

- International Bank for Reconstruction and Development (IBRD);

- International Finance Corporation (IFC);

- International Development Association (IDA);

- Multilateral Investment Warranty Agency (MIWA);

- Asian Development Bank (ADB);

- European Bank for Reconstruction and Development (EBRD);

- Islamic Development Bank (IDB) and others.

The financial agent - the authorized state body which is performing attraction on behalf of the Kyrgyz Republic of borrowed funds and carrying out transactions and transactions according to articles of agreements, conventions, rules and provisions of international financial institutions which members is the Kyrgyz Republic.

Transactions and transactions - payments of money and release of the untranslatable interest-free government securities connected with membership of the Kyrgyz Republic in international financial institutions.

Depositary - the authorized state body performing depository activity which includes accounting of securities and/or storage of the securities issued on behalf of the Government of the Kyrgyz Republic connected with membership in the international organizations.

Article 2. The Kyrgyz Republic is member:

- The International Monetary Fund, with adoption of articles of agreements of the IMF;

- International Bank for Reconstruction and Development, with adoption of articles of agreements of IBRD;

- International Finance Corporation, with adoption of articles of agreements of IFC;

- International Development Association, with adoption of articles of agreements of MAR;

- The multilateral Investment Warranty Agency, with adoption of the Convention establishing the Agency;

- Asian Development Bank, with adoption of agreements on ABR organization;

- The European Bank for Reconstruction and Development, with adoption of agreements on EBRD organization;

- Islamic Development bank, with adoption of the Foundation agreement of IBR;

- other international financial institutions;

with all amendments and acceptance of conditions and provisions of resolutions according to executive councils of the IMF, IBRD, IFC, MAR, the INSTANT, IBR, the EBRD, ABR and other international financial institutions concerning the entry of the Kyrgyz Republic into these organizations.

Article 3. The president of the Kyrgyz Republic or person authorized by him are authorized:

- sign original version of articles of agreements of the IMF, IBRD, IFC, MAR and other international financial institutions, the Convention establishing the INSTANT, agreements on organization EBRD, ABR, the Foundation agreement of IBR;

- prepare and entrust on storage the Act of recognition and other documents which, perhaps, will be required in purposes aforesaid.

The president of the Kyrgyz Republic appoints the Managing director from the Kyrgyz Republic in boards of governors of the IMF, IBRD, IFC, MAR, the INSTANT, IBR, the EBRD, ABR and other international financial institutions.

Article 4. Entering in members of the International Monetary Fund, the Kyrgyz Republic is authorized to become the member of Department of Special drawing rights.

The president of the Kyrgyz Republic or person authorized by him deposit the act of participation in Department of Special drawing rights on behalf of the Kyrgyz Republic to depositary of Fund where it is specified that the Kyrgyz Republic assumes all obligations of the member of Department of Special drawing rights of Fund according to the legislation of the Kyrgyz Republic and that the Kyrgyz Republic took all measures necessary for implementation of all obligations of the member of Department of Special drawing rights.

Article 5. The Ministry of Finance of the Kyrgyz Republic and National Bank of the Kyrgyz Republic represent the Kyrgyz Republic in relations with the IMF.

The Ministry of Finance of the Kyrgyz Republic represents the Kyrgyz Republic in relations with IBRD, IFC, MAR, the INSTANT, IBR, the EBRD, ABR and other international financial institutions.

Article 6. The Ministry of Finance of the Kyrgyz Republic, acting as the financial agent of the Kyrgyz Republic in international financial institutions, it is authorized:

raise borrowed funds on behalf of the Kyrgyz Republic and carry out transactions and transactions in accordance with the terms and provisions of the resolutions relating to membership of the Kyrgyz Republic in international financial institutions and according to articles of agreements, agreements on organization, conventions and foundation agreements;

pay on behalf of the Kyrgyz Republic of means which shall be paid to international financial institutions in accordance with the terms and provisions of the resolutions relating to membership of the Kyrgyz Republic in these organizations and according to articles of agreements, agreements on organization, conventions and the Foundation agreement;

issue the untranslatable interest-free government securities necessary for membership of the Kyrgyz Republic in international financial institutions.

Article 7. National Bank of the Kyrgyz Republic, acting as the financial agent of the Kyrgyz Republic, it is authorized:

make acceptance and money transfer, arriving to the Kyrgyz Republic according to the transactions and transactions made within implementation of articles of agreements, the Agreement on organization, the Convention and the Foundation agreement of international financial institutions;

make acceptance and money transfer, arriving to the Kyrgyz Republic in accordance with the terms and provisions of the resolutions relating to membership of the Kyrgyz Republic in international financial institutions according to articles of agreements, agreements on organization, the Convention, the Foundation agreement;

act as depositary of all deposits of other international financial institutions;

act as the depositary performing accounting and storage of the untranslatable interest-free government securities issued on behalf of the Government of the Kyrgyz Republic connected with membership in international financial institutions.

Article 8. Articles of agreements, agreements on organization, the Convention and the Foundation agreement of the IMF, IBRD, IFC, MAR, the INSTANT, IBR, the EBRD, ABR, including also their amendments, in process of entry into force, will have the complete force and action in the Kyrgyz Republic from the moment of their ratification of the Kyrgyz Republic by Jogorku Kenesh if other is not provided by agreements, conventions, foundation agreements.

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