ORDER OF THE GOVERNMENT OF THE KYRGYZ REPUBLIC

of November 18, 2014 No. 656

About enhancement of mechanisms of allocation, accounting and ensuring return of the public borrowed funds

For the purpose of enhancement of the operating mechanisms of allocation, accounting and ensuring return of the public borrowed funds issued by the Government of the Kyrgyz Republic according to articles 10 and 17 of the constitutional Law of the Kyrgyz Republic "About the Government of the Kyrgyz Republic" the Government of the Kyrgyz Republic decides:

1. Approve the enclosed Regulations on procedure for allocation, accounting and ensuring return of the public borrowed funds.

2. Recognize invalid:

- the order of the Government of the Kyrgyz Republic "About enhancement of the mechanism of placement of the budget advances and foreign credits recredited by the Government of the Kyrgyz Republic" of August 24, 2000 No. 518;

- the order of the Government of the Kyrgyz Republic "About entering of amendment into the order of the Government of the Kyrgyz Republic of August 24, 2000 No. 518 "About enhancement of the mechanism of placement of the budget advances and foreign credits recredited by the Government of the Kyrgyz Republic" of July 6, 2001 No. 320;

- the order of the Government of the Kyrgyz Republic "About approval of the Regulations on procedure for distribution and issue to rural producers of public credits in the form of commodity material resources" of April 14, 2008 No. 147;

- the order of the Government of the Kyrgyz Republic "About approval of the Regulations on procedure for consideration of offers on change of terms of return of borrowed funds on the budget advances and the foreign credits recredited by the Government of the Kyrgyz Republic" of June 2, 2008 No. 258;

- the order of the Government of the Kyrgyz Republic "About modification of the order of the Government of the Kyrgyz Republic of June 2, 2008 No. 258 "About approval of the Regulations on procedure for consideration of offers on change of terms of return of borrowed funds on budget advances and foreign to the credits recredited by the Government of the Kyrgyz Republic" of May 18, 2009 No. 308;

- the order of the Government of the Kyrgyz Republic "About modification and amendments in the order of the Government of the Kyrgyz Republic of April 14, 2008 No. 147 "About approval of the Regulations on procedure for distribution and issue to rural producers of public credits in the form of commodity material resources" of July 22, 2009 No. 468;

- the order of the Government of the Kyrgyz Republic "About modification and amendments in the order of the Government of the Kyrgyz Republic of April 14, 2008 No. 147 "About approval of the Regulations on procedure for distribution and issue to rural producers of public credits in the form of commodity material resources" of February 26, 2013 No. 98.

3. This resolution becomes effective from the date of official publication.

Approved by the Order of the Government of the Kyrgyz Republic of November 18, 2014 No. 656

Regulations on procedure for allocation, accounting and ensuring return of the public borrowed funds

1. General provisions

1. This Provision regulates procedure for allocation, accounting and ensuring return of the public borrowed funds.

2. In this Provision the following main terms, concepts are used:

the agent - the organization authorized by the Government of the Kyrgyz Republic on execution of credit agreements on behalf of the Ministry of Finance of the Kyrgyz Republic and on carrying out transactions on accounting and ensuring return of the public borrowed funds;

the bad debt - the amount of outstanding requirements of the creditor is recognized the bad debt in case of the death of the physical person, recognition of physical person by the dead, is unknown absent or incapacitated, entries into force of conviction of court against physical person in established by the legislation of the Kyrgyz Republic procedure, in the absence of the legal successor (heir) at it, the legal representative or insufficiency of mortgage and other property for satisfaction of requirements of the creditor at persons bearing joint or subsidiary liability;

the public borrowed funds - cash amount or the commodity material resources provided to the borrower on returnable basis according to the credit agreement signed according to the decision of the Government of the Kyrgyz Republic;

debt - the amount of unpaid balance on the obtained credit for certain date, including the delayed, come and coming payments on the main amount of debt, the added percent and financial sanctions (penalties);

the borrower - state body of the executive authority, executive body of local self-government, and also the business entity who obtained the credit according to the decision of the Government of the Kyrgyz Republic which assumed obligation to the creditor on use and repayment of the loan according to conditions of the signed credit agreement;

the credit - the loan granted by the Government of the Kyrgyz Republic on returnable basis in the form of money or commodity material resources (commodity loan). The budget advances allocated at the expense of means of the republican budget, the credits at the expense of means of foreign creditors recredited by the Government of the Kyrgyz Republic and also the credits issued at the expense of other sources which are not forbidden by the legislation of the Kyrgyz Republic concern to them;

the creditor - the Government of the Kyrgyz Republic on behalf of authorized state body on management of public finances;

the credit agreement - the legal document which is the contract between the creditor and the borrower, concluded with the purpose of loan granting and containing conditions on their use and return;

the coming payments - the amount of fees on the credit for certain date on which there did not come the repayment periods established in the credit agreement;

the come payments - the amount of fees on the credit for certain date on which came and did not expire the repayment periods established in the credit agreement;

overdue payments - the amount of fees on the credit for certain date on which the repayment periods established in the credit agreement expired;

interest rate - the payment specified in percentage expression to credit amount counting on certain period;

recrediting - allocation of the credit at the expense of the funds raised from foreign creditors in the procedure established by the legislation of the Kyrgyz Republic;

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