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LAW OF THE REPUBLIC OF UZBEKISTAN

On July 2, 1992 No. 21-XII

About membership of the Republic of Uzbekistan in the International Monetary Fund, the International Bank for Reconstruction and Development, International Development Association, the International Finance Corporation, Multilateral agency of guarantee of investments

This Law determines the legal basis of the entry of the Republic of Uzbekistan into international financial institutions, proceeding from need of entry into the world community on equal basis, memberships in these organizations and uses of their opportunities for development of the republic.

Article 1

The president of the Republic of Uzbekistan is authorized on behalf of the Republic of Uzbekistan to accept membership in the International Monetary Fund (further referred to as as Bank), International Development Association (further referred to as as Association), the International Finance Corporation (further referred to as as Corporation), Multilateral agency of guarantee of investments (further referred to as as the Agency), thereby to accept according to the article of agreements of Fund, Bank, Association, Corporation, the Convention establishing the Agency with all amendments which texts are provided in appendices I, II, III, IY and Y of this Law, with the terms and conditions containing in the resolutions of the corresponding Boards of governors of Fund, Bank, Association, Corporation, Board of governors of the Agency relating to membership of the Republic of Uzbekistan in these organizations.

The government of the Republic of Uzbekistan is granted the right on behalf of the Republic of Uzbekistan to adopt the amendment to articles of the Agreement of Fund proposed by Third which text is provided in the appendix YI to this Law.

Article 2

The president of the Republic of Uzbekistan or other person who can be appointed the President this are authorized:

sign originals of Articles, agreements of Fund, Bank, Association, the Corporation establishing the Agency, to perform and introduce documents on membership in Fonda and other acts which can be necessary for these purposes;

sign the amendment to articles of the Agreement of Fund proposed by Third on behalf of the Government.

The president of the Republic of Uzbekistan or person designated by him has the right to sign on behalf of the Republic of Uzbekistan the original of the Convention on settlement of investment disputes between the states and citizens of other states (further referred to as as the Convention of ICSID) which text is provided in the appendix YII to this Law, to perform and introduce documents on membership in Fonda and other acts which can be necessary for this purpose.

Article 3

After the accession to Fund the President of the Republic of Uzbekistan is authorized to draw up and introduce in Department of special drawing rights on behalf of the Republic of Uzbekistan the document on participation saying that the Republic of Uzbekistan assumes all obligations of the member of this Department of Fund according to this Law and confirmatory that the Republic of Uzbekistan took necessary measures for giving of legal position to execution of all obligations of the member of Department of special drawing rights.

Article 4

Central Bank of the Republic of Uzbekistan is granted the right to perform loans or to acquire by the corresponding method and to pay on behalf of the Republic of Uzbekistan the bills which are periodically subject to payment to Fund, Bank, Association, Corporation, the Agency, on conditions and in the terms following from the resolution, belonging to membership of the Republic of Uzbekistan in these organizations and according to articles of agreements or Conventions, and also to make payments in connection with participation of the Republic of Uzbekistan in Department of special drawing rights of Fund.

Provide to the Ministry of Finance sources for implementation by the Central bank of the Republic of Uzbekistan of the above-stated payments.

Central Bank of the Republic of Uzbekistan of the agreements having the right according to Articles Fonda, Bank, Association, Corporation and the Convention establishing the Agency to issue any non-transferable interest-free bills of exchange which can be necessary or correspond to membership of the Republic of Uzbekistan in Fonda Banke, Association, Corporation or Agency.

Article 5

According to this Law the Central bank of the Republic of Uzbekistan functions as financial institution, stipulated in Article Y Section I of the Agreement of Fund and article III of Section 2 of the Agreement of Bank, and has the right on behalf of the Republic of Uzbekistan to perform all transactions and transactions provided by provisions of articles of agreements of Fund and Bank.

Central Bank of the Republic of Uzbekistan is appointed as communication channel as it is stipulated in Article IY of Section 10 of the Agreement of Corporation, the article YI of Section 10 of the Agreement of Association and article 38 of the Convention establishing the Agency.

Article 6

Central Bank of the Republic of Uzbekistan has the right to accept any amounts which can be paid or transferred to the republic in the transactions and transactions provided by different provisions of articles of Agreements of Fund and Bank.

Article 7

Central Bank of the Republic of Uzbekistan is appointed by depositary of assets of Fund, Bank, Association, Corporation and the Agency in the Republic of Uzbekistan.

Article 8

Agreements of Fund, Bank, Association, Corporation of the Convention establishing the Agency and Conventions of ICSID including their amendments which came into force are obligatory for execution by all legal entities and citizens in the territory of the Republic of Uzbekistan.

Article 9

If necessary the President of the Republic of Uzbekistan has the right to issue decrees and other regulations for obligation fulfillment of the Republic of Uzbekistan provided by agreements, the Convention establishing the Agency and the resolutions listed in the article I of this Law and for giving of efficient force to provisions of this Law.

 

President

Republic of Uzbekistan I. Karimov

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