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The agreement between the Government of the Republic of Kazakhstan and the Government of Georgia on debt restructuring of the Government of Georgia on the public credits granted to the Government of Georgia by the Government of the Republic of Kazakhstan

of July 1, 1996

The government of the Republic of Kazakhstan which is hereinafter referred to as by the Kazakhstan Side, and the Government of Georgia which is hereinafter referred to as by the Georgian Side, and together hereinafter referred to as by the Parties

- considering need of development, harmonization and further deepening of integration processes within the Commonwealth of Independent States;

- dividing efforts of the people of Georgia on implementation of the Program of economic reforms supported by the Government of the Republic of Kazakhstan, the International Monetary Fund, the World Bank and the world community in general;

- recognizing need of the fastest settlement of debt problem of the Government of Georgia agreed upon the public credits granted to it by the Government of the Republic of Kazakhstan according to intergovernmental agreements as follows:

Article 1

The parties agree to perform debt restructuring of the Georgian Side on the public credits granted to it by the Kazakhstan Side according to the following intergovernmental agreements:

"The agreement between the Government of the Republic of Kazakhstan and the Government of the Republic Georgia on renewal of debt on the technical credit following the results of 1992 in public credit of the Government of the Republic of Kazakhstan" of 01.06.93 (the hereinafter referred to as First agreement),

"The agreement between the Government of the Republic of Kazakhstan and the Government of the Republic Georgia on renewal of debt following the results of trade and economic cooperation for January-October, 1993 in public credit to the Government of the Republic Georgia" of 24.11.1994 (the hereinafter referred to as Second agreement)

Article 2

2.1. The parties agree to renew in the re-structured credit of the Government of the Republic of Kazakhstan to the Government of Georgia the total debt of the Georgian Side in the amount of 27, 774 million US dollars which arose from its debt obligations under two agreements specified in Article 1 of this agreement, and estimated since the beginning of operation of the specified agreements as of 01.01.1996.

2.2. The re-structured credit of the Government of the Republic of Kazakhstan in the amount of 27, is considered 774 million US dollars provided to the Government of Georgia since 01.01.1996 for a period of 10 (ten) years, the first 5 (five) years form grace period during which the Georgian Side makes payments in repayment only of the amount of interest-bearing debt of them.

Article 3

3.1. The Georgian Side shall extinguish the amount of principal debt on the re-structured credit during the period since 01.01.2001 to O1.01.2006 of year.

3.2. Calculation of the amount for periodical payment of repayment of the amount of principal debt is performed on the basis of accounting of number of quarters in the period from 01.01.2001 to 01.01.2006 and flatness of quarter shares from the amount of the re-structured credit.

3.3. Payments in repayment of the amount of principal debt are made on quarters by equal shares in the amount of the one twentieth part of the amount of the re-structured credit.

3.4. The period of payments in repayment of the amount of principal debt determines the last month of quarter. Date of accomplishment of payment receipt date of the amount into the account of authorized bank (banks) of the Kazakhstan Side is considered.

3.4.1. The parties agreed, not made during the period specified in Item 3.4. Article 3 of this agreement to consider payment of the amount of principal debt overdue payment in repayment of principal debt for this quarter.

3.4.2. The Georgian Side will make the first payment in repayment of the amount of principal debt till July 01, 2001.

3.5. The Georgian Side has the right of early repayment of the amount of principal debt in coordination with the Kazakhstan Side.

Article 4

4.1. The Georgian Side shall extinguish the amount of interest-bearing debt for use of the re-structured credit during the period since 01.01.1996 to O1.01.2006 of year.

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