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The agreement between the Government of the Republic of Kazakhstan and the Government of the Republic of Tajikistan on restructuring of the public credit granted to the Government of the Republic of Tajikistan by the Government of the Republic of Kazakhstan

of April 8, 2002

The government of the Republic of Kazakhstan and the Government of the Republic of Tajikistan which further are referred to as with the Parties

- dividing efforts of the people of the Republic of Tajikistan 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 by the Tajik Side on the public credit granted to it by the Kazakhstan Side according to the Agreement between the Government of the Republic of Kazakhstan and the Government of the Republic of Tajikistan on renewal of debt on the technical credits following the results of 1992 and January-August, 1993 in public credit to the Government of the Republic of Tajikistan of August 26, 1993 (further - the Agreement of August 26, 1993) and the Agreement between the Government of the Republic of Kazakhstan and the Government of the Republic of Tajikistan on conditions of reorganization of debt obligations of the Republic of Tajikistan in front of the Republic of Kazakhstan of November 22, 1995 (further - the Agreement of November 22, 1995),

agreed as follows:

Article 1

The parties agree to perform restructuring of the public credit granted to the Tajik Side according to the Agreement of August 26, 1993, and also according to the Agreement of November 22, 1995 taking into account debt of the Republic of Kazakhstan to the Republic of Tajikistan according to the Act of final reconciliation of settlement between banks of the Republic of Kazakhstan and the Republic of Tajikistan 1992 prior to opening of correspondent accounts of December 3, 1997.

Article 2

2.1. The parties agreed that the amount of the re-structured loan granted by the Government of the Republic of Kazakhstan to the Government of the Republic of Tajikistan constitutes 12 136 645-80 (twelve million hundred thirty six thousand six hundred forty five - 80) US dollars.

This amount is determined by exception of the amount 18 286 092-00 (eighteen million two hundred eighty six thousand ninety two) US dollars according to article 2 of the Agreement of November 22, 1995, the amount in the amount of 728, of 8 million rubles (seven hundred twenty eight million eight hundred thousand rubles), equivalent by the weighted average rate 2 751 434-60 (to two million seven hundred fifty one thousand four hundred thirty four - 60) US dollars, according to article 7 of the Agreement of August 26, 1993, and also the amount in the amount of 900 065 319 rubles 78 kopeks (nine hundred million sixty five thousand three hundred nineteen rubles seventy eight kopeks), equivalent 3 398 011-60 (three million three hundred ninety eight thousand eleven

60) to US dollars, according to the Act of final reconciliation of settlement between banks of the Republic of Kazakhstan and the Republic of Tajikistan 1992 prior to opening of correspondent accounts of December 3, 1997. According to conditions of the public credit granted to the Republic of Tajikistan restructured on the general terms for all countries creditors offered by the International Monetary Fund to the Republic of Tajikistan, the Tajik Side shall pay till December 31, 2001 for rate 2.8 (two whole eight tenth) annual interest rate to the Kazakhstan Side the amount of the added interest payments for 2001 in the amount of 344 545 - 89 (three hundred forty four thousand five hundred forty five - 89) US dollars less the overpaid amounts of interest payments from 1997 to 2000 in the amount of 29 817-59 US dollars and the amount in the amount of 314 728-30 US dollars is subject for payment the Tajik Side.

2.2. The re-structured credit of the Kazakhstan Side in the amount of 12 136 645-80 (twelve million hundred thirty six thousand six hundred forty five - 80) US dollars it is considered provided to the Tajik Side since January 1, 2001 for a period of 15 (fifteen) years, the first 5 (five) years form grace period during which the Tajik Side makes the payments settling the amount of the percent added on the re-structured credit of them.

Article 3

3.1. The Tajik Side shall extinguish the amount of principal debt on the re-structured credit in the amount of 12 136 645-80 (twelve million hundred thirty six thousand six hundred forty five - 80) US dollars during the period from January 1, 2006 to December 31, 2015.

3.2. Payments in repayment of the amount of principal debt are made by quarterly equal shares in the amount of the one fortieth part of the amount of the re-structured credit.

3.3. Date of payments in repayment of the amount of principal debt determines 30 (thirtieth) day of the last month of every quarter.

3.4. The payment which is not made in time, specified in Item 3.3 of this Article is considered overdue payment in repayment of the amount of principal debt. The Tajik Side will make the first payment in repayment of the amount of principal debt on March 30, 2006.

3.5. The Tajik Side can extinguish ahead of schedule the amount of principal debt in coordination with the Kazakhstan Side.

Article 4

4.1. The Tajik Side makes payment of the added amounts of interest for using the re-structured credit of the period from January 1, 2001 to December 31, 2015. Charge of the amount percentage, payment is made at the rate 2.8 (two whole eight tenth) annual interest rate on the amount of outstanding principal debt by the actual number of days in the estimated quarter at the rate of 360 days in year.

Date of accomplishment of payment receipt date of the amount into the account of authorized bank of the Kazakhstan Side is considered.

Payments in repayment of the added percent are made quarterly.

Date of payments in repayment of the amount of the added percent determines 30 (thirtieth) day of the last month of every quarter.

4.2. The payment which is not made in time, specified in Item 4.1 of this Article is considered overdue payment in repayment of the percent added for use of the restruktuirovanny credit.

Article 5

On the amount of overdue payments of repayment of principal debt and/or of repayment of the amount of the added percent penalty interests for each day of delay of payments at the rate of LIBOR+4 (LIBOR plus four) annual interest rate for six-months deposits in US dollars at the rate of 360 days in year are charged.

Aggregate term on charge of penalty interests is reckoned from the date following date of payments of principal debt and/or the added percent and comes to an end with date of the actual debt repayment (including date of the actual repayment). The Tajik Side makes payment of the penalty interests added on the amount of overdue payments without notice from the Kazakhstan Side.

Article 6

Payments in repayment of principal debt, percentage and penal debts are made by the Tajik Side in US dollars.

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