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RESOLUTION OF THE CABINET OF MINISTERS OF THE REPUBLIC OF UZBEKISTAN

of January 8, 2004 No. 7

About procedure for collection of payment for provision of guarantees for the Republic of Uzbekistan on the attracted foreign loans

According to the Laws of the Republic of Uzbekistan "About external borrowings" and "About the budget system", the resolution of the Cabinet of Ministers of the Republic of Uzbekistan of November 28, 2003 N 534 "About procedure for provision of guarantees for the Republic of Uzbekistan on the attracted foreign loans", and also for the purpose of enhancement of the mechanism of collection of payment for provision of guarantees for the Republic of Uzbekistan on the attracted foreign loans the Cabinet of Ministers decides:

1. Approve Regulations on procedure for collection of payment for provision of guarantees for the Republic of Uzbekistan on the attracted foreign loans according to appendix.

2. In case of issue according to decisions of the Government of guarantees of the Republic of Uzbekistan on the attracted foreign loans it is strict to Ministry of Finance of the Republic of Uzbekistan to be guided by the Provision approved by this resolution.

3. To impose control over the implementation of this resolution on deputy prime ministers of the Republic of Uzbekistan Azimov R. S. and Ganiyev E. M.

 

Chairman of the Cabinet of Ministers

I. Karimov

Appendix

to the Resolution of the Cabinet of Ministers of the Republic of Uzbekistan of January 8, 2004 No. 7

Regulations on procedure for collection of payment for provision of guarantees for the Republic of Uzbekistan on the attracted foreign loans

I. Basic provisions

1. This Provision determines procedure for collection of payment for provision of guarantees for the Republic of Uzbekistan by the attracted foreign loans (further - remuneration).

2. The remunerations arriving from borrowers (subborrowers) on the attracted foreign secured loans of the Republic of Uzbekistan are considered as the income of the republican budget, are one of sources of forming of the Reserve fund of the Cabinet of Ministers of the Republic of Uzbekistan and are enlisted through the transit accounts opened on appropriate section and the paragraph of classification of the income of the Government budget.

Details of the transit profitable account of the republican budget for transfer of remunerations are led up to borrowers (subborrowers) the Ministry of Finance of the Republic of Uzbekistan in accordance with the established procedure.

II. Determination of the sizes and procedure for collection of remunerations

3. Obligations of the borrower (subborrower) on payment of remuneration for provision of guarantees for the Republic of Uzbekistan are provided in the warranty agreement signed between the Ministry of Finance of the Republic of Uzbekistan and the borrower (subborrower).

4. The amount of remunerations is established proceeding from conditions of the attracted foreign loan:

on the loans granted on commercial terms, - 0, annual interest rate, charged on the chosen and not extinguished part of principal debt;

on the loans granted on favorable terms, - annual interest rate 0,1 (for the off-budget organizations), charged on the chosen and not extinguished part of principal debt.

Remunerations are not levied on the credits which source of repayment are budgetary appropriations, and also on the foreign credits refinanced by commercial banks of the republic on which guarantees of the Republic of Uzbekistan according to obligations of subborrowers are not issued.

5. Payment of remunerations is performed in the corresponding payment dates of percent according to the repayment schedule of the attracted loan in amount-based ekvikalent at the Central Bank rate of the Republic of Uzbekistan on payment date.

In case of payment delay of remunerations within three days, borrowers (subborrowers) in addition to the overdue amount pay penalty fee in the amount of 0.1 percent from the overdue debt amount for each overdue day.

6. In case of failure to carry out by borrowers (subborrowers) of obligations on timely payment of remunerations, the Ministry of Finance of the Republic of Uzbekistan has the right of indisputable and unconditional money recovery from any accounts of the borrower and subborrower (in case of provision of a guarantee for the Republic of Uzbekistan according to obligations of the subborrower) in any currency in the amount of the overdue amount and the added penalty fee.

Cash write-off from accounts of the borrower (subborrower) is made according to the procedure, established for write-off of payments in the budget.

7. Borrowers (subborrowers) performing renewal of credit agreements in connection with change of the amount of earlier obtained credits or with prolongation of repayment periods of the attracted loans, perform payments of remunerations from the moment of renewal of credit agreements according to the procedure, established by this Provision.

III. Final provisions

8. The remunerations brought by borrowers (subborrowers) are not subject to return and remain at the disposal of the Cabinet of Ministers of the Republic of Uzbekistan.

9. Accounting of receipts of remunerations is performed by the Ministry of Finance of the Republic of Uzbekistan.

10. The Ministry of Finance of the Republic of Uzbekistan in the performance report of the Government budget represented at the scheduled time to the Cabinet of Ministers of the Republic of Uzbekistan specifies information on receipt of funds as payment for the provided guarantees of the Republic of Uzbekistan on the attracted foreign loans for reporting date, and also provides this information in other cases, stipulated by the legislation.

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