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
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 income sources of the Guarantee fund under Treasury of the Ministry of Finance of the Republic of Uzbekistan and enlisted on the personal treasury accounts of the Guarantee fund opened in foreign and national currency
.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. Payments on guarantees of the Republic of Uzbekistan are established in the amount of at least 0,5 of annual interest rates from the remained outstanding amount.
Remuneration are not levied on the credits which source of payment are means of the Government budget
.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.
8. The remunerations brought by borrowers (subborrowers) are not subject to return and remain at the disposal of the Guarantee fund under Treasury of the Ministry of Finance 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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