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LAW OF THE REPUBLIC OF UZBEKISTAN

of August 29, 1996 No. 263-I

About external borrowings

(In edition of the Laws of the Republic of Uzbekistan of 27.12.2013 No. ZRU-361, 23.07.2018 of No. ZRU-486)

Article 1. Basic concepts

In this law the following basic concepts are applied:

"external borrowings" - attraction by the Republic of Uzbekistan or its resident of assets (the credits, loans and others) foreign states or nonresidents with acceptance on obligations to provide to this foreign state or the nonresident, or according to their requirement to the third party during the caused period of time adequate assets, including payments for use of assets;

"the state external borrowings" - attraction of assets from foreign sources (foreign states, their legal entities and the international organizations) on which there are obligations of the Republic of Uzbekistan as the borrower or the guarantor of repayment of the credits (loans) by resident borrowers;

"external debt of resident" - set of its obligations which resulted from external borrowings;

"the public external debt" - set of the obligations of the Republic of Uzbekistan which resulted from the state external borrowings;

"total external debt" - the amount of the external debt of residents which is not guaranteed by the state and the public external debt;

"borrower" - the Republic of Uzbekistan on behalf of the Cabinet of Ministers of the Republic of Uzbekistan or resident, made external borrowing or documentary completed intention to make external borrowing;

"creditor" - foreign state or the nonresident (legal entities and physical persons of foreign states) who provided or intending to provide assets under the agreement on external borrowing. If it is several nonresidents, then the nonresident performing functions of the authorized manager in group of creditors can be the creditor.

Article 2. Legislation on external borrowings

The relations connected with external borrowings are regulated by this Law and other acts of the legislation.

If international treaties of the Republic of Uzbekistan establish other rules, than those which to contain in the legislation of the Republic of Uzbekistan on external borrowings, then rules of international treaties are applied.

Article 3. Making of external borrowings

External borrowings are made in the way:

attraction by the state or legal and physical litsamirezidenta of the Republic of Uzbekistan of the credits in the form of loans, commodity import or services;

attraction by financial institutions of the Republic of Uzbekistan of funds of nonresidents for deposits;

leasing transactions;

issues and placements by the Cabinet of Ministers of the Republic of Uzbekistan and residents in the foreign markets of bonds, bills of exchange and other securities;

uses of other types and forms.

Article 4. Agreement on the state external borrowings

On behalf of the Republic of Uzbekistan the President of the Republic of Uzbekistan, the Cabinet of Ministers of the Republic of Uzbekistan or the body authorized by them has the right to the conclusion of agreements on making of the state external borrowings.

The extreme size of the public external debt is annually determined by chambers of Oliy Majlis of the Republic of Uzbekistan in case of adoption of the Government budget of the Republic of Uzbekistan and budgets of the state trust funds for the next year.

The procedure for the conclusion of agreements on making of the state external borrowings is established by the Cabinet of Ministers of the Republic of Uzbekistan.

Article 5. State guarantees of the Republic of Uzbekistan

The state guarantee of the Republic of Uzbekistan (further - the state guarantee) is the obligation of the Republic of Uzbekistan to the creditor fully or partially to repay the debt in case of failure to pay by the resident borrower the amount of the term established by loan (credit) agreements which is due from it.

The state guarantees are provided to creditors as ensuring execution by resident borrowers of obligations on the credits (loans) obtained by them. According to obligations of physical persons the state guarantees are not provided.

The state guarantees on the credits (loans) are provided according to the decision of the President of the Republic of Uzbekistan or the Cabinet of Ministers of the Republic of Uzbekistan on terms of the contract concluded with the borrower.

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