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LAW OF THE REPUBLIC OF ARMENIA

of June 18, 2008 No. ZR-78

About public debt

(as amended on 10-01-2018)

Accepted by National Assembly of the Republic of Armenia on May 26, 2008

Chapter I. General provisions

Article 1. Subject of regulation of the Law

This Law governs the relations connected with public debt of the Republic of Armenia.

Article 2. The basic concepts used in the Law

The basic concepts used in the Law are:

1) debt obligation - loan (including the securities distributed in the domestic and foreign markets) or the amount received according to the credit agreement and not extinguished on condition of certain moment, inclusive, the amount of percent, and also the amount of the provided state guarantees which is not extinguished in time,

2) public debt – the total amount of the debt obligations which are available for certain moment and taken on behalf of the Republic of Armenia and the Central bank of the Republic of Armenia (except for the debt obligations of the Central bank which are available before residents),

3) government debt - the total amount of the debt obligations which are available for certain moment and undertaken by the Government of the Republic of Armenia (further – the Government),

4) debt of the Central bank - the total amount of the debt obligations which are available for certain moment before nonresidents, foreign states and undertaken by the Central bank of the Republic of Armenia,

5) internal public debt - the total amount of the debt obligations which are available for certain moment before residents and taken on behalf of the Republic of Armenia by the body authorized by the Government based on loan agreements and credit agreements

6) external public debt - the total amount of the debt obligations undertaken on behalf of the Republic of Armenia and the Central bank and which are available for certain moment before nonresidents of the Republic of Armenia

7) the state guarantee – on condition of certain moment, guarantee of repayment of obligations of the Government (the budget guarantee) to creditors and creditors, and also complete or partial repayment of the obligation of the Central bank to creditors and creditors by nonresidents, in case of failure to pay at the scheduled time of the amounts which are subject to payment by borrowers and debtors by residents of the Republic of Armenia

8) gross external debt - the total amount of the debt obligations undertaken on behalf of the Republic of Armenia, the Central bank, and also residents of the Republic of Armenia and available on condition of certain moment before nonresidents, foreign states and the international organizations,

9) debt repayment – accomplishment of debt obligation based on the loan agreement or the credit agreement,

10) debt servicing – performing payment by the provided loan agreement or the credit agreement of the amounts of percent, commission payment and other payments,

11) on behalf of the Republic of Armenia – on behalf of the Republic of Armenia, the Government, state bodies of the Republic of Armenia, public institutions,

12) authorized body – the republican executive body of the Republic of Armenia developing and performing policy of the Government in the sphere of management of public finances

13) resident – physical persons which during the period which is beginning or coming to an end in 12-month time in this year (from January 1 to December 31 inclusive) were in the Republic of Armenia in total 183 days and more or the center of vital interests is in the Republic of Armenia, and also legal entities who were created and received registration in the Republic of Armenia,

14) the nonresident – the physical persons which are not considered by residents in sense of this Law, and created in foreign states of the organization and also the international organizations and the organizations created by them outside the Republic of Armenia

15) the government treasury bond – the bond issued in national currency by authorized body on behalf of the Republic of Armenia

16) the bond issued in currency - the bond issued in currency on behalf of the Republic of Armenia

17) the agreement – the prisoner on behalf of the Republic of Armenia the Republic of Armenia, the Government, state bodies, organizations of the Republic of Armenia the loan agreement, the credit agreement or the agreement of the state guarantee and the loan agreement signed by the Central bank, the credit agreement or the agreement of the state guarantee, the agreement,

18) the current obligation – the total amount of debt repayment, provided by the loan agreement and the credit agreement for the forthcoming 365 days, and service fees on condition of certain moment,

19) primary placement – the first alienation of bonds of the market issuing to the participants issuing or according to its order - other body by means of certain mechanism,

20) the primary market – the market where primary placement of government bonds is performed.

Article 3. Law purpose

1. The purpose of this Law is providing the effective and public organization of national debt management.

Article 4. Legislation of the Republic of Armenia on public debt

1. The legislation of the Republic of Armenia on public debt consists of the Civil code of the Republic of Armenia, this Law, other regulations, international treaties of the Republic of Armenia.

2. If international treaties of the Republic of Armenia establish other regulations, than this Law, then regulations of international treaties are effective.

Article 5. Public debt

1. The public debt is set of government debt and debt of the Central bank.

2. The public debt is assigned to the Government, state bodies and public institutions – on behalf of the Republic of Armenia, and to the Central bank – on behalf of the Central bank.

3. The public debt is expressed in national currency of the Republic of Armenia.

4. The public debt can be expressed also in other currencies.

5. The amounts, due for settlement and to servicing of public debt, are paid completely and timely. If the means provided by the government budget of this year are not enough, then the payments on public debt and servicing which are subject to payment can be made without restrictions, being expressed in the report on accomplishment of the government budget of this year.

6. As of December 31 every year limiting threshold of ratio of debt of the Government and gross domestic product of the Republic of Armenia constitutes 60 percent.

7. If the debt of the Government as of December 31 of previous year exceeded 40 percent of gross domestic product of the Republic of Armenia for previous year, then the provisions established by parts 8.2 and 8.4 of article 21 of the Law of the Republic of Armenia "About the budget system of the Republic of Armenia" are effective.

8. Voided according to the Law of the Republic of Armenia of 10.01.2018 No. ZR-6

 

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