LAW OF THE AZERBAIJAN REPUBLIC

of December 24, 2021 No. 441-VIQD

About modification of the Law of the Azerbaijan Republic "About public debt"

Being guided by Item 15 of part I of article 94 of the Constitution of the Azerbaijan Republic, Millie DECIDES: Majlis of the Azerbaijan Republic

Article 1 In the Law of the Azerbaijan Republic "About public debt" (Collection of the legislation of the Azerbaijan Republic, 2007, No. 8, Article 748, No. 11, Article 1093; 2010, No. 4, Article 276; 2016, No. 11, Article 1772; 2017, No. 5, article 704, No. 12 (I book), Article 2252; 2018, No. 12 (I book), Article 2501; 2019, No. 1, Article 3; 2020, No. 12 (l the book), Article 1456) to make the following changes:

1. In Article 1.11 of the word "trust budget fund" shall be replaced with words "the off-budget state fund founded without formation of legal entity".

2. Add with Article 7.3 of the following content: "7.3. If payments for return of the main amount of public debt are provided at the expense of the state loan attracted within the current fiscal year, then part of these payments over the expenses provided in connection with servicing of public debt in the government budget for this year is not ranked as expenses of the government budget.".

3. Under Article 13:

3.1. in Article 13.1 of the word "as a part of the government budget of the Azerbaijan Republic … trust budget fund" shall be replaced with words "founded without formation of legal entity off-budget state";

3.2. in Article 13.2.3 to exclude the words "in the government budget";

3.3. add with Article 13.3-2 of the following content: "13.3-2. The upper limit of expenses of Fund of providing cannot exceed the amount of remaining balance of this fund for the beginning of budget fund and means which will arrive within year.".

Article 2 This Law becomes effective since January 1, 2022.

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