of April 29, 2023 No. ZRU-836
About public debt
Accepted by Legislative house on March 29, 2022
Approved by the Senate on August 4, 2022
The purpose of this Law is regulation of the relations connected with public debt and its management.
The legislation on public debt consists of this Law and other acts of the legislation.
If the international treaty of the Republic of Uzbekistan establishes other rules, than those which are stipulated by the legislation the Republic of Uzbekistan about public debt then are applied rules of the international treaty.
In this Law the following basic concepts are applied:
the state guarantee - the obligation of the Republic of Uzbekistan to the creditor fully or partially to repay the debt, arising in case of failure to carry out by the resident borrower of terms of the contract of loan;
the state borrowing - attraction of assets on which there are obligations of the Republic of Uzbekistan as the borrower or the guarantor of repayment of the credits (loans) of resident borrowers;
public debt - the obligations of the Republic of Uzbekistan which resulted from internal and external borrowings;
refinancing of public debt - repayment of public debt by means of the state borrowing;
the creditor - the resident or the nonresident of the Republic of Uzbekistan (foreign states, the international organizations, the international financial and economic institutions, the foreign government financial organizations, foreign investors and other nonresidents of the Republic of Uzbekistan) who provided or namerivayushchy to provide assets according to the loan agreement;
the borrower - the resident of the Republic of Uzbekistan (resident borrower) or the Republic of Uzbekistan on behalf of the Cabinet of Ministers of the Republic of Uzbekistan which attracted assets, or documentary certified intention to attract assets from the creditor according to the loan agreement.
Chambers of Oliy Majlis of the Republic of Uzbekistan in the field of national debt management:
establish the extreme sizes on public debt and annual limits of the guarantees provided to the private partner within the agreement on public-private partnership;
consider reports on strategy implementation of national debt management;
consider status reports and change of public debt, and also about target and effective use of the means borrowed by the state including about the course of realization and effectiveness of the projects performed due to the state borrowing;
discuss the measures provided in part three of article 35 of this Law when the size of public debt reaches fifty percent in relation to gross domestic product.
Chambers of Oliy Majlis of the Republic of Uzbekistan can perform also other powers according to the law.
President of the Republic of Uzbekistan:
adopts the corresponding regulatory legal acts on borrowing on behalf of the Republic of Uzbekistan and issue of the state guarantee within the extreme sizes on public debt;
signs on behalf of the Republic of Uzbekistan agreements of state loan and supplementary agreements to them or other body gives authority to sign them on behalf of the Republic of Uzbekistan;
approves procedure for the state external borrowing.
The president of the Republic of Uzbekistan can perform and other powers according to the law.
Cabinet of Ministers of the Republic of Uzbekistan:
establishes the priority directions for the state borrowing;
approves the strategy of national debt management and controls its realization;
makes offers in chambers of Oliy Majlis of the Republic of Uzbekistan on limiting establishment of the sizes on public debt and annual limits of the guarantees provided to the private partner within the agreement on public-private partnership;
adopts the corresponding regulatory legal acts on borrowing on behalf of the Republic of Uzbekistan and issue of the state guarantee within the extreme sizes on public debt;
signs on behalf of the Republic of Uzbekistan agreements of state loan and supplementary agreements to them or other body gives authority to sign them on behalf of the Republic of Uzbekistan;
determines procedure for release, placement, the address and repayment of the government treasury bonds;
determines procedure for issue of the state guarantee.
The Cabinet of Ministers of the Republic of Uzbekistan can perform also other powers according to the legislation.
Audit Chamber of the Republic of Uzbekistan:
carries out monitoring of effective management of public debt;
performs assessment of the sizes and feasibility of the state external borrowings;
exercises control of effective and rational use of the means borrowed by the state and also of timely and full service of public debt;
carries out monitoring and exercises control of forming of the projects realized due to the state borrowing;
exercises control of complete and effective projects implementation, implemented due to the state borrowing;
books project audit, implemented and completed due to the state borrowings, and at the end of every year sends information on results of audit to chambers of Oliy Majlis of the Republic of Uzbekistan, Administration of the President of the Republic of Uzbekistan and the Cabinet of Ministers of the Republic of Uzbekistan.
The Audit Chamber of the Republic of Uzbekistan can perform and other powers according to the legislation.
Central Bank of the Republic of Uzbekistan as the fiscal agent of the Government of the Republic of Uzbekistan on the basis of the agreement signed with the Ministry of Economics and finance of the Republic of Uzbekistan:
participates in placement of the government treasury bonds, registration of their placement, payment of cost, percent and other payments according to the government treasury bonds, and also in implementation of other transactions;
will organize banking activities on public debt;
Disclaimer! This text was translated by AI translator and is not a valid juridical document. No warranty. No claim. More info
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