RESOLUTION OF THE CABINET OF MINISTERS OF THE REPUBLIC OF UZBEKISTAN

of September 21, 2020 No. 573

About the organization of activities of guarantee fund for servicing of public debt under treasury of the Ministry of Finance of the Republic of Uzbekistan

For the purpose of ensuring timely, full and guarantee maintenance of public debt on the basis of the best international practices the DECIDES: Cabinet of Ministers

1. Create under Treasury of the Ministry of Finance of the Republic of Uzbekistan the Guarantee fund on servicing of public debt which does not have the status of the legal entity (further - the Guarantee fund).

2. Approve Regulations on procedure for forming and use of means of the Guarantee fund on servicing of public debt under Treasury of the Ministry of Finance of the Republic of Uzbekistan according to appendix No. 1 *, providing:

determination of sources of forming and directions of use of means of the Guarantee fund;

in non-realization cases timely and fully the organizations debtors or the refinancing banks of payments for debts on the projects and programs financed by public credits, repayment of these debts is performed at the expense of means of the Guarantee fund, with condition of their collection from the organizations debtors;

procedure for debt repayment at the expense of funds of the Guarantee fund and collection from debtors of the means extinguished at the expense of means of the Guarantee fund;

effective management of available funds of the Guarantee fund by their placement on temporary deposits, sales and purchases of foreign currency, and also investment into highly liquid securities;

accounting of means of the Guarantee fund.

3. Determine that:

in non-realization cases timely and fully the organizations debtors or the refinancing banks of payments for debts on the projects and programs financed by public credits, repayment of these debts is performed, first of all, at the expense of means of the Guarantee fund, and in case of insufficiency of means of the Guarantee fund - at the expense of means of the Government budget of the Republic of Uzbekistan;

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