LAW OF UKRAINE

of April 20, 2000 No. 1697-III

About restructuring of debt obligations of the Cabinet of Ministers of Ukraine before the National Bank of Ukraine

Article 1. The debt of the Cabinet of Ministers of Ukraine to the National Bank of Ukraine on the credits of the National Bank of Ukraine obtained for financing of central government budget deficit of Ukraine in 1994-1996 is restructured namely:

to carry debt on the delayed loans granted due to credit issue of the National Bank of Ukraine in national currency which as of January 1, 1999 constituted 3 438 565 585 hryvnias on internal public debt of Ukraine and to provide repayment it since 2010 till 2035 quarterly equal shares with implementation of payment at the level of 5 annual interest rates on its servicing;

to carry debt on the delayed credits obtained for financing of central government budget deficit of Ukraine in foreign currency which as of January 1, 1999 constituted 1 183 911 897 US dollars on internal public debt of Ukraine and to provide repayment by its quarterly equal shares since 2002 till 2009, i.e. within deadline of repayment by Ukraine of the credits provided by international financial institutions.

The added interests on credit which as of January 1, 1999 made 133 209 171 US dollars are subject to reference on internal public debt of Ukraine and to repayment together with repayment of the main amount of debt.

Article 2. Resolve the National Bank of Ukraine the added and unpaid interests on the loans granted to the Ministry of Finance of Ukraine in national currency which as of January 1, 1999 constituted 6 300 181 986 hryvnias and are considered out of balance, to charge off off-balance account of the National Bank of Ukraine.

Article 3. To provide to the National Bank of Ukraine till 2010 forming of reserve for compensation of the possible losses connected with repayment by the Cabinet of Ministers of Ukraine of deferred debt on the credits obtained by it in the amount of at least 20 percent of total amount of deferred debt on the credits obtained in national currency. To perform forming of reserve annually in the uniform amounts.

Article 4. Final provisions

1. This Law becomes effective from the date of its publication.

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