RESOLUTION OF THE PRESIDENT OF TURKMENISTAN

Ashgabat, of May 5, 2000 No. 4689

About financial improvement of country associations

For the purpose of financial improvement of country associations, I decide creations of conditions for their rhythmical and effective work, normalization of mutual settlings with business entities:

1. Write off accounts payable of country associations before the budget and for supplier accounts as of May 1, 2000. Carry written off accounts payable on results of financial and economic activities of country associations, having exempted them from the tax discharge on profit from these amounts. To the companies and the organizations to make write-off of receivables which are registered for country associations by the profit (losses) remaining at their order.

2. To Central Bank of Turkmenistan to develop and approve the Procedure for return of settlement documents from card-index No. 2 of country associations and to bring it to the attention of banks of Turkmenistan.

3. To banks of Turkmenistan not to accept the exposed settlement payment documents in card-index No. 2 of country associations from now on. Determine that further country associations make calculations payment orders.

4. To impose control over the implementation of this resolution on Vice-chairmen of the Cabinet of Ministers of Turkmenistan vol. of Kandymov S. and Babayev S. M.

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