RESOLUTION OF THE PRESIDENT OF TURKMENISTAN

of June 26, 2006 No. 7947

About improvement of financial condition of the companies and organizations of the Ministry of the textile industry of Turkmenistan

For the purpose of improvement of financial condition of the companies and organizations of the Ministry of the textile industry and Turkmenistan and ensuring their effective activities I decide:

1. To Central Bank of Turkmenistan and National commercial bank of Turkmenistan Turkmenistan:

a) extend to 1 Oguz 2016 repayment period of debt on the bank loans granted according to orders of the President of Turkmenistan from 4 Bitaraplyk to 1996 No. 1366 and from 24 Oguz 2000 No. 2200, remaining balance on which constitutes respectively 150 000 million manats and 53 952 million manats;

b) stop charge of percent on the bank loans granted:

according to the order of the President of Turkmenistan from 4 Bitaraplyk 1996 No. 1366, - from expiry date of the repayment established to orders of the President of Turkmenistan from 3 Bitaraplyk by 1998 No. 1761;

according to the order of the President of Turkmenistan from 24 Oguz 2000 No. 2200, - from expiry date of the repayment established by the specified order of the President of Turkmenistan.

2. To Central Bank of Turkmenistan to allocate to the National commercial bank of Turkmenistan Turkmenistan interest-free centralized credit resources in the amount of 203 952 million manats.

3. To the ministry of the textile industry of Turkmenistan to make repayment of principal debt and the added percent on the bank loans specified in Item 1 of this resolution by, monthly, equal shares starting with the Turkmenbashi of 2011.

4. Declare invalid the order of the President of Turkmenistan from 19 Rukhnam 2005 No. 3356.

5. To impose control over the implementation of this resolution on the Minister of the textile industry of Turkmenistan Paromov Y. and the Chairman of the board of the Central bank of Turkmenistan Abilov G.

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