LAW OF THE KYRGYZ REPUBLIC

of June 8, 1998 No. 75

About debt restructuring of the Government of the Kyrgyz Republic before National Bank of the Kyrgyz Republic

Accepted by General Court of Jogorku Kenesh of the Kyrgyz Republic on March 24, 1998

Approved by the Meeting of national representatives of Jogorku Kenesh of the Kyrgyz Republic on May 8, 1998

Article 1. This Law regulates questions and the procedure of carrying out debt restructuring of the Government of the Kyrgyz Republic before National Bank of the Kyrgyz Republic.

Article 2. The terms used in this Law:

- securitization - process of renewal of credit debt and to the added percent in securities;

- Repo transaction - the sales agreement (purchase) of securities with the obligation of the seller (buyer) about their return purchase (sale) at the stipulated price and in the stipulated time;

- bonds state restructured the zaymagosudarstvenny securities issued for the purpose of debt restructuring.

Article 3. Debt restructuring of the Government of the Kyrgyz Republic on the loans granted by National Bank of the Kyrgyz Republic in 1992-1997 on gap covering between current incomes and expenses of the republican budget and also according to the orders of the Government of the Kyrgyz Republic, the 35th som which developed in the amount of 4444401925,, including 1938808618, 64 som - on the main debt, 440821000, of 00 som - on the debt renewed in government securities and 2064772306, of 71 som - on the added percent, is carried out by securitization method as of December 31, 1997.

Article 4. 1. Restructuring of the main debt of the Government of the Kyrgyz Republic on the credits before National Bank of the Kyrgyz Republic and debt which is already renewed in government securities in the amount 2379629618, 64 som is made by bond issue of the state restructured loan (further - OGRZ) and transfer of the Kyrgyz Republic to their National Bank.

2. OGRZ are government securities without the fixed circulation period and rate of percent.

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