RESOLUTION OF PROVISIONAL GOVERNMENT OF THE KYRGYZ REPUBLIC

of April 21, 2010 No. 11 VP

About rendering the state support to the rural producers who obtained commodity loans during 1997-2009 by change of repayment provisions of debt

Considering the developed financial hardship of the rural producers of the republic having overdue debt on the foreign credits, budget advances, and also non-budgetary sources through Fund of the state material reserves under the government and to the grants issued during 1997-2009, and having debt on borrowed funds as of March 1, 2010 for the purpose of stabilization of their financial and economic condition, stimulation of recovery and development of production, ensuring recoverability of the public borrowed funds, the Provisional government decides:

1. Under the Ministry of Finance to change the state fund of development of economy repayment provisions of debt on the public borrowed funds the rural producers of the republic having remaining balance of outstanding debt as of March 1, 2010 by prolongation of repayment periods of debt of rural producers till 2013 on which return terms, and entering of corresponding changes and amendments into credit and mortgage documentation expired.

At the same time to determine that:

- in case of complete return by rural producers of the main credit amount and percent for its use the debt on the added penalties decreases:

till January 1, 2012 - in the amount of 100 percent;

till January 1, 2013 - in the amount of 50 percent;

- charge of penalties stops from the moment of the introduction in legal force of court resolutions about collection of full amount of debt from debtors;

- in case of overdue debt default on the main amount of debt in the above-stated terms the conditions on charge of penalties provided earlier in credit agreements are recovered.

2. To the Ministry of Agriculture together with the State fund of development of economy under the Ministry of Finance to prepare acts of reconciliations on the credits issued by the Ministry of Agriculture, Water Resources and Processing Industry during 1993-1997 to business entities of the republic in a month.

3. To impose control over the implementation of this resolution on the Ministry of Finance.

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