The agreement between the Government of the Kyrgyz Republic and the Government of the Russian Federation on settlement of debt of the Kyrgyz Republic to the Russian Federation on earlier granted public credits

of June 13, 2000

The government of the Kyrgyz Republic and the Government of the Russian Federation which are hereinafter referred to as with the Parties

for the purpose of further mutually beneficial cooperation and strengthening of friendship between two countries,

recognizing need of the fastest settlement of overdue debt of the Kyrgyz Republic on the public credits granted by the Russian Federation

agreed as follows:

Article 1

Provisions of this agreement will be applied to debt on percent on the public credits granted by the Government of the Russian Federation to the Government of the Kyrgyz Republic, due for settlement and not extinguished as of January 1, 2000 (further hereinafter is referred to as - the ureguliruyemy amount).

Provisions of this agreement will be applied to the specified debt, irrespective of the mechanisms of repayment established in the credit agreements signed by the Parties.

Article 2

The Ureguliruyemy amount as of January 1, 2000 constitutes 21156406, the 5th US dollar.

Article 3

1. On the ureguliruyemy amount the Kyrgyz Side will issue and will transfer till June 20, 2000. To the Russian side two bills of exchange equal at par value, with repayment periods on July 1, 2001 and on January 1, 2002 (further hereinafter are referred to as - the first bill of exchange and the second bill of exchange).

2. Since January 1, 2000 on the ureguliruyemy amount percent on rate of 6 annual interest rates, proceeding from the actual number of the days which expired in 360-day year will be charged.

3. On the amount of the added percent the Kyrgyz Side will issue and will transfer till June 20, 2000. To the Russian side of the bill of exchange.

Bills of exchange are written out for "for certain day", proceeding from the repayment schedule of bills of exchange given in the Appendix to this agreement which is its integral part and shall be registered by the Ministry of Finance of the Kyrgyz Republic.

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