PRESIDENTIAL DECREE OF THE KYRGYZ REPUBLIC

of May 8, 2001 unitary enterprise No. 159

About measures for development of system of microcredit in the Kyrgyz Republic

Recognizing positive experience of development of institute of microcredit in overcoming poverty and social mobilization in the Kyrgyz Republic and for the purpose of creating favorable conditions of development of system of microcredit, assistance to fair economic growth, reducing poverty and to employment increase of the population of the Kyrgyz Republic, I decide:

1. Determine that the legal entities who are acting on the basis of constituent documents and having the certificate of National Bank of the Kyrgyz Republic on implementation of activities for microcredit have the right to be engaged in activities for microcredit.

2. To the government of the Kyrgyz Republic together with National Bank of the Kyrgyz Republic in three-months time:

- develop and approve the simplified mechanism of issue of certificates on implementation of activities for microcredit;

- establish the simplified procedure for state regulation of activities of microcredit institutions;

- take measures for ensuring economic and economic independence of microcredit institutions;

- to submit in accordance with the established procedure for consideration of Jogorku Kenesh of the Kyrgyz Republic of the offer on deduction of expenses of microcredit institutions on creation of reserves on covering of potential credit losses from taxable basis.

3. To impose control of execution of this Decree on department of economic policy of Administration of the President of the Kyrgyz Republic.

4. This Decree becomes effective from the date of publication.

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