LAW OF TURKMENISTAN

of March 20, 2017 No. 528-V

About modification and amendments in the Budget code of Turkmenistan

I. Bring in the Budget code of Turkmenistan approved by the Law of Turkmenistan of March 1, 2014 (Sheets of Majlis of Turkmenistan, 2014, No. 1, the Art. 37), the following changes and amendments:

1. In the text of the Code to replace the reference to state governing bodies, regional authorities, bodies of the local executive authority, representative bodies of local government respectively with the reference to public authorities, local authorities of the government, local executive bodies, local representative bodies of the government.

2. To add Item 23 of Article 1 after words of "the Cabinet of Ministers of Turkmenistan" with the words "further also-the Government of Turkmenistan".

3. Third of Article 2 to exclude part.

4. State the Section VIII in the following edition:

"Section VIII. State borrowings. The borrowings guaranteed by the state and debt

Chapter 26. General provisions about the state borrowings guaranteed by the state borrowing and debt

Article 111. The concepts used in this Section

In this Section the following concepts are used:

1) the aval - bill guarantee in case of which person which made it assumes liability on implementation of payment on the bill of exchange (completely or in part) for other person obliged on the bill of exchange;

2) the state external loan - the loan relations in which the nonresident of Turkmenistan acts as the creditor, and borrower - the Cabinet of Ministers of Turkmenistan or resident of Turkmenistan provided with the state guarantee;

3) the state internal loan - the loan relations in which the resident of Turkmenistan acts as the creditor, and borrower - the Government of Turkmenistan or resident of Turkmenistan;

Guarantee of bank - the obligation of bank to the Ministry of Finance of Turkmenistan on debt repayment on guaranteed by the state I will occupy 4) in case of failure to provide by the borrower of accumulating of the amount which is due from it according to the loan agreement according to the procedure and terms which are established by the agreement on provision of the state guarantee;

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