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(Unofficial translation)

 

Resolution of the Council of Ministers of the Republic of Belarus

No 893 of July 17, 2006
[Amended as of January 17, 2014]

 

On Measures for Implementation of Edict of the President of the Republic of Belarus No. 252 of April 18, 2006 and Declaring Certain Resolutions of the Council of Ministers of the Republic of Belarus Invalid

 

With a view of implementing Edict of the President of the Republic of Belarus No. 252 of April 18, 2006 “On Approval of the Regulations of External State Loans (Credits)” the Council of Ministers of the Republic of Belarus has decided:

1. To approve the annexed:

Regulations on certain issues of attracting of external state loans and external loans attracted against guarantees of the Government of the Republic of Belarus;

Model form of the Guarantee of the Government of the Republic of Belarus [not given];

Regulations on procedure of filling in the form of Guarantee of the Government of the Republic of Belarus [not given].

2. To establish that the production in 2006 of blank forms of the Guarantee of the Government of the Republic of Belarus shall be carried out by the Ministry of Finance at the expense of the republican budget funds provided to such Ministry for other expenses not allocated to other sub-sections.

3. To recognize ineffective resolutions of the Council of Ministers of the Republic of Belarus according to the Annex [not given].

4. This Resolution enters into force from July 18, 2006.

 

Prime Minister of the Republic of Belarus

S.Sidorski

 

 

 

APPROVED

Resolution of the Council of Ministers of the Republic of Belarus

No 893 of July 17, 2006

REGULATIONS
on certain issues of attracting of external state loans and external loans attracted against guarantees of the Government of the Republic of Belarus

CHAPTER 1
GENERAL PROVISIONS

1. These Regulations establish the procedure of:

the preparation and consideration, by the Currency Credit Commission of the Council of Ministers of the Republic of Belarus (hereinafter the Currency Credit Commission), of proposals on:

attraction of external state loans (later on – loans) by the Republic of Belarus and the Government of the Republic of Belarus, attraction by borrowers–residents of the Republic of Belarus (later on – borrowers) of external loans against guarantees of the Government of the Republic of Belarus (later on – guaranteed loans) and granting of loans and guaranteed loans to users of external loans;

restructuring of indebtedness on loans and guaranteed loans;

granting to the banks of the Republic of Belarus of powers of banks-agent for servicing loans and guaranteed loans ;

1.2. keeping record of guarantees of the Government of the Republic of Belarus.

CHAPTER 2
PROCEDURE OF PREPARATION AND CONSIDERATION OF PROPOSALS ON ATTRACTION of loans and guaranteed loans by user of external loans, restructuring of indebtedness on loans and guaranteed LOANs

2. Proposals for attraction of loans and guaranteed loans for purposes mentioned in clauses 4 and 5 of the Regulations of External State Loans and External Loans Attracted against Guarantees of the Government of the Republic of Belarus approved by Edict of the President of the Republic of Belarus No. 252 of April 18, 2006, on granting loans and guaranteed loans to users of external loans, restructuring of indebtedness on loans and guaranteed loans, are to be considered by the Currency Credit Commission.

3. Proposals for attraction by borrowers of guaranteed loans purposes mentioned in clause 5 of the Regulations of External State Loans and External Loans Attracted against Guarantees of the Government of the Republic of Belarus, including for granting to users of external loans shall be submitted the Ministry of Economy and the Ministry of Finance by appropriate republican bodies of state administration,  other state organizations subordinated to the Government of the Republic of Belarus, regional executive committees or the Minsk City Executive Committee, with presentation of the following documents:

3.1. application (petition) for attraction of a guaranteed loan, including for granting it to a user of external loan;

3.2. conclusion on the State Complex Expert Examination of the investment project and/or conclusion of the republican body of state administration (state organizations subordinated to the Government of the Republic of Belarus) in accordance with the legislation (for loans for investment project realization);

3.3. business-plan of the investment project;

3.4. copy of the credit agreement or of a draft thereof;

3.5. draft of the guarantee of the Government of the Republic of Belarus;

3.6. [excluded]

3.7. [excluded]

3.8. proposals about determining the bank-agent for servicing the guaranteed loan;

3.9. [excluded]

3.10. copies or drafts of contracts to confirm the implementation of the project and realization of products;

3.11. annual accounting report of the borrower, user of external loan for 3 recent years;

3.12. draft of the decision of the Currency Credit Commission on reasonability of attraction of the guaranteed loan;

3.13. a draft of the resolution of the Council of Ministers of the Republic of on attraction, use and repayment of the guaranteed loan, granting of a guarantee of the Government of the Republic of Belarus to the foreign creditor, granting powers to the bank-agent for servicing that loan, conclusion, as a rule, of a surety contract between the Ministry of Finance and a respective republic body of state administration, another state organizations subordinated to the Government of the Republic of Belarus, a regional executive committee or the Minsk City Executive Committee (hereinafter, unless otherwise determined – body-surety).

4. The Ministry of Finance shall, within 30 days from the date of arrival of the set of documents mentioned in clause 3 of this Chapter, prepare an opinion on reasonability of attraction and use of the guaranteed loan, taking account of the limit of the foreign debt guaranteed by the Republic of Belarus for the next financial (budget) year; and shall  it to the Ministry of Economy.

5. The Ministry of Economy shall, within 15 days from the day of receipt of the opinion of the Ministry of Finance, prepare its opinion on compliance of submitted documents with the requirements of the Currency Credit Committee reglament.

6. The Ministry of Economy and the Ministry of Finance have the right to request from the borrower or user of external loan additional information required for taking decision on reasonability of granting of the guaranteed loan to the latter, and also to engage audit organizations for verification of information stated in submitted documents; such auditing companies are paid for their services at the expense of the means of the borrower or user of external loan.

In the event of necessity to obtain additional information, the period for preparation of opinions of the Ministry of Economy and the Ministry of Finance may be extended but not more than for 10 days from the date of arrival of additional documents.

7. Upon positive conclusions of the Ministry of Economy and the Ministry of Finance, the Ministry of Economy jointly with the appropriate republican body of state administration, state organization, regional executive committee, the Minsk City Executive Committee, to which the borrower or user of external loan is subordinated or of which the borrower makes a part, shall, under the established procedure, submit the materials for consideration of the Currency Credit Commission.

8. Proposals on attraction of Loans by the Republic of Belarus for the purposes mentioned in indents 3 and 4 of sub-clause 4.1 of clause 4 of the Regulations of External State Loans and External Loans Attracted against Guarantees of the Government of the Republic of Belarus shall be placed to the Ministry of Economy and Ministry of Finance by appropriate republican bodies of state administration, other state organizations subordinated to the Government of the Republic of Belarus, regional executive committees or the Minsk City Executive Committee under the procedure determined in this Chapter with presentation of the following documents:

8.1. application (petition) for attraction of a loan, including for granting it to a user of external loan;

8.2. conclusion on the State Complex Expert Examination of the investment project and/or conclusion of the republican body of state administration (state organizations subordinated to the Government of the Republic of Belarus) in accordance with the legislation (for loans for investment project realization);

8.3. copy of the credit agreement or of a draft thereof;

8.4. proposals about determining the bank-agent for servicing the loan;

8.5. draft of the decision of the Currency Credit Commission on reasonability of attraction of the loan and its amount;

8.6. draft of the edict of the President of the Republic of Belarus on attraction of a state loan, its use and repayment , granting powers to the bank-agent of the Government of the Republic of Belarus for servicing that loan, conclusion, as a rule, of a surety contract between the Ministry of Finance and a body-surety.

81Proposals on attraction of Loans by the Republic of Belarus for covering the deficit of the republic budget shall be placed by and Ministry of Finance to the Ministry of Economy with presentation of the application and the documents provided in sub-clauses 8.3 and 8.5 of clause 8 of these Regulations and a draft of the edict of the President of the Republic of Belarus on attraction of a state loan, including through the issue of state securities and on its repayment.

9. Proposals on attraction of Loans by the Government of the Republic of Belarus for the purposes mentioned in sub-clause 4.2 of clause 4 of the Regulations of External State Loans and External Loans Attracted against Guarantees of the Government of the Republic of Belarus shall be placed to the Ministry of Economy and Ministry of Finance by appropriate republican bodies of state administration,  other state organizations subordinated to the Government of the Republic of Belarus, regional executive committees or the Minsk City Executive Committee under the procedure determined in this Chapter with presentation of the documents provided in sub-clauses 8.1 – 8.5 of clause 8 of these Regulations and a draft of the resolution of the Council of  Ministers of the Republic of Belarus on attraction of a state loan, including for granting to users of external loans, use and repayment thereof, granting powers to the bank-agent for servicing that loan, concluding, as a rule, of a surety contract between the Ministry of Finance and a body-surety.

10. Preparation of a proposal on restructuring of indebtedness of a borrower or user of external loan on loans (guaranteed loans) before a foreign creditor and/or before the republican budget for submission to the Currency Credit Commission for consideration is carried out under the procedure determined in this Chapter with presentation of the following documents:

10.1. application (petition) with substantiation of the necessity to restructure the indebtedness on the loan (guaranteed loan);

10.2. business-plan of development of the borrower or user of external loan for the period of restructuring of the indebtedness on the loan (guaranteed loan), containing an analysis of the course of investment project implementation and the reasons on which the deviation from estimated targets has occurred; which underwent an expert examination and approval under the procedure established by the legislation;

10.3. draft of the addition to the credit agreement (if necessary);

10.4. draft of the guarantee of the Government of the Republic of Belarus (if necessary);

10.5. opinion of the Ministry of Justice on the conformity of the draft of the addition to the loan agreement with the legislation of the Republic of Belarus (if it is the draft of a treaty orcontains a provision about the necessity of obtaining of such an opinion after its signing);

10.6. as a rule, a surety of the surety-body;

10.7. annual accounting reports of the borrower or user of external loan for 3 recent years;

10.8. draft of the decision of the Currency Credit Commission on reasonability of restructuring of the indebtedness on the loan (guaranteed loan);

10.9. draft of the edict of the President of the Republic of Belarus on or of the resolution of the Council of Ministers of the Republic  on restructuring of the indebtedness on loan (guaranteed loan).

CHAPTER 3
PROCEDURE OF GRANTING to banks of the republic of belarus of powers of an AGENT-BANK AND CONSIDERATION OF PROPOSALS OF ANY FOREIGN NON-BANK credit-and-finance ORGANIZATIONS

11. The application of a bank for granting to it of powers of the bank-agent shall be submitted to the Ministry of Economy and the Ministry of Finance for consideration, with enclosing of the following documents:

opinion of the National Bank whether the bank is able to perform foreign economic operations;

annual report about the activities of the bank for the preceding year with an audit report;

statement about the number of correspondent banks; amount of the statutory fund of the bank; daily average sum of currency funds remitted under transfers and letters of credit; existence of claims from bank’s customers in respect to performed currency operations; structure of the subdivision of the Bank engaged in international settlements.

12. The Ministry of Finance shall, within 15 days from the day of arrival of the documents mentioned in clause 11 of this Chapter, prepare an opinion on reasonability to grant the powers to the Bank for carrying out the functions of the bank-agent and send forward it to the Ministry of Economy.

13. The Ministry of Economy, jointly with the National Bank, shall, within 15 days from the date of receipt of the opinion of the Ministry of Finance, prepare necessary materials and submit them to the Currency Credit Commission for consideration.

After a decision to grant the powers of the bank-agent to the bank for servicing loans (guaranteed loans) has been made by the Government of the Republic of Belarus under the established procedure, the Ministry of Finance shall conclude an appropriate agency agreement with the bank.

14. Indebtedness before a foreign creditor on a loan or guaranteed loan, including the one granted to a user of external loan is repaid through the bank-agent.

The bank-agent that attracted a guaranteed loan, including for granting to the user of external loan, is a borrower under the guaranteed loan and fulfils obligations on its repayment and servicing before the foreign creditor.

Indebtedness before borrowers which granted loans or guaranteed loans to user of external loans is repaid at the expense of own funds of the users of external loans, unless otherwise provided by decisions of the President of the Republic of Belarus or the Government of the Republic of Belarus.

Guarantees of the Government of the Republic of Belarus granted on guaranteed loans attracted by borrowers for granting to users of external loans are also deemed to be the security for fulfilment of obligations by users of external credits before borrowers.

The borrower, including the bank-agent that attracted the guaranteed loan for granting to a user of external loan, is not entitled to demand from that user providing of another security for fulfilment of obligations on the guaranteed loan.

15. [Excluded]

16. Proposals of foreign non-bank credit-and-finance institutions, except for international financial organization (hereinafter – non-bank organization) on granting to the Republic of Belarus of loans, received by republican bodies of state administration, shall be forwarded by the latter to any bank-agent for expert examination.

17. For consideration of proposals and preparation of an expert opinion, the non-bank organization shall submit to the bank-agent the following documents:

letter on the letterhead of the non-bank organization indicating street address, telephone and fax numbers, and containing the proposal to grant a loan;

legalized extract from the commercial register of the country of establishment or another equivalent proof of the legal status for the non-bank organization in accordance with the legislation of the country of its establishment (the extract shall be dated not earlier than one year before the date of submission the documents);

copy of the statute or another document specifying the scope of legal capacity of the non-bank organization;

reports on financial and economic activities of the non-bank organization, including its annual reports for three recent years of its activity and for the elapsed period of the current year;

data of the banks servicing the non-bank organization on flow of funds on its accounts during the recent six months;

detailed description of the scheme of granting credit funds and other information related to implementation of proposals of non-bank organizations;

information about origin of credit funds, attested by the central tax body of the country of establishment of the non-bank organization.

18. On the basis of documents received from the non-bank organization, the bank-agent shall prepare an expert opinion on availability of credit funds in the non-bank organization, stability of its financial position, existence of debts, reasonability of attracting proposed loans, and possibility to cooperate with the said organization.

19. The expert opinion on the results of consideration of proposals of a non-bank organization shall be brought by the bank-agent to the notice of this organization and of the republican administration body to which that organization has initially applied with proposals on granting credit funds.

20. Upon a positive expert opinion of the bank-agent, the subsequent consideration of proposals of the non-bank organization shall be carried out under the procedure established by these Regulations.

CHAPTER 4
PROCEDURE OF record keeping OF GUARANTEES OF THE GOVERNMENT OF THE REPUBLIC OF BELARUS

21. Guarantees of the Government of the Republic of Belarus granted on guarantee loans in accordance with clause 15 of the Regulations of External State Loans and External Loans Attracted against Guarantees of the Government of the Republic of Belarus shall be subject to record keeping.

22. A guarantee of the Government of the Republic of Belarus signed by the Prime Minister of the Republic of Belarus in duplicate in English and Russian (or Belarusian) languages shall be forwarded to the Ministry of Finance simultaneously with the resolution of the Council of Ministers of the Republic of Belarus.

This Ministry shall forward a copy of the guarantee in English to the foreign creditor through the bank-agent, and a copy of the guarantee in Russian (or Belarusian) shall remain under the responsible custody and on record in the Ministry of Finance.

23. The Ministry of Finance shall maintain the Register of Guarantees of the Government of the Republic of Belarus, which must contain the following:

registration number and date of issue of the guarantee;

number and date of taking the decision to issue the guarantee;

data about foreign creditors and borrowers, users of external loans;

amount of credit for which the guarantee has been issued;

validity period of the guarantee.

The Register of Guarantees of the Government of the Republic of Belarus shall be made on paper and electronic information carriers in chronological order and shall be grouped by countries of establishment of foreign creditors, and by other grounds.

The Ministry of Finance may enter other information into the Register, reflecting peculiar features of a credit agreement.

25. Data contained in the Register of Guarantees of the Government of the Republic of Belarus constitute official secret.

* unofficial translation *