Measures adopted to ensure repayment of loans of Uzbekistan Airways
23/09/2013 10:29
Measures adopted to ensure repayment of loans of Uzbekistan Airways
23/09/2013 10:29
Tashkent, Uzbekistan (UzDaily.com) -- The Government of Uzbekistan adopted a resolution “On measures on additional measures on ensuring timely repayment of loans of Uzbekistan Havo Yollari”.
The resolution was adopted to ensure financial sustainability of Uzbekistan Havo Yollari and timely repayment of loans of Fund for Reconstruction and Development of Uzbekistan, refinanced via National Bank of Uzbekistan for Foreign Economic Activity (NBU), as well as loans of authorized banks of Uzbekistan, attracted under the guarantee of Uzbekistan.
The document said that in line with the presidential resolution Uzbekistan Havo Yollari exempted to mandatory realization of half of its hard currency revenue to the government of Uzbekistan from 1 April 2012 till repayment of its debt on hard currency loans, received to construct new and modernize existing production capacities.
The government allowed Uzbekistan Havo Yollari, as an exception, to accumulate free hard currency resources from its structural divisions to account of the airline at NBU.
The government also allowed to accumulate hard currency revenue, received from realization of air transportation services at special account at the NBU and direct resources to repayment of loans, attracted under the guarantee on Uzbekistan to modernize and update airplanes fleet.
Uzbekistan Havo Yollari received permission to carry out mandatory realization of part of the hard currency after repayment of all its debt, received under the guarantees of the Government of Uzbekistan.
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