Tashkent, Uzbekistan (UzDaily.com) -- A government resolution “On organizing the activities of the Guarantee Fund for servicing public debt under the Treasury of the Ministry of Finance of the Republic of Uzbekistan” was adopted.

In accordance with the resolution, the Guarantee Fund for servicing the state debt was created under the Treasury of the Ministry of Finance, the press service of the Ministry of Finance reported.

The fund is not a legal entity.

According to the resolution, in cases where debtor organizations or refinancing banks for projects and programs financing from the state debt did not make timely and full payments on their debts, these borrowings are covered, first of all, at the expense of the State budget, if the funds of the fund not enough, according to the legal channel of the Ministry of Justice.

The resolution approved the Regulation on the procedure for the formation and use of the funds of the Guarantee Fund for servicing the state debt under the Treasury of the Ministry of Finance of the Republic of Uzbekistan.

According to the regulation, payments under state guarantees of the Republic of Uzbekistan are determined in the amount of at least 0.5 percent per annum of the residual amount of the debt.

If payments from debtor organizations are not returned in full within 30 calendar days, the unpaid debt and the accrued fines and penalties applied to it are collected in court.

The Treasury keeps records of the formation and use of the Guarantee Fund.