Law 22 2003 Cap's Public Debt Loans

Original Language Title: القانون 22 لعام 2003 الخاص برسملة قروض الدين العام

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Read the untranslated law here:

Law 22 of 2003 for public debt loans President capitalized upon the Constitution and approved by the NPC at its meeting on 6-9-1424 and 1-11-2003. 

Issued: article 1 – consider loans of public debt Fund for public institutions and public companies and public facilities and General construction companies until 31-12-2002 meet finance investment project approvals and public debt fund payments of premiums and benefits of foreign loans and credit facilities to the benefit of those final funding and coverage of the nominal capital.

Article 2 – budget surpluses are those referred to in article 1 of this law actually spent in financing investment projects (self financing) final funding and coverage of nominal capital and within the appropriations in the General budgets of the State until 2002.

Article 3 – exempt entities defined in article 1 of this law of interest on its loans from public debt Fund and added to the nominal capital and that after turning off the deficit carryover till 31-12-2002 and within those benefits accrued in the event of disability or loss of phase. 

Article 4 – identifies the decisions issued by the Prime Minister upon proposal of the Minister of finance the amount of nominal capital increase for each of the beneficiaries of public debt Fund loans until 31-12-2002 actually used in financing fixed assets and working capital from one production cycle for each. 

Article 5 – hitting the shot and settle all restrictions of loans and their benefits to the public debt fund accounting and public bodies designated in accordance with the accounting and financial systems window for each of them, and based on decisions made by the Prime Minister to each hand in accordance with the provisions of article 4 of this law. 

Article 6 – received transfers by those specified in article 1 of this law to the public debt to fund 31-12-2002 encounter: a loan repayment of public debt Fund and its benefits.

B subscription base public debt to meet liquidity surpluses except underwriting banks and legal reserves. 

Article 7 – financial Minister issued operational instructions for the provisions of this law.

Article 8 – this law shall be published in the Official Gazette.

Damascus 14-9-1424, corresponding to 9-11-2003 m President Bashar Al-Assad