President

Based on the Constitution

As approved by the People's Assembly at its meeting held on 6.9-1424 A.H., 1-11-2003,

The following are issued:

Article 1 -The loans granted by the Public Debt Fund to public institutions, public companies, public facilities and public construction companies to 31-12-2002 are considered to finance investment project allocations and the repayment of the public debt fund for payments and benefits of external loans and facilities. Credit held for those with final funding and coverage of their nominal capital.

Article 2 -The budget surpluses of those referred to in Article I of this Law are actually considered to finance their investment projects (selffinancing). A final funding and a cover for their nominal capital, within the appropriations allocated to them in the general budgets of the state until 2002.

Article 3 -The interest of loans granted to them by the Public Debt Fund and in addition to their nominal capital, after extinguishing the carry-over deficit to 31-12-2002 and within the limits of interest accumulated in the event of a deficit or loss, are defined in article 1/of the present law. Stage.

Article 4 -To be determined by decisions issued by the Prime Minister on the proposal of the Minister of Finance to increase the nominal capital of each of the beneficiaries of the public debt fund loans to 31-12-2002 already used in the financing of fixed assets and the working capital for one production cycle per year Of her.

Article 5 -The limitations and benefits of each of the loans granted and their benefits are settled upon accounting for both the public debt fund and the public bodies designated in accordance with their respective financial and accounting regulations, based on the decisions made by the Prime Minister of each quarter in accordance with the provisions of Article 4. This is the law.

Article 6 -The amounts transferred by the entities specified in Article 1/from this Act to the Public Debt Fund do not appear until 31.12-2002 to meet:

a. Reimbursement of loans from the Public Debt Fund and its benefits.

b. Subscriptions to public debt and liquidity surpluses except for bank subscriptions and legal reserves.

Article 7 -The Minister of Finance shall issue executive instructions for the provisions of this Act.

Article 8 -This law is published in the Official Journal.

Damascus 14-9-1424 A.H. 911-2003

President
Bashar al-Assad

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