<СОГЛАШЕНИЕ МЕЖДУ РОССИЙСКОЙ ФЕДЕРАЦИЕЙ И МЕЖДУНАРОДНЫМ БАНКОМ РЕКОНСТРУКЦИИ И РАЗВИТИЯ О ВТОРОМ РЕАБИЛИТАЦИОННОМ ЗАЙМЕ> (loan number 3898 ru) [англ.](Заключено в г. Вашингтоне 07.07.1995)
Loan Number 3898 RU
LOAN AGREEMENT
(SECOND REHABILITATION
LOAN)
BETWEEN THE RUSSIAN FEDERATION AND INTERNATIONAL BANK
FOR
RECONSTRUCTION AND DEVELOPMENT
(Washington, 7.VII.1995)
Agreement, dated
July 7, 1995 between Russian Federation (the Borrower) and International Bank
for Reconstruction and Development (the Bank).
Whereas: (A) the Bank has
received a letter dated August 30, 1994 from the Borrower describing a program
of actions, objectives and policies designed to achieve economic stabilization
and systemic reforms in the Borrower"s economy (hereinafter called the Program),
declaring the Borrower"s commitment to the execution of the Program, and
requesting assistance from the Bank in the financing of urgently needed imports
required during such execution; and
(B) on the basis, inter alia, of the
foregoing, the Bank has decided in support of the Program to provide such
assistance to the Borrower by making the Loan as hereinafter provided;
Now therefore the parties hereto hereby agree as follows:
Article
I
General Conditions; Definitions
Section 1.01. The "General Conditions
Applicable to Loan and Guarantee Agreements" of the Bank, dated January 1, 1985,
with the modifications thereof set forth below (the General Conditions)
constitute an integral part of this Agreement:
(a) Section 2.01,
paragraph 11, shall be modified to read:
"Project" means the imports and
other activities that may be financed out of the proceeds of the Loan pursuant
to the provisions of Schedule 1 to the Loan Agreement."
(b) The last
sentence of Section 3.02 is deleted.
(c) In Section 6.02, sub-paragraph
(k) is re-lettered as sub-paragraph 1 and a new sub-paragraph (k) is added to
read:
"(k) An extraordinary situation shall have arisen under which any
further withdrawals under the Loan would be inconsistent with the provisions of
Article III, Section 3 of the Bank"s Articles of Agreement."
(d) Section
9.07 (c) shall be modified to read:
"(c) Not later than six months after
the Closing Date or such later date as may be agreed for this purpose between
the Borrower and the Bank, the Borrower shall prepare and furnish to the Bank a
report, of such scope and in such detail as the Bank shall reasonably request,
on the execution of the program referred to in the Preamble to the Loan
Agreement, the performance by the Borrower and the Bank of their respective
obligations under the Loan Agreement and the accomplishment of the purposes of
the Loan."
Section 1.02. Unless the context otherwise requires, the
several terms defined in the General Conditions and in the Preamble to this
Agreement have the respective meanings therein set forth and the following
additional terms have the following meanings:
(a) "SITC" means the
Standard International Trade Classification, Revision 3 (SITC, Rev. 3),
published by the United Nations in Statistical Papers, Series M, No. 343 (1986);
and
(b) "Central Bank" means the Central Bank of the Russian
Federation.
Article II
The Loan
Section 2.01. The Bank agrees to
lend to the Borrower, on the terms and conditions set forth or referred to in
the Loan Agreement, various currencies that shall have an aggregate value
equivalent to the amount of six hundred million dollars (600,000,000 USD), being
the sum of withdrawals of the proceeds of the Loan, with each withdrawal valued
by the Bank as of the date of such withdrawal.
Section 2.02. The amount
of the Loan may be withdrawn from the Loan Account in accordance with the
provisions of Schedule 1 to this Agreement.
Section 2.03. The Closing
Date shall be June 30, 1996 or such later date as the Bank shall establish. The
Bank shall promptly notify the Borrower of such later date.
Section 2.04.
The Borrower shall pay to the Bank a commitment charge at the rate of
three-fourths of one percent (3/4 of 1%) per annum on the principal amount of
the Loan not withdrawn from time to time.
Section 2.05. (a) The Borrower
shall pay interest on the principal amount of the Loan withdrawn and outstanding
from time to time, at a rate for each Interest Period equal to the Cost of
Qualified Borrowings determined in respect of the preceding Semester, plus
one-half of one percent (1/2 of 1%). On each of the dates specified in Section
2.06 of this Agreement, the Borrower shall pay interest accrued on the principal
amount outstanding during the preceding Interest Period, calculated at the rate
applicable during such Interest Period.
(b) As soon as practicable after
the end of each Semester, the Bank shall notify the Borrower of the Cost of
Qualified Borrowings determined in respect of such Semester.
(c) For the
purposes of this Section:
(i) "Interest Period" means a
six-month period ending on
the date immediately preceding each date
specified in Section
2.06 of this Agreement, beginning with the
Interest Period in
which this Agreement is signed.
(ii) "Cost of Qualified Borrowings" means the cost, as
reasonably
determined by the Bank and expressed as a
percentage per
annum, of the outstanding borrowings of the
Bank drawn down after
June 30, 1982, excluding such borrowings
or portions thereof as the
Bank has allocated to fund:
(A) the Bank"s investments;
and
(B) loans which may be made by the Bank after July
1,
1989 bearing interest rates determined otherwise than
as
provided in paragraph (a) of this Section.
(iii) "Semester" means the first six months or the second
six months
of a calendar year.
(d) On such date as the Bank may specify by no less
than six months" notice to the Borrower, paragraphs (a), (b) and (c) (iii) of
this Section shall be amended to read as follows:
"(a) The Borrower shall
pay interest on the principal amount of the Loan withdrawn and outstanding from
time to time, at a rate for each Quarter equal to the Cost of Qualified
Borrowings determined in respect of the preceding Quarter, plus one-half of one
percent (1/2 of 1%). On each of the dates specified in Section 2.06 of this
Agreement, the Borrower shall pay interest accrued on the principal amount
outstanding during the preceding Interest Period, calculated at the rates
applicable during such Interest Period."
"(b) As soon as practicable
after the end of each Quarter, the Bank shall notify the Borrower of the Cost of
Qualified Borrowings determined in respect of such Quarter."
"(c) (iii)
Quarter" means a three-month period commencing on January 1, April 1, July 1 or
October 1 in a calendar year."
Section 2.06. Interest and other charges
shall be payable semiannually on May 1 and November 1 in each year.
Section 2.07. The Borrower shall repay the principal amount of the Loan in
accordance with the amortization schedule set forth in Schedule 2 to this
Agreement.
Section 2.08. (a) The Central Bank is designated as
representative of the Borrower for the purposes of taking any action required or
permitted to be taken under the provisions of Section 2.02 of this Agreement and
Article V of the General Conditions.
(b) Without limitation or
restriction to the foregoing, the Borrower hereby entrusts the Central Bank with
responsibility for the preparation of withdrawal applications and for the
collection of the documents and other evidence to be furnished to the Bank in
support of such applications, including the relevant customs certificates for
imports eligible for financing out of the proceeds of the Loan.
Article
III
Particular Covenants
Section 3.01. (a) The Borrower and the Bank
shall from time to time, at the request of either party, exchange views on the
progress achieved in carrying out the Program.
(b) Prior to each such
exchange of views, the Borrower shall furnish to the Bank for its review and
comment a report on the progress achieved in carrying out the Program, in such
detail as the Bank shall reasonably request.
(c) Without limitation upon
the provisions of paragraph (a) of this Section, the Borrower and the Bank
shall, on or about August 1, 1995, carry out a review on the allocation of
access to oil export pipelines.
Section 3.02. Except as the Bank shall
otherwise agree, procurement of the goods to be financed out of the proceeds of
the Loan shall be governed by the provisions of Schedule 3 to this
Agreement.
Section 3.03. a) The Borrower shall maintain or cause to be
maintained records and accounts adequate to reflect in accordance with
consistently maintained sound accounting practices the expenditures financed out
of the proceeds of the Loan.
(b) The Borrower shall:
(i)
have the records and accounts referred to in paragraph
(a) of this
Section audited for each fiscal year, in
accordance with
appropriate auditing principles consistently
applied, by independent
auditors acceptable to the Bank;
(ii) furnish to the Bank as
soon as available, but in any
case not later than six months
after the end of each such
year, a certified copy of the report
of such audit by said
auditors, of such scope and in such detail as
the Bank shall
have reasonably requested; and
(iii)
furnish to the Bank such other information
concerning said
records and accounts and the audit thereof as
the Bank shall from
time to time reasonably request.
(c) For all expenditures with respect to
which withdrawals from the Loan Account were made on the basis of statements of
expenditure, the Borrower shall:
(i) maintain or cause to be
maintained, in accordance
with paragraph (a) of this Section,
records and accounts
reflecting such expenditures;
(ii) retain, until at least one year after the Bank has
received
the audit report for the fiscal year in which the
last withdrawal
from the Loan Account was made, all records
(contracts, orders,
invoices, bills, receipts and other
documents or customs
certificates, as appropriate) evidencing
such expenditures;
(iii) enable the Bank"s representatives to examine such
records; and
(iv) ensure that such records and accounts are
included in
the annual audits referred to in paragraph (b) of this
Section
and that the report of such audit contains a separate
opinion
by said auditors as to whether the statements of
expenditure
submitted during such fiscal year, together with
the
procedures and internal controls involved in
their
preparation, can be relied upon to support the
related
withdrawals.
Article IV
Additional Event of
Suspension
Section 4.01. Pursuant to Section 6.02 (l) of the General
Conditions, the following additional event is specified, namely, that a
situation has arisen which shall make it improbable that the Program, or a
significant part thereof, will be carried out.
Article
V
Termination
Section 5.01. The date ninety (90) days after the date of
this Agreement is hereby specified for the purposes of Section 12.04 of the
General Conditions.
Article VI
Representatives of the Borrower;
Addresses
Section 6.01. Except as provided in Section 2.08 (a) of this
Agreement, the Minister of Finance or Deputy Minister of Finance of the Borrower
is designated as representative of the Borrower for the purposes of Section
11.03 of the General Conditions.
Section 6.02. The following addresses
are specified for the purposes of Section 11.01 of the General Conditions:
For the Borrower:
Ministry of Finance
103097,
Moscow
Ilyinka Street 9
Russian Federation
Telex:
112008
For the Bank:
International Bank for
Reconstruction and Development
1818 H Street, N.W.
Washington, D.C. 20433
United States of America
Cable
address: Telex:
INTBAFRAD
248423 (RCA)
Washington, D.C. 82987 (FTCC)
64145 (WUI) or
197688 (TRT)
In witness whereof, the parties hereto, acting
through their duly authorized representatives, have caused this Agreement to be
signed in their respective names in the District of Columbia, United States of
America, as of the day and year first above written.
SCHEDULE 1
WITHDRAWAL OF THE PROCEEDS OF THE LOAN
1. Subject to the
provisions set forth or referred to in this Schedule, the proceeds of the Loan
may be withdrawn from the Loan Account for expenditures made (or, if the Bank
shall so agree, to be made) in respect of the reasonable cost of goods required
during the execution of the Program and to be financed out of such
proceeds.
2. Notwithstanding the provisions of paragraph 1 above, no
withdrawals shall be made in respect of:
(a) expenditures prior to the
date of this Agreement
(b) expenditures for goods included in the
following SITC groups or subgroups, or any successor groups or subgroups under
future revisions to the SITC, as designated by the Bank by notice to the
Borrower:
-------T-------------T-------------------------------------------¬
¦Group ¦ Subgroup ¦ Description of Items ¦
+------+-------------+-------------------------------------------+
¦ 112
¦ - ¦Alcoholic beverages ¦
¦
¦ ¦ ¦
¦ 121 ¦
- ¦Tobacco, unmanufactured, tobacco refuse ¦
¦ ¦
¦ ¦
¦ 122 ¦
- ¦Tobacco, manufactured (whether or not ¦
¦ ¦
¦containing tobacco substitutes) ¦
¦ 525 ¦ -
¦Radioactive and associated materials ¦
¦ ¦
¦ ¦
¦ 667 ¦ -
¦Pearls, precious and semiprecious stones, ¦
¦ ¦
¦unworked or worked ¦
