Article 155. State guarantees of the Republic of Uzbekistan

State guarantee of the Republic of Uzbekistan is the obligation of the Republic of Uzbekistan to the lender to fully or partially repay the debt in case of non-payment by the borrower-resident of the amount due from it within the period established by the loan (credit) agreement.

State guarantees of the Republic of Uzbekistan are provided to lenders as security for the fulfillment by borrower-residents of obligations on credits (loans) received by them. On the obligations of individuals, state guarantees of the Republic of Uzbekistan are not provided.

State guarantees of the Republic of Uzbekistan are provided by decision of the President of the Republic of Uzbekistan or the Cabinet of Ministers of the Republic of Uzbekistan.

Authorized body for processing state guarantees of the Republic of Uzbekistan is Ministry of finance of the Republic of Uzbekistan.

Ministry of finance of the Republic of Uzbekistan, having made payments due to the provided state guarantees of the Republic of Uzbekistan, has the right to uncontested recovery from the borrower-resident of the amount of payments made and the costs associated with them.

Procedure for processing, issuing and registering state guarantees of the Republic of Uzbekistan and fulfilling obligations under them is established by the Cabinet of Ministers of the Republic of Uzbekistan.