1993-02-09

Ordinance No. 93-005 of February 9, 1993, Establishing the Finance Law for 1993 (Extract)

Ordinance No. 93-005 of February 9, 1993 authorizes mutual debt compensation between the Treasury and Central Bank based on accounts as of December 31, 1992, consolidating the net result into an interest-bearing long-term loan. The decree simultaneously establishes a Debt Management Fund for External Debt (FGDE) to monitor restructured external debt and payment arrears, incorporating their respective balances into the fund’s opening statement. All technical procedures for these compensation and consolidation operations, along with the FGDE’s operational framework, will be formally defined through a bilateral agreement between the Finance Minister and the Central Bank.

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ORDINANCE NO. 93-005 of February 9, 1993 establishing the Finance Law for the year 1993 (Official Gazette No. 2166 of February 19, 1993, p. 498) (Extract) Art. 26 - By way of derogation from the provisions of Articles 49, 50 and 54 of Ordinance No. 73-025 of June 12, 1973 establishing the statutes of the Central Bank, mutual compensation of claims between the Treasury and the Central Bank is authorized based on accounts held at the Central Bank as of December 31, 1992. The result of this compensation shall be consolidated in the form of a long-term loan, bearing interest from the Central Bank to the Treasury. As of December 31, 1992, a Debt Management Fund for External Debt, named “FGDE”, is established, managed by the Central Bank on behalf of the Public Treasury, and intended to monitor operations related to restructured external debt and arrears of external payments. The amounts of external payment arrears and restructuring of debts based on the Central Bank accounts as of December 31, 1992 shall be included in the opening balance sheet of the FGDE. The technical conditions and procedures for compensation and consolidation operations, as well as the operation of the FGDE, shall be defined in an agreement concluded between the Minister responsible for Finance and the Central Bank.