<СОГЛАШЕНИЕ МЕЖДУ РОССИЙСКОЙ ФЕДЕРАЦИЕЙ И МЕЖДУНАРОДНЫМ БАНКОМ РЕКОНСТРУКЦИИ И РАЗВИТИЯ О ЗАЙМЕ ДЛЯ ФИНАНСИРОВАНИЯ ПРОЕКТА СТРУКТУРНОЙ ПЕРЕСТРОЙКИ УГОЛЬНОЙ ПРОМЫШЛЕННОСТИ> (loan number 4058 ru) [англ.](Заключено в г. Вашингтоне 28.06.1996)
Loan Number 4058 RU
(COAL SECTOR ADJUSTMENT
BETWEEN RUSSIAN FEDERATION AND INTERNATIONAL BANK
RECONSTRUCTION AND DEVELOPMENT
dated June 28, 1996 between Russian Federation (the Borrower) and the
International Bank for Reconstruction and Development (the Bank).
Whereas the Bank has received a letter dated May 22, 1996 from the Borrower
describing a program of actions, objectives and policies designed to achieve
adjustment of the Borrower"s coal sector (hereinafter called the Program),
declaring the Borrower"s commitment to the execution of the Program, and
requesting assistance from the Bank in support of the Program during the
execution thereof; and
Whereas 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 in two tranches as hereinafter
Now therefore the parties hereto hereby agree as follows:
General Conditions; Definitions
Section 1.01. The "General
Conditions Applicable to Loan and Guarantee Agreements for Single Currency
Loans" of the Bank, dated May 30, 1995 (the General Conditions) constitute an
integral part of this Agreement.
Section 1.02. Unless the context
otherwise requires, the several terms defined in the General Conditions have the
respective meanings therein set forth and the term "Deposit Account" means the
account referred to in Section 2.02 (b) of this Agreement.
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, an amount
equal to five hundred million dollars (500,000,000 USD).
(a) Subject to the provisions of paragraphs (b), (c) and (d) of this Section,
the Borrower shall be entitled to withdraw the proceeds of the Loan from the
Loan Account in support of the Program.
(b) The Borrower shall open,
prior to furnishing to the Bank the first request for withdrawal from the Loan
Account, and thereafter maintain in its central bank, a deposit account in
Dollars on terms and conditions satisfactory to the Bank. All withdrawals from
the Loan Account shall be deposited by the Bank into the Deposit Account.
(c) The Borrower undertakes that the proceeds of the Loan shall not be used to
finance expenditures excluded pursuant to the provisions of Schedule 1 to this
Agreement. If the Bank shall have determined at any time that any proceeds of
the Loan shall have been used to make a payment for an expenditure so excluded,
the Borrower shall, promptly upon notice from the Bank, (i) deposit into the
Deposit Account an amount equal to the amount of said payment, or (ii) if the
Bank shall so request, refund such amount to the Bank. Amounts refunded to the
Bank upon such request shall be credited to the Loan Account for
(d) No withdrawal shall be made from the Loan Account
after the aggregate of the proceeds of the Loan withdrawn from the Loan Account
shall have reached the equivalent of 250,000,000 USD, unless the Bank shall be
satisfied, after an exchange of views as described in Section 3.01 of this
Agreement based on evidence satisfactory to the Bank: (i) that the
macro-economic framework of the Borrower is consistent with the Program as
determined on the basis of indicators agreed upon by the Borrower and the Bank;
(ii) with the progress achieved by the Borrower in the carrying out of the
Program; and (iii) that the actions described in Schedule 3 to this Agreement
have been taken. If, after said exchange of views and consultation with the
Borrower, the Bank shall have given notice to the Borrower that the progress
achieved and actions taken are not satisfactory and, within ninety (90) days
after such notice, the Borrower shall not have achieved progress and taken
actions satisfactory to the Bank, then the Bank may, by notice to the Borrower,
cancel the unwithdrawn amount of the Loan or any part thereof.
2.03. The Closing Date shall be December 31, 1997 or such later date as the Bank
shall establish. The Bank shall promptly notify the Borrower of such later
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.
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 LIBOR Base Rate plus LIBOR Total Spread.
(b) For the purposes
of this Section:
(i) "Interest Period" means the initial period from and
including the date of this Agreement to, but excluding, the first Interest
Payment Date occurring thereafter, and after the initial period, each period
from and including an Interest Payment Date to, but excluding the next following
Interest Payment Date.
(ii) "Interest Payment Date" means any date
specified in Section 2.06 of this Agreement.
(iii) "LIBOR Base Rate"
means, for each Interest Period, the London interbank offered rate for six-month
deposits in single currency for value the first day of such Interest Period (or,
in the case of the initial Interest Period, for value the Interest Payment Date
occurring on or next preceding the first day of such Interest Period), as
reasonably determined by the Bank and expressed as a percentage per annum.
(iv) "LIBOR Total Spread" means, for each Interest Period:
half of one percent (1/2 of 1%);
(B) minus (or plus) the weighted
average margin, for such Interest Period, below (or above) the London interbank
offered rates, or other reference rates, for six-month deposits, in respect of
the Bank"s outstanding borrowings or portions thereof allocated by the Bank to
fund single currency loans or portions thereof made by it that include the Loan;
as reasonably determined by the Bank and expressed as a percentage per annum.
(c) The Bank shall notify the Borrower of LIBOR Base Rate and LIBOR Total
Spread for Interest Period, promptly upon the determination thereof.
Whenever, in light of changes in market practice affecting the determination of
the interest rates referred to in this Section 2.05, the Bank determines that it
is in the interest of its borrowers as a whole and of the Bank to apply a basis
for determining the interest rates applicable to the Loan other than as provided
in said Section, the Bank may modify the basis for determining the interest
rates applicable to the Loan upon not less than six (6) months" notice to the
Borrower of the new basis. The basis shall become effective on the expiry of the
notice period unless the Borrower notifies the Bank during said period of its
objection thereto, in which case said modification shall not apply to the
Section 2.06. Interest and other charges shall be payable
semiannually on June 15 and December 15 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 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 and the actions specified in
Schedule 3 to this Agreement.
(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 shall exchange views with the Bank
on any proposed action to be taken after the disbursement of the Loan which
would have the effect of materially reversing the objectives of the Program, or
any action taken under the Program, including any action specified in Schedule 3
to this Agreement.
Section 3.02. Upon the Bank"s request, the Borrower
(a) have the Deposit Account audited in accordance with
appropriate auditing principles consistently applied, by independent auditors
acceptable to the Bank;
(b) furnish to the Bank as soon as available,
but in any case not later than six (6) months after the date of the Bank"s
request for such audit, 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
(c) furnish to the Bank such other information concerning
the Deposit Account and the audit thereof as the Bank shall have reasonably
Additional Event of Suspension
4.01. Pursuant to Section 6.02 (1) 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
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.
of the Borrower; Addresses
Section 6.01. The Minister of Finance or any
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:
Ilyinka Street 9
For the Bank:
International Bank for
1818 H Street, N.W.
United States of America
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.
For purposes of Section 2.02 (c) of this Agreement, the
proceeds of the Loan shall not be used to finance any of the following
1. expenditures in the currency of the Borrower or for
goods or services supplied from the territory of the Borrower;
expenditures for goods or services supplied under a contract which any national
or international financing institution or agency other than the Bank or the
Association shall have financed or agreed to finance, or which the Bank or the
Association shall have financed or agreed to finance under another loan or
3. expenditures for goods included in the following groups or
sub-groups of the Standard International Trade Classification, Revision 3 (SITC,
Rev. 3), published by the United Nations in Statistical Papers, Series M, No.
34/Rev.3 (1986) (the SITC), or any successor groups or sub-groups under future
revisions to the SITC, as designated by the Bank by notice to the Borrower:
Group ¦ Sub-group ¦ Description of Items ¦
112 ¦ - ¦ Alcoholic beverages ¦
¦ ¦ ¦
¦ - ¦ Tobacco, unmanufactured, tobacco refuse ¦
¦ ¦ ¦
¦ - ¦ Tobacco, manufactured (whether or not ¦
¦ ¦ containing tobacco substitutes) ¦
¦ ¦ ¦
¦ - ¦ Radioactive and associated materials ¦
¦ ¦ ¦
¦ - ¦ Pearls, precious and semi-precious stones,¦
¦ ¦ unworked or worked ¦
¦ ¦ ¦
¦ 718.7 ¦ Nuclear reactors, and parts thereof; fuel ¦
¦ ¦ elements (cartridges), non-irradiated, ¦
¦ ¦ for nuclear reactors ¦
¦ ¦ ¦
¦ - ¦ Tobacco processing machinery ¦
¦ ¦ ¦
¦ 897.3 ¦ Jewelry of gold, silver or platinum group ¦
¦ ¦ metals (except watches and watch cases) ¦
¦ ¦ and goldsmiths" or silversmiths" wares ¦
¦ ¦ (including set gems) ¦
¦ ¦ ¦
¦ - ¦ Gold, non-monetary (excluding gold ores ¦
¦ ¦ and concentrates) ¦
expenditures for goods intended for a military or paramilitary purpose or for
5. expenditures for environmentally hazardous goods
(for purposes of this paragraph the term "environmentally hazardous goods" means
goods, the manufacture, use or import of which is prohibited under the laws of
the Borrower or international agreements to which the Borrower is a party;
6. in furtherance of the purposes of Section 5.01 of the General
(a) in the territories of any country which is
not a member of the Bank or for goods procured in, or services supplied from,
such territories or
(b) on account of any payment to persons or
entities, or any import of goods, if such payment or import is prohibited by a
decision of the United Nations Security Council taken under Chapter VII of the
Charter of the United Nations.
Date Payment Due ¦ Payment of Principal ¦
¦(expressed in Dollars) <*> ¦
each June 15 and December 15 ¦ ¦
beginning December 15, 2001 ¦ ¦
through December 15, 2012 ¦ 20,835,000 ¦
15, 2013 ¦ 20,795,000 ¦
<*> The figures in this column
represent Dollar equivalents determined as of the respective dates of
withdrawal. See General Conditions, Sections 3.04 and 4.03.
ACTIONS REFERRED TO IN
SECTION 2.02 (D) OF THIS
1. During the second half of calendar 1996, the Borrower"s actual
transfers from the allocation for state support to the coal sector in the
Borrower"s 1996 budget
(i) to federal subjects for the development,
replacement, rehabilitation, maintenance and operation of social assets divested
from the coal sector to local authorities, and
(ii) to coal companies
and local authorities for social protection, including community support and
employment programs, are or were being made in accordance with the schedule,
agreed upon by the Borrower and the Bank.
2. The Borrower has
demonstrated to the satisfaction of the Bank that, during the calendar quarter
immediately preceding the review referred to in Section 2.02 (d) of the
Agreement, no state support for operating losses was made available to coal
mines which have recruited employees in excess of 1% of their respective total
number of employees during such period.
3. The Borrower"s proposal for
state support to the coal industry for 1997, the actual budget, if in place at
the time of the review referred to in Section 2.02 (d) of this Agreement, the
allocation of state support to the coal industry for 1997 approved by the
Inter-Agency Coal Commission and the actual quarterly transfers during 1997, in
case the review referred to in Section 2.02 (d) of this Agreement takes place in
1997, incorporate and are consistent with the parameters agreed upon by the
Borrower and the Bank.
4. The Borrower has initiated the operation of
the regional offices of the Federal Employment Services in all regions where
mines are being closed with adequate capacity to deliver pre-redundancy services
free of charge to employees prior to cessation of coal production for all coal
industry employees of mines whose closure has been announced.
Borrower has established the necessary institutional framework, which includes
the participation of the Federal Employment Services, and has initiated the
activities of the community support and employment programs, agreed upon by the
Borrower and the Bank in the Kuzbass, Eastern Donbass, Pechora, Moscow and Kisel
6. The Borrower has taken all actions required to be taken
in accordance with the demonopolization program, agreed upon by the Borrower and
7. The Borrower has demonstrated on the basis of social impact
and monitoring reports, of such scope as agreed by the Borrower and the Bank,
for the calendar quarter preceding the review referred to in Section 2.02 (d) of
this Agreement, overall compliance with social impact indicators, agreed upon by
the Borrower and the Bank, and has published such reports.
Borrower has prepared and furnished to the Bank a financial impact monitoring
report on the financial performance of the regional coal companies in such scope
and detail as agreed by the Borrower and the Bank.
9. The Borrower has
submitted to the Bank audits on five coal companies, which are main recipients
of state support, in such scope and detail as has been agreed upon by the
Borrower and the Bank.