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BREAKING NEWS

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Ekonomia

Government amends law on sovereign debt and guarantee, blocking accounts for businesses that do not pay their debts

Government amends law on sovereign debt and guarantee, blocking accounts for

The government has decided to take action against businesses that are unable to repay loans taken during the pandemic. Because problems and difficulties have been encountered in applying sovereign guarantees to assist businesses during the Covid-19 pandemic, the government has made changes to legislation so that these good schemes are more carefully managed. The Ministry of Finance has submitted for consultation the draft law on "State Borrowing, State Debt and State Loan Guarantees", where according to the changes made in the existing law, the Credit Processing Agency, an institution under the Ministry of Finance, passes the functions for the management of Sovereign Guarantee schemes, to assist the business in the Covid-19 situation, or any similar scheme that may be required in the future to be approved. Meanwhile, some other interventions have been made in the law in function of the activity of state borrowing and management of state debt. From the transfer of State Guarantees to the Credit Processing Agency, public entities or state enterprises benefit, such as energy operators, water supply, etc., thus enabling the recovery of rights even beyond special guarantee schemes. The issue of collection of liabilities from these entities towards the state budget is a problem that has been paid special attention during the audits of KLSH, and is part of the reports issued by this institution, so it was considered necessary to take all measures, including legal changes.

Measures against entities that do not pay their obligations

TAK, through the proposed legal changes passes to manage activities and functions such as administration and storage of documentation and data regarding guarantee schemes, without compromising the obligation of the Ministry of Finance and Economy to maintain documentation and registration data on government debt and government loan guarantees; Maintaining the database and analytical register of guarantees it manages; Verification of payment Guarantee payment cases, in case of non-payment by the Borrower and notification of MFE; Pursuing the recovery of rights arising from the Ministry of Finance and Economy after payments made under guarantee schemes. The changes also specify the procedures to be followed in cases where an entity has obtained a loan through a sovereign guarantee and does not repay it. In this case, the obligation to pay passes to the Ministry of Finance, a payment which is made before and regardless of the result of verifying the solvency of the borrowers. After making the payment, in case the verification of the solvency of the borrowers shows that there is a possibility of payment, the Ministry responsible for finance, by order requests the blocking of the accounts and the seizure against the value that it has paid. In these cases, administrative measures are applied to the entities. In case the verification of the solvency of the borrowers shows that there is a possibility of payment, the Ministry responsible for finance, by order requests the blocking of the accounts and the seizure against the value that it has paid. In these cases, administrative measures are applied to the entities. In case the verification of the solvency of the borrowers shows that there is a possibility of payment, the Ministry responsible for finance, by order requests the blocking of the accounts and the seizure against the value that it has paid. In these cases, administrative measures are applied to the entities.