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About Law of RK dated Oct.30th 2017

«About amendments in the law of RK “About membership of RK at the International Monetary fund, International Bank of reconstruction and development, International finance corporation, International Association of development, Multilateral investment guarantee agency, International center on regulating investment arguments, European Bank of reconstruction and development, Asian Bank of development, Islamic bank of development”

In order to consolidate interregional trade economic cooperation, also for development of modern infrastructure in Asia, on Jan.27th 2016 was accepted a Law of RK “About ratification of the articles of Agreement of the Asian Bank of infrastructural investments” (hereinafter – Law about ratification) which regulates public relations in the sphere of participation of the RK in the Asian bank of infrastructural investments and identifying basics for the activities of the Asian Bank of infrastructural investments.

Acceptance of the law about ratification allowed to RK to become one of the countries members that became founder of the Asian Bank of infrastructural investments.

Asian Bank of infrastructural investments is a new international financial institute providing financial support of development of infrastructure in Asia and increasing level of regional integration by investing into infrastructure and other production sectors. While top priority directions of financing are energy, transport, logistics, urban and rural infrastructure.

Law of RK dated Dec.6th 2001 “About membership of RK at the International Monetary fund, International Bank of reconstruction and development, International finance corporation, International Association of development, Multilateral investment guarantee agency, International center on regulating investment arguments, European Bank of reconstruction and development, Asian Bank of development, Islamic bank of development” (hereinafter – law) is regulating membership issues of RK in the international organizations. Besides, the Law considers consolidation of state bodies authorized for relations with international organizations, also regulation of the financial relations of RK connected with membership in the international organizations.

Considering entering of RK into the new international organization, and accepting duties stipulated in the Articles of the Agreement of Asian Bank of infrastructural investments, it is required to implement relevant changes into the Law.

Besides, acceptance of this law caused with the need of excluding collisions and gaps between norms of laws revealed during monitoring of the legal norms which regulate public relations in the sphere of membership of RK in the international organizations, which will allow to improve the norms of current legislation.

Accepted law will not cause reduction of the expenses of republican and local budgets.