The Ministry of Finance (MOF) published in this week’s issue of the Official Gazette the Executive Regulation of the Public Debt Law, providing practical implementation details for the Public Debt Law that was issued back in 2023.
The Public Debt Law provides a general governance framework of how the government plans to make decisions regarding the management of public debt and introduces controls on government debt. This new regulation provides a more specific set of rules for implementing this law.
The Executive Regulation of the Public Debt Law provides comprehensive details on the procedures and controls for contracting public debt, the role of the MOF in approving and managing debt operations, and other requirements that apply to government debt and government guarantees. Most importantly, the executive regulation sets restrictions on the ability of OIA subsidiaries to borrow money, and requires the OIA to obtain the approval of the MOF in regards to certain transactions. The regulation also imposes other obligations on the OIA such as reporting requirements.
The Executive Regulation of the Public Debt Law has already entered into force. You can read it in full in English on the link below: