Cabinet of Ministers issued a Regulation on procedure for attracting bank loans and external borrowings by enterprises of systemic importance Friday.

The Regulation expands legal regulating scope: now the requirements ырфдд apply to all large borrowers, regardless of the form of ownership. Previously, only 28 state-owned companies were regulated, and only in terms of external debt.

A legal entity (including groups of interconnected companies) whose financial obligations stand at above $50 million (excluding banks) is deemed a large borrower. It цфs separately stressed in the Regulation that the requirements of the Regulation do not apply to private companies that do not have debts to banks and attract external loans without a state guarantee.

From 2026, depending on the borrower's category, new borrowings and projects financed through a loan shall be implemented either with the permission of the Coordination Commission headed by Deputy Prime Minister Jamshid Kuchkarov, or with its notification.

The commission's tasks include:

• approving a list of large enterprises requiring special monitoring;
• considering submitted projects financed by bank loans and external borrowings;
• making decisions on approving or refusing to attract borrowed funds and studying the effectiveness of projects implemented at their expense;
• continuous monitoring of the financial condition of large borrowers and developing proposals for their financial recovery if the situation deteriorates.

Furthermore, limited liability companies added to the list of large borrowers will have to transform into joint-stock companies within three months. All large borrowers are also required to file quarterly financial reports in line with national or international accounting standards.

From January 1, 2026, the financial standing of large borrowers shall be classified into three risk categories - low, medium, and high. Low risk companies will be able to attract new loans in any amount, those with a medium risk level – up to 5% of the balance of their existing obligations or no more than $20 million, and those with a high risk level – no more than 1% or up to $5 million, but only with notification to the Coordination Commission.

In case of deterioration of the financial condition of a large borrower, the Coordination Commission will provide recommendations for financial recovery, including:

• obtaining new loans on more favorable terms;
• debt restructuring (extension of terms, change of payment schedule, reduction of interest rate or change of loan currency).

According to the Regulation, companies deemed as large borrowers, in order to obtain permission for new loans from the Coordination Commission, must submit a package of documents to the working body (consisting of employees of the Ministry of Economy and Finance and the Central Bank), including:

• application for drawing loan;
• project concept (project passport);
• auditor's report for the last reporting year;
• decision of company's management body on attracting a loan;
• (if the loan is provided by a bank) - a decision of the authorized body of the bank.

The working body must hand over documents to the Coordination Commission within 10 working days. If the package is incomplete, the organization is notified within two days. Additional information about the borrower's financial condition may also be requested.

The working body has the right to refuse to review application in case:

• incomplete package of documents has been submitted;
• company has overdue debt on bank loans or to the state budget for the last 12 months;
• auditor's report for the reporting year is negative or violates the requirements of the law.

The refusal shall be communicated within five working days.

The Commission meetings are deemed valid with the participation of at least two-thirds of its members. Decisions are made unanimously by the participating members. The Commission may refuse to approve the loan. However, after eliminating the shortcomings, the company may reapply within five working days. The Coordination Commission also has the right to authorize the привлечение of a loan if the project has socio-economic and strategic importance, demonstrates effectiveness and self-sufficiency, has a technical and economic justification, and will lead to the development of production and social infrastructure.