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. Last Updated: 07/27/2016

Debt Slash Decree

ASHGABAT, Turkmenistan () -- Turkmenistan's President Saparmurat Niyazov has issued a decree wiping out government debts to banks and requiring them to hand over most of last year's income to fund public works.

The decree, published Monday, cancels all debts owed by government ministries to banks as of Feb. 1.

It also requires banks to hand over 75 percent of their 1994 income to pay for public works projects and to lend money to state enterprises at an interest rate of 15 percent a year.