23.
| (1) The Government is hereby authorized to guarantee, on such terms and conditions as the Government may determine, loans raised by the Authority from any local, international or foreign organization approved by the President. The loans authorized to be guaranteed under this subsection may be denominated in foreign, currency. |
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| (2) All such sums payable by the Government under any guarantee given under subsection (1), are hereby charged on the Consolidated Fund. |
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| (3) All sums payable by the Authority in respect of principal, interest and other charges on any loan to the Authority from any international or foreign organization approved by the President under any guarantee given under subsection (1) in respect of such a loan, may, notwithstanding anything to the contrary in any law of Sri Lanka, be paid-
| | (a) without deduction for, and free from, any taxes, duties or fees imposed by or under any law of Sri Lanka ; and | | |
| | (b) free from all restrictions imposed by or under any law of Sri Lanka : | | |
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| (4) For the purposes of subsection (3), the question whether a person is or is not resident in Sri Lanka shall be determined in accordance with the provisions of the Inland Revenue Act No, 28 of 1979. |
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| (5) Every guarantee agreement between the Government and any international or foreign organization pursuant to this Act and every guarantee given by the Government pursuant to any such guarantee agreement shall, notwithstanding anything to the contrary in any law of Sri Lanka, be valid and enforceable in accordance with their respective terms. |
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| (6) In the case of any loan made to the Authority by any international or foreign organization approved by the President and guaranteed by the Government, the Government shall bear any loss and be entitled to any profit, resulting from any revaluation of the rupee in relation to the currency or currencies in which that loan is expressed and the amount of every such loss is hereby charged to the Consolidated Fund. |
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| (7) The President or any person authorized in that behalf by the President, by instrument under his hand is hereby empowered on behalf of the Government to sign any guarantee agreement between the Government and any local, international or foreign organization. |
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Sri Lanka Consolidated Acts