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Budget Measures Implementation (2009) Act (Cap. 498) Consolidated

BUDGET MEASURES IMPLEMENTATION (2009) [ CAP. 498. 1

CHAPTER 498

BUDGET MEASURES IMPLEMENTATION (2009) ACT

To implement various budget measures for the financial year 2009 and other administrative measures.

ACT II of 2009.

1st January, 2009

1. The short title of this Act is the Budget Measures

Implementation (2009) Act.

2. The provisions of this Act shall come into effect on the 1st

January, 2009.
3. For the purpose of this Part, "revenue" has the same meaning as is assigned to it in article 2 of the Financia l Administration and Audit Act, but does not include proceeds from loans.

4. (1) Subject to the provisions of this Act, the Government of Malta may raise in Malta, by way of loan, a sum of money not exceeding five hundred million euro.

(2) For the purpose of raising the aforesaid loan the Minister responsible for finance is hereby authorised to issue stock in Malta und er t he p rov isio ns of t he Local Loans (Registered St ock and Securities) Ordinance on su ch term s and cond ition s as th e said Minister may approve.

Short title.

Coming into force of this Act.

Interpretation. Cap. 174.

Authority to raise loan.

Cap. 161.

5. Any money borrowed under the authority of this Part shall be appropriated and applied for the purpose of:

(a) meeting excess expenditure over revenue incurred in the Consolidated Fund for year 2009 and/or subsequent years;
(b) redeeming registered stocks which are due for redemption during 2009; and
(c) effecting portfolio changes in relation to amounts raised through Treasury Bills, amounts raised through Government Stocks, and in respect of loans raised outside Malta as and when required in line with Government’s debt management policies.

Purpose.