Home | Databases | WorldLII | Search | Feedback Maltese Laws

Budget Measures Implementation (2010) Act (Cap. 501) Consolidated

BUDGET MEASURES IMPLEMENTATION (2010) [ CAP. 501. 1

CHAPTER 501

BUDGET MEASURES

IMPLEMENTATION (2010) ACT

To implement various budget measures and other administrative measures.

ACT I of 2010.

1st January, 2010

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

Implementation (2010) Act.

2. The provisions of this Part shall be deemed to have come into force on the 1st January, 2010.

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 and fifty million euro.

(2) For the purpose of raising the aforesaid loan the Minister responsible for finance is hereby authorised to issue stock in Malta under the prov isions o f t he Local Loans (Registered St ock and Securities) Ordi nance on such t er ms and condition s as the said Minister may approve.

Short title.

Coming into force of this Part.

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 2010 and, or subsequent years;
(b) redeeming registered stocks which are due for redemption during 2010; 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.