Home | Databases | WorldLII | Search | Feedback Maltese Laws

Budget Measures Implementation (2011) Act (Cap. 509) Consolidated

BUDGET MEASURES IMPLEMENTATION (2011) [ CAP. 509. 1

CHAPTER 509

BUDGET MEASURES IMPLEMENTATION (2011) ACT

To implement Budget measures for the financial year 2011 and other administrative measures.

ACT IV of 2011.

1st January, 2011

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

Implementation (2011) Act.

2. The provisions of this Act shall be deemed to have come into effect on the 1st January, 2011.

3. For the purpose of this Part, "revenue" has the same me aning as is assigned to it in article 2 of the Financial 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 seventy 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 th e provisions of the Lo cal Loans (R egistered St ock and Securi ties) Or dinance on su ch term s and cond ition s as th e 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 2011 and, or subsequent years;
(b) redeeming registered stocks which are due for redemption during 2011;
(c) repaying a bank loan originally granted to the Government of Malta to take over loan liabilities held in the name of Malta Drydocks Corporation; and
(d) 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.