BUDGET MEASURES IMPLEMENTATION ACT (2016)

BUDGET MEASURES IMPLEMENTATION (2016)

CHAPTER 554

BUDGET MEASURES IMPLEMENTATION ACT (2016)

To implement Budget measures for the financial year 2016 and other

administrative measures.

1st January, 2016

ACT XV of 2016.

The short title of this Act is the Budget Measures

Implementation Act (2016).

The provisions of this Part shall be deemed to have come

into force on the 1st January, 2016.

For the purpose of this Part, "revenue" has the same

meaning as is assigned to it in article 2 of the Financial

Administration and Audit Act, but does not include proceeds from

loans.

(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 six hundred million euro, (€600,000,000).

(2) For the purpose of raising the aforesaid loan the Minister

for Finance is hereby authorised to issue stock in Malta under the

provisions of the Local Loans (Registered Stock and Securities)

Ordinance on such terms and conditions as the said Minister may

approve.

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 2016 and, or

subsequent years;

(b) redeeming registered stocks which are due for

redemption during 2016;

(c) repaying a bank loan with a commercial bank maturing

in 2016; 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.