BUDGET MEASURES IMPLEMENTATION ACT

BUDGET MEASURES IMPLEMENTATION (2017)

CHAPTER 572

BUDGET MEASURES IMPLEMENTATION ACT

(2017)

AN ACT to implement Budget measures for the financial year 2017

and other administrative measures.

1st January, 2017

ACT XVI of 2017

The short title of this Act is the Budget Measures

Implementation Act.

The provisions of this Part shall be deemed to have

come into effect on the 1st January, 2017.

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 or under the provisions of any other new law to be enacted

by this present Parliament to replace the current 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 2017 and, or

subsequent years;

(b)

redeeming registered stocks which are due for

redemption during 2017; 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.