BUDGET MEASURES IMPLEMENTATION ACT

BUDGET MEASURES IMPLEMENTATION

CHAPTER 608

BUDGET MEASURES IMPLEMENTATION ACT

AN ACT to implement Budget measures for the financial year 2020 and

other administrative measures.

1st January, 2020

ACT VIII of 2020, as amended by Act XII of 2020.

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, 2020.

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, by way of loan, a sum of money not

exceeding two billion euro (€2,000,000,000).

(2)

For the purpose of raising the aforesaid loan the

Minister for Finance is hereby authorised to raise such loans under

the provisions of the Government Borrowing and Management of

Public Debt Act, 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 2020;

(b)

redeeming registered stocks which are due for

redemption during 2020; and

(c)

contributing funds in the sinking funds; 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.