BUDGET MEASURES IMPLEMENTATION ACT

BUDGET MEASURES

CHAPTER 624

BUDGET MEASURES IMPLEMENTATION ACT

AN ACT to implement Budget Measures for the Financial Year 2021 and

other administrative measures.

1st January, 2021

ACT XVIII of 2021 as amended by Act XLII of 2021.

The short title of this Act is the Budget Measures

Implementation Act.

The provisions of this Part shall be deemed to have come

into force on the 1st January, 2021.

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

as is assigned to it in article 2 of the Public Finance Management 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 and one hundred million euro (€2,100,000,000).

(2)

For the purpose of raising the aforesaid loan the Minister for

Finance and Employment 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 during the year 2021; and

(b)

redeeming registered stocks which shall be due

for redemption during the year 2021; 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.