BUDGET MEASURES IMPLEMENTATION ACT

BUDGET MEASURES IMPLEMENTATION

CHAPTER 629

BUDGET MEASURES IMPLEMENTATION ACT

AN ACT to implement Budget Measures for the Financial Year

2022 and other administrative measures.

ACT VII of 2022.

1st January, 2022

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, 2022.

For the purpose of this Part "revenue" means the same as

that meaning 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 one

billion and two hundred million euro (€1,200,000,000).

(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 for the year 2022; and

(b)

redeeming registered stocks and debt instrument

which shall be due for redemption during the year

2022; 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.