BUDGET MEASURES IMPLEMENTATION ACT

BUDGET MEASURES IMPLEMENTATION

CHAPTER 634

BUDGET MEASURES IMPLEMENTATION ACT

AN ACT to implement Budget Measures for the Financial Year 2023 and

other administrative measures.

1st January, 2023

ACT XII of 2023.

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, 2023.

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 one

billion and six hundred million euro (€1,600,000,000).

(2)

For the purpose of raising the aforesaid loan the Minister

responsible 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 2023; and

(b)

redeeming registered stocks and debt instrument

which shall be due for redemption during the year

2023; 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.