BUDGET MEASURES IMPLEMENTATION ACT

BUDGET MEASURES

CHAPTER 642

BUDGET MEASURES IMPLEMENTATION ACT

AN ACT to implement Budget Measures for the Financial Year 2024 and

other administrative measures.

1st January, 2024

ACT XIII of 2024.

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, 2024.

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 seven hundred million euro (€1,700,000,000).

(2)

For the purpose of raising the aforesaid loan the Minister

responsible 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 during the year 2024; and

(b)

redeeming registered stocks and debt instrument

which shall be due for redemption during the year 2024; 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.