Chapter 572 – Budget Measures Implementation Act
What is this act about?
This law is about putting into effect the financial plans for the year 2017 and other related administrative actions. It specifically allows the Government of Malta to borrow money to cover expenses and manage its debt.
Who it applies to: The Government of Malta; The Minister for Finance.
At a glance
- Country
- Malta
- Area of law
- Social security
- Articles
- 5
- Source
- legislation.mt
- Text retrieved
- Explanation updated
What does this act regulate?
- The implementation of Budget measures for the financial year 2017.
- The authority for the Government of Malta to raise loans.
- The issuance of stock by the Minister for Finance for raising loans.
- The specific purposes for which borrowed money can be used.
Who does this act apply to?
- The Government of Malta.
- The Minister for Finance.
What are the key points?
- The law came into effect on 1st January, 2017.
- The Government of Malta may raise a loan not exceeding six hundred million Euro (€600,000,000).
- The Minister for Finance is authorized to issue stock in Malta to raise this loan.
- Borrowed money will be used for meeting excess expenditure over revenue in 2017 or subsequent years, redeeming registered stocks due in 2017, and effecting portfolio changes.
Social security
Legal text
Legal text
BUDGET MEASURES IMPLEMENTATION (2017)
CHAPTER 572
BUDGET MEASURES IMPLEMENTATION ACT (2017) AN ACT to implement Budget measures for the financial year 2017 and other administrative measures.
1st January, 2017 ACT XVI of 2017
Art. 1
The short title of this Act is the Budget Measures Implementation Act.
Short title.
Art. 2
The provisions of this Part shall be deemed to have come into effect on the 1st January, 2017.
Coming into force of this Part.
Art. 3
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.
Interpretation.
Art. 4
Authority to raise loan.
Art. 5
Any money borrowed under the authority of this Part shall be appropriated and applied for the purpose of:
Purpose. (a) meeting excess expenditure over revenue incurred in the Consolidated Fund for year 2017 and, or subsequent years; (b) redeeming registered stocks which are due for redemption during 2017; and (c) 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.