Chapter 624
In short
This law, called the Budget Measures Implementation Act, puts into effect the financial plans for the year 2021 and other administrative actions.
What it regulates
- The implementation of Budget Measures for the Financial Year 2021.
- The Government of Malta's authority to raise loans.
- The terms and conditions for raising these loans.
- The specific purposes for which borrowed money can be used.
Who it concerns
- The Government of Malta.
- The Minister for Finance and Employment.
Key points
- The law came into force on January 1st, 2021.
- The Government of Malta can raise a loan not exceeding two billion and one hundred million euro (€2,100,000,000).
- The Minister for Finance and Employment is authorized to raise these loans.
- Borrowed money must be used for specific purposes, including meeting excess expenditure in 2021 and redeeming registered stocks due in 2021.
Legal text
Legal text
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
- The short title of this Act is the Budget Measures Implementation Act. Short title.
- The provisions of this Part shall be deemed to have come into force on the 1st January,
- Coming into force of this Part.
- 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. Interpretation. 4.
(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). Authority to raise loan. Amended by: XLII. 2021.2.
(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. 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 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.