Chapter 634 – Budget Measures Implementation Act
What is this act about?
This law is about putting into effect the financial plans for the year 2023 and other related administrative actions.
Who it applies to: The Government of Malta; The Minister responsible for Finance and Employment.
At a glance
- Country
- Malta
- Area of law
- Administrative law
- Articles
- 5
- Source
- legislation.mt
- Text retrieved
- Explanation updated
What does this act regulate?
- The implementation of Budget Measures for the Financial Year 2023.
- The authority for the Government of Malta to raise loans.
- The specific purposes for which borrowed money can be used.
- The coming into force date of its provisions.
Who does this act apply to?
- The Government of Malta.
- The Minister responsible for Finance and Employment.
What are the key points?
- The law came into force on the 1st January, 2023.
- The Government of Malta may raise a loan not exceeding one billion and six hundred million euro (€1,600,000,000).
- The Minister responsible for Finance and Employment is authorised to raise these loans.
- Borrowed money must be used for purposes such as meeting excess expenditure over revenue in 2023, redeeming stocks and debt instruments due in 2023, contributing to sinking funds, and effecting portfolio changes.
Administrative law
Legal text
Legal text
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.
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 force on the 1st January, 2023.
Coming into force.
Art. 3
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.
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 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.