Chapter 608

BUDGET MEASURES IMPLEMENTATION [ CAP. 608. 1 CHAPTER 608 BUDGET MEASURES IMPLEMENTATION ACT AN ACT to implement Budget measures for the financial year 2020 and other administrative measures. 1st January, 2020 ACT VIII of 2020, as amended by Act XII of 2020. 1. The short title of this Act is the Budget Measures Implementation Act. Short title. 2. The provisions of this Part shall be deemed to have come into effect on the 1st January, 2020. Coming into force of this Part. 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.  Cap. 174. 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 euro (€2,000,000,000). Authority to raise loan. Amended by: XII.2020.2. (2) For the purpose of raising the aforesaid loan the Minister 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.    Cap. 575. 5. Any money borrowed under the authority of this Part shall be appropriated and applied for the purpose of: Purpose. Amended by: XII.2020.3. (a) meeting excess expenditure over revenue incurred in the Consolidated Fund for year 2020; (b) redeeming registered stocks which are due for redemption during 2020; 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.