Chapter 629 – Budget Measures Implementation Act
What is this act about?
This law is about putting into effect the financial plans for the year 2022 and other related administrative actions. It grants the Government of Malta the power to borrow money to manage its finances.
Who it applies to: The Government of Malta; The Minister 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 2022.
- The authority for the Government of Malta to raise loans.
- The specific purposes for which borrowed money can be used.
- The interpretation of "revenue" for the purposes of this Part of the Act.
Who does this act apply to?
- The Government of Malta.
- The Minister for Finance and Employment.
What are the key points?
- The Act came into force on 1st January, 2022.
- The Government of Malta may raise a loan not exceeding one billion and two hundred million euro (€1,200,000,000).
- "Revenue" does not include proceeds from loans.
- Borrowed money will be used for purposes such as meeting excess expenditure for 2022, redeeming stocks and debt, contributing to sinking funds, and effecting portfolio changes.
Administrative law
Legal text
Legal text
BUDGET MEASURES IMPLEMENTATION
CHAPTER 629
BUDGET MEASURES IMPLEMENTATION ACT AN ACT to implement Budget Measures for the Financial Year 2022 and other administrative measures.
ACT VII of 2022.
1st January, 2022
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, 2022.
Coming into force.
Art. 3
For the purpose of this Part "revenue" means the same as that meaning 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:
Scope. (a) meeting excess expenditure over revenue incurred in the Consolidated Fund for the year 2022; and (b) redeeming registered stocks and debt instrument which shall be due for redemption during the year 2022; 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.