Chapter 554

BUDGET MEASURES IMPLEMENTATION (2016) [ CAP. 554. 1 CHAPTER 554 BUDGET MEASURES IMPLEMENTATION ACT (2016) To implement Budget measures for the financial year 2016 and other administrative measures. 1st January, 2016 ACT XV of 2016. 1. The short title of this Act is the Budget Measures Implementation Act (2016). Short title. 2. The provisions of this Part shall be deemed to have come into force on the 1st January, 2016. Coming into force. 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. 4. (1) Subject to the provisions of this Act, the Government of Malta may raise in Malta, by way of loan, a sum of money not exceeding six hundred million euro, (€600,000,000). Authority to raise loan. (2) For the purpose of raising the aforesaid loan the Minister for Finance is hereby authorised to issue stock in Malta under the provisions of the Local Loans (Registered Stock and Securities) Ordinance 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: (a) meeting excess expenditure over revenue incurred in the Consolidated Fund for year 2016 and, or subsequent years; (b) redeeming registered stocks which are due for redemption during 2016; (c) repaying a bank loan with a commercial bank maturing in 2016; 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. Cap. 174. Cap. 161. Purpose.