Chapter 642 – Budget Measures Implementation Act
What is this act about?
This law, called the Budget Measures Implementation Act, is about putting into effect the financial plans for the year 2024 and other related administrative actions.
Who it applies to: The Government of Malta; The Minister responsible for Finance.
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 2024.
- The Government of Malta's authority 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 responsible for Finance.
What are the key points?
- The law came into force on January 1st, 2024.
- The Government of Malta can raise a loan not exceeding one billion and seven hundred million euro (€1,700,000,000).
- Borrowed money must be used for specific purposes, including meeting excess expenditure in the Consolidated Fund during 2024 and redeeming certain debts due in 2024.
- "Revenue" does not include proceeds from loans.
Administrative law
Legal text
Legal text
BUDGET MEASURES
CHAPTER 642
BUDGET MEASURES IMPLEMENTATION ACT AN ACT to implement Budget Measures for the Financial Year 2024 and other administrative measures.
1st January, 2024 ACT XIII of 2024.
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, 2024.
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 2024; and (b) redeeming registered stocks and debt instrument which shall be due for redemption during the year 2024; 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.