Chapter 596 – Budget Measures Implementation Act
What is this act about?
This law is about implementing budget measures for the financial year 2019 and other administrative measures. It primarily grants the Government of Malta the authority to raise a specific sum of money through loans.
Who it applies to: The Government of Malta; The Minister 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 2019.
- The authority for the Government of Malta to raise money by way of loan.
- The terms and conditions under which the Minister for Finance can raise these loans.
- The specific purposes for which borrowed money must be used.
Who does this act apply to?
- The Government of Malta.
- The Minister for Finance.
What are the key points?
- The law came into effect on 1st January, 2019.
- The Government of Malta may raise a sum of money not exceeding four hundred fifty million euro (€450,000,000) by way of loan.
- The Minister for Finance is authorised to raise these loans under the provisions of the Government Borrowing and Management of Public Debt Act.
- Money borrowed must be used for redeeming registered stocks due in 2019, contributing to the sinking fund, and effecting portfolio changes.
Administrative law
Legal text
Legal text
BUDGET MEASURES
CHAPTER 596
BUDGET MEASURES IMPLEMENTATION ACT AN ACT to implement Budget Measures for the financial year 2019 and other administrative measures.
1st January, 2019 ACT VII of 2019.
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 effect on the 1st January, 2019.
Coming into force of this Part.
Art. 3
For the purposes 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.
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) redeeming registered stocks which are due for redemption during 2019; and (b) contributing funds in the sinking fund; and (c) 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.