Chapter 577 – Budget Measures Implementation Act
What is this act about?
This law, called the Budget Measures Implementation Act, puts into effect the financial plans for the year 2018 and includes other administrative rules.
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 2018.
- The Government of Malta's authority to raise money through 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.
What are the key points?
- The law came into effect on 1st January, 2018.
- The Government of Malta can raise a loan not exceeding three hundred fifty million euro (€350,000,000).
- The Minister for Finance is authorised to raise these loans under the Government Borrowing and Management of Public Debt Act.
- Borrowed money must be used for specific purposes, including meeting excess expenditure in 2018, redeeming stocks due in 2018, contributing to the sinking fund, and effecting portfolio changes.
Administrative law
Legal text
Legal text
BUDGET MEASURES
CHAPTER 577
BUDGET MEASURES IMPLEMENTATION ACT AN ACT to implement Budget measures for the financial year 2018 and other administrative measures.
1st January, 2018 ACT No. VII of 2018.
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, 2018.
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 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) meeting excess expenditure over revenue incurred in the Consolidated Fund for year 2018; (b) redeeming registered stocks which are due for redemption during 2018; (c) contributing funds in the sinking fund; 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.