Division 1
Government Borrowing: General
(1) Subject to this Act and any other enactment, the Minister is the sole borrowing agent for the Government and may, in order to meet the fiscal requirements of Government, borrow by way of —
(a) loans;
(b) Government securities.
(2) Without prejudice to subsection (1), the Minister may cause the Director of Finance to be the focal point for borrowing.
(3) The fiscal requirements for Government borrowing under subsection (1) includes —
(a) financing Government budget deficit;
(b) maintaining a credit balance on the Consolidated Fund;
(c) financing capital projects reviewed and approved by Cabinet and included in the budget;
(d) on-lending to a statutory body;
(e) honouring obligations under Government guarantees created in accordance with this Act;
(f) refinancing outstanding or maturing public debt, prepaying or buying back outstanding public debt, or exchanging existing public debt for new public debt;
(g) immediately mitigating effects caused by a natural disaster or any other emergency approved by Cabinet;
(h) replenishing its foreign currency reserves to strengthen its balance of payments;
(i) supporting, to the extent that market conditions, prudence and policy goals permit, the development of the domestic public debt market and the regional debt market; and
(j) meeting any other purpose as may be approved by Parliament.
(4) Prior to borrowing Government securities under this section, the Minister, on the advice of the Attorney General —
(a) shall negotiate and execute agreements and other documentation to meet the fiscal requirements for Government borrowing under subsection (1); and
(b) may, notwithstanding subsection (1) and section 24, determine the form and the terms and conditions of Government borrowing, where the source of borrowing is the execution of a bond market transaction or treasury bill, that is consistent with the Borrowing Plan.