On receipt of an application for Government on-lending under section 53, the Minister shall submit to the Director of Finance, the application for an evaluation —
(a) to determine whether —
(i) the Government on-lending is the most appropriate mechanism for achieving the public purpose or the specific public policy objective,
(ii) the borrower has the ability to repay the loan obligations and fulfil all payment and other obligations under the loan and related agreements,
(iii) the terms and conditions of the loan are consistent with the debt management objectives and the approved Strategy,
(iv) the borrower is in compliance with the prescribed fiduciary and corporate governance requirements established by the Minister;
(b) by performing a credit risk analysis of the proposed Government on-lending.