154

Article 154 1. The Minister shall, not later than the thirtieth day after the beginning of each financial year, lay before the National Assembly the estimates of revenue and expenditure of the Government for the financial year. 2. The Minister shall, before presenting the estimates under clause (1), obtain the approval of the Cabinet in respect of the estimates. 3. The estimates referred to in clause (1) shall include - a. a statement of the public debt at the beginning of the financial year showing - i. bilateral, multilateral, institutional and commercial debts; ii. whether the debt in each case referred to in subparagraph (i) is foreign or domestic; iii. in the case of a domestic debt, the type and aggregate amount of the debt instrument- issued; b. a statement of the expected debt at the end of the financial year; c. a profile of the debt repayment and servicing requirement for the next ten subsequent financial years; d. a statement of the outstanding guarantees given by the Government and the Central Bank of Seychelles; e. a statement of official reserves, clearly identifying the reserves held at the beginning of the financial year by the Central Bank, the Government and the banking sector in aggregate, the expected holdings by the Central Bank, Government and banking sector at the end of the financial year and the extent to which the official reserves are expected to be drawn down or increased during the financial year; f. a statement of the fiscal outcome and effect showing a full abstract of the Consolidated Fund for the immediately preceding financial year. 4. The estimates of expenditure referred to in clause (1) shall show separately a. the estimates of expenditure required to meet expenditures charged on the Consolidated Fund; and b. the sums required to meet other expenditures, during the financial year. 5. The heads of expenditures referred to in clause (4)(b) shall be included in a Bill, to be known as the Appropriation Bill, which shall be introduced in the National Assembly to provide for appropriation from the Consolidated Fund of the sums of money necessary to meet the expenditures. 6. Where, in respect of any financial year, it is found - a. that the amount appropriated by the Appropriation Act for any purpose is insufficient or that a need has arisen for expenditure for a purpose for which no amount has been appropriated by that Act; or b. that any moneys have been expended for any purpose in excess of the amount appropriated for that purpose by that Act or for a purpose for which no amount has been appropriated by that Act, a supplementary estimate, showing the sum of money required or spent, shall be laid before the National Assembly. 7. where, in respect of any financial year, a supplementary estimate laid before the National Assembly in accordance with clause (6) has been approved by resolution by the National Assembly, a supplementary Appropriation Bill shall be introduced in the Assembly in the financial year next following the year to which the estimate relates, providing for the appropriation of the sums so approved for the purposes specified in that estimate. 8. The Minister shall, after approval by the Cabinet and within ninety-one days after the end of each financial year, provide to the National Assembly in respect of that year - a. full details of all accounts maintained in respect of the Consolidated Fund showing amounts actually received and spent in that year; b. statements of fiscal outcome and effect showing separately actual components of fiscal outcome, position and effect, and, in the case of fiscal effect, separate disclosure shall be made of actual additional borrowings, movements in cash balances, of the Central Bank of Seychelles, and other bank and non-bank borrowings; c. a statement of actual outstanding debt at the end of the financial year showing separately bilateral, multilateral, institutional, foreign and domestic debt, type and aggregate amounts of debt instruments outstanding and in the case of new or restructured debt or debt in default, a separate disclosure giving full details thereof; d. statements of outstanding guarantees given by Government and the Central Bank of Seychelles showing separately guarantees that have been renewed, new guarantees given and guarantees that have been called up and, in the case of new guarantees given or that have been called up, details of such guarantees together with a statement of guarantees that have expired during the financial year; e. a statement of actual official reserves identifying those held by the Central Bank of Seychelles, and there shall be shown separately the extent to which those reserves are borrowed or encumbered in any way; f. as far as is practicable, a statement of assets and liabilities of the Government at the end of the financial year; and g. such other statements as the Minister may think fit. 9. For the purposes of this Chapter, "financial year" means any period of twelve months beginning on 1st January in any year or any other date as may be prescribed by or under an Act; "Minister" means the Minister responsible for finance.