Power of Government to borrow or lend.

(1) Subject to the provisions of this Constitution, Government may borrow from any source. (2) Government shall not borrow, guarantee, or raise a loan on behalf of itself or any other public institution, authority or person except as authorised by or under an Act of Parliament. (3) An Act of Parliament made under clause (2) of this article shall provide— (a) that the terms and conditions of the loan shall be laid before Parliament and shall not come into operation unless they have been approved by a resolution of Parliament; and (b) that any monies received in respect of that loan shall be paid into the Consolidated Fund and form part of that fund or into some other public fund which is existing or is created for the purpose of the loan. (4) The President shall, at such times as Parliament may determine, cause to be presented to Parliament such information concerning any loan as is necessary to show— (a) the extent of the total indebtedness by way of principal and accumulated interest; (b) the provision made for servicing or repayment of the loan; and (c) the utilisation and performance of the loan. (5) Parliament may, by resolution, authorise the Government to enter into an agreement for the giving of a loan or a grant out of any public fund or public account. (6) An agreement entered into under clause (5) of this article shall be laid before Parliament and shall not come into operation unless it has been approved by Parliament by resolution. (7) For the purposes of this article, the expression “loan” includes any money lent or given to or by the Government on condition of return or repayment and any other form of borrowing or lending in respect of which— (a) monies from the Consolidated Fund or any other public fund may be used for payment or repayment; or (b) monies from any fund by whatever name called, established for the purposes of payment or repayment whether in whole or in part and whether directly or indirectly, may be used for payment or repayment. (8) Parliament may by law exempt any categories of loans from the provisions of clauses (2) and (3) of this article, subject to such conditions as Parliament may prescribe.