Borrowing and lending by Government

Borrowing and lending by Government (1) The Government may, as prescribed— (a) raise a loan or grant on behalf of itself, a State organ, State institution or other institution; (b) guarantee a loan on behalf of a State organ, State institution or other institution; or (c) enter into an agreement to give a loan or grant out of the Consolidated Fund, other public fund or public account. (2) Legislation enacted under clause (1) shall provide— (a) for the category, nature and other terms and conditions of a loan, grant or guarantee, that will require the approval by the National Assembly before the loan, grant or guarantee is executed; and (b) that any monies received in respect of a loan or grant approved by the National Assembly shall be paid into the Consolidated Fund, or other public fund or public account. [Article 207 added by section 8 of Act 2 of 2016]