Article 98 Power of Government to borrow or lend
Subject to this Constitution, the Government may borrow from any source.
The 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 the Legislature; and
in accordance with any borrowing guidelines agreed with Her Majesty’s Government in the United Kingdom.
An Act of the Legislature made under subsection (2)(a) shall provide—
that the terms and conditions of the loan shall be laid before the Legislative Assembly and shall not come into force unless they have been approved by a resolution of the Assembly; and
that any moneys 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.
The Minister of Finance shall, at such times as the Legislative Assembly may determine, cause to be presented to the Assembly such information concerning any loan as is necessary to show—
the extent of the total indebtedness by way of principal and accumulated interest;
the provision made for servicing or repayment of the loan; and
the utilisation and performance of the loan.
The Legislative Assembly 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.
An agreement entered into pursuant to subsection (5) shall be laid before the Legislative Assembly and shall not come into force unless it has been approved by the Assembly by resolution.
For the purposes of this section, 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—
moneys from the Consolidated Fund or any other public fund may be used for payment or repayment; or
moneys from any fund by whatever name called, established for the purpose of payment or repayment whether in whole or in part and whether directly or indirectly, may be used for payment or repayment.
The Legislature may by law exempt any category of loan from subsections (2)(a) and (3), subject to such conditions as it may so prescribe.