RESOLUTION OF PARLIAMENT TO BORROW FOR CAPITAL OR CURRENT EXPENDITURE – EDUCATION REHABILITATION CLIMATE-LINKED FACILITY – SECTION 63(1)
Commencement [29 November 2023]
RESOLUTION
WHEREAS it is provided under section 63(1) of the Public Finance Management Act, (the Act), that the Minister of Finance may, by an affirmative Resolution of Parliament, borrow from a bank or other financial institution for the capital or current expenditure of Government;
AND WHEREAS it is further provided under section 64 of the Act that money borrowed by the Government must be paid into and form part of the Consolidated Fund;
AND WHEREAS the Minister of Finance considers it necessary to borrow an amount of USD6,000,000.00 (the loan) from the African Export-Import Bank to finance the construction of social infrastructure and other facilities damaged or destroyed by Tropical Storm Bret, under an Education Rehabilitation Climate-Linked Facility;
AND WHEREAS the loan is repayable in 7 years commencing from the date of disbursement of the loan inclusive of a grace period of 2 years;
AND WHEREAS the loan is repayable in equal semi-annual instalments on the 30th day of June and the 31st day of December of each year after the grace period;
AND WHEREAS interest is payable at a rate of 6% per annum;
BE IT RESOLVED that Parliament authorizes the Minister of Finance to borrow an amount of USD6,000,000.00 (the loan) from the African Export-Import Bank to finance the construction of social infrastructure and other facilities damaged or destroyed by Tropical Storm Bret, under an Education Rehabilitation Climate-Linked Facility;
BE IT FURTHER RESOLVED that —
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(a) the loan is repayable in 7 years commencing from the date of disbursement of the loan inclusive of a grace period of 2 years;
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(b) the loan is repayable in equal semi-annual instalments on the 30th day of June and the 31st day of December of each year after the grace period;
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(c) interest is payable at a rate of 6% per annum.