Section 1: In this Act, unless the context otherwise requires–

“borrowing” means the procedures for creation of financial liabilities by conclusion of loan agreements, issuance of government securities and entering into supplier’s credit agreements; “Constitution” means the Constitution of Sierra Leone, 1991; “financial year” means the period beginning from the 1st of January to 31st December of the same year; “Government guarantee” means an explicit undertaking by the Government to guarantee fulfillment of obligations for which the guarantee is issued; but does not include letters of intent, letters of comfort or similar letters; “Government securities” includes, treasury bills, treasury bonds, bearer bonds, registered stocks and Government promissory notes; “local council” means a local council established under the Local Government Act, 2004; “Minister” means the Minister responsible for finance; and “Ministry” shall be construed accordingly; “public debt” includes all financial liabilities created as a result of borrowing by the Government, local councils and public enterprises, and includes outstanding liabilities that have been securitized by issuance of Government securities; “public enterprise” means any body corporate established by or under an Act of Parliament, and companies in which the Government has a majority shareholding; but does not include the Bank of Sierra Leone and financial institutions part or all of whose business is to lend or borrow money; “supplier’s credit agreement” means an agreement whereby goods or services delivered or supplied to the Government are to be paid for at some future date extending beyond the end of the financial year within which the goods or services are delivered or supplied. PART II–AUTHORISATION AND BORROWING PURPOSES