Section 49, The Government Budgeting and Accountability Act, 2005

(1) Pursuant to section 118 of the Constitution, the Government may borrow money by or under the authority of an Act of Parliament. (2) The purposes for which Government may borrow money are– (a) to finance budget deficits; (b) to refinance maturing debt or a loan paid before a redemption date; (c) to obtain foreign currency; and (d) to maintain credit balances on treasury main account. Termination of authority to spend. Supplementary estimates and Supplementary Appropriation Bill. borrowing. 32 33 No. 3 Government Budgeting and Accountability Act 2005No. 3 Government Budgeting and Accountability Act 2005 (3) The Minister shall maintain a detailed record of the public debt including guarantees in favour of third parties as well as loans granted by the Government. (4) It shall be lawful for the Government, where the lender is agreeable– (a) to repay a loan prior to its date of repayment; (b) to renegotiate the terms and conditions of the loan; or (c) to convert a loan from one form into another. (5) The terms and conditions of a loan shall be published by the Minister by Government Notice for general public information. PART VII–GOVERNMENT ACCOUNTS