PUBLIC DEBT MANAGEMENT ACT

ARRANGEMENT OF SECTIONS

Preliminary

   1   Short title and commencement

   2   Interpretation

   3   Application of Act

Public Debt Management

   4   Duly of Minister to manage public debt to achieve specified objectives

   5   Medium-Term Public Debi Management Strategy

   6   Power of Minister to undertake portfolio management operations

   7   Public Debt Management Committee

   8   Public Debt Financing Committee

Loans

   9   Power of Minister to borrow

   10   Borrowing purposes

   11   Loan agreements

   12   Borrowing limits

   13   Loans charged on Consolidated Fund

Government Securities

   14   Issue of Government Securities

   15   Appointment and functions of Registrar of Government Securities

   16   Register of Government Securities

Government Guarantees

   17   Government guarantees

   18   Ceiling on guarantees

   19   Security for guaranteed loans

   20   Guarantees charged on Consolidated Fund

   21   Equality of treatment

Reports and Register

   22   Annual report

   23   Quarterly report on new loans raised

   24   Register of Government guaranteed debt

General

   25   Regulations

   26   Power of Minister to amend Schedule and penalties

   27   Amendment of Acts

   28    Repeal of enactments and savings

      SCHEDULES

 

THE PUBLIC DEBT MANAGEMENT ACT

[The date to be notified by the Minister bringing the Act into operation.]

Act 11 of 2012.

   AN ACT to make provision for the better management of the public debt; to repeal the Loan Act, 1964, and several enactments related to the raising of loans by the Government; and for connected matters.

Preliminary

1   Short title and commencement

   This Act may be cited as the Public Debt Management Act, 2012, and shall come into operation on a day to be appointed by the Minister by notice published in the Gazette.

2   Interpretation

   In this Act, unless the context otherwise requires-

   "Bank" means the Bank of Jamaica established by section 3 of the Bank of Jamaica Act;

   "commencement date" means the day appointed under section I for the coming into operation of this Act;

   "Consolidated Fund" means the Consolidated Fund established by section 114 of the Constitution of Jamaica;

   "electronic" means having electrical, digital, magnetic, wireless, optical, electromagnetic or similar capabilities and references to carrying out any act "electronically" shall be construed similarly;

   "financial institution" means any of the following-

   (a)   a bank licensed under the Banking Act;

   (b)   a company-

         (i)   licensed under the Financial Institutions Act; or

         (ii)   registered under the Insurance Act;

   (c)   a building society registered under the Building Societies Act;

   (d)   a society registered under the Cooperative Societies Act;

   (e)   a person licensed under the Securities Act as a dealer or investment advisor;

   (f)   an individual or entity licensed by a foreign regulator;

   (g)   any other person declared by the Minister, by order subject to affirmative resolution, to be a financial institution for the purposes of this Act;

   "fiscal deficit" means, in relation to any financial year, the negative difference between the estimate of revenue for that year and the estimate of expenditure for that year as approved by the House of Representatives in accordance with Chapter VIII of the Constitution of Jamaica, less principal repayments falling due in that year;

   "Fiscal Management Strategy" means the Fiscal Management Strategy referred to in section 48B(2) of the Financial Administration and Audit Act;

   "Fiscal Responsibility Statement" means the Fiscal Responsibility Statement referred to in section 48B(2) of the Financial Administration and Audit Act;

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