Government guarantees

(1) Where any sum is borrowed under the powers conferred by section 7 of this Act from any person or body corporate or un incorporate other than Government, the repayment of such sum, including any interest payable thereon, may be guaranteed by Government upon such terms and conditions as the Minister may think fit. (2) Where the Minister of Finance is satisfied that there has been default in the repayment of any principal moneys or interest guaranteed under this section, he shall direct the repayment out of the Consolidated Revenue Fund and assets of Belize of the amount in respect of which there has been such default.