Guarantee of borrowing of Authority

(1) With the approval of the National Assembly, the Minister of Finance may guarantee, in such manner and on such conditions as he may think fit, the payments of the principal and interest of any authorized borrowing of the (2) Where the Minister of Finance is satisfied that there has been default in the payment of any principal moneys or interest guaranteed under this section, he shall direct the repayment out of the Consolidated Revenue Fund of the amount in respect of which there has been such default. (3) The Authority shall make to the Accountant General, at such times and in such manner as the Minister of Finance may direct, any payments of such amounts as may be so directed in or towards repayment of any sums issued in fulfilment of any guarantee given under this section, and payment of interest on what is outstanding for the time being in respect of any sums so issued at such rates as the Minister of Finance may direct, and different rates of interest may be directed as regards different sums and as regards interest for different periods.