Authority to borrow money

(1) Notwithstanding anything contained in the Finance and Audit (Reform) Act, 2005, or any other law to the contrary, it shall be lawful for the Government of Belize to borrow money from ALBA Petrocaribe (Belize Energy) Limited in any amounts without the prior authorisation of the National Assembly and to enter into a loan agreement with APBEL for the said purpose. (2) The money borrowed from APBEL shall be kept in a fund at the Central Bank of Belize, which fund shall form part of the Consolidated Revenue Fund of Belize, and may be withdrawn from time to time as the need arises. (2A)The withdrawal and spending of the said money from the Central Bank shall be in full measure subject to the Finance and Audit (Reform) Act, and all other Laws, Regulations and Procedures applicable to monies forming part of the Consolidated Revenue Fund of Belize. (3) The money borrowed for APBEL may be used for any of the following– (a) to finance capital projects; Petrocaribe Loans 7 (b) to provide social and community assistance to the poor, socially marginalized and other sectors of the community; (c) to pay compensation relating to Government’s nationalization of the Belize Electricity Limited (BEL); (d) to pay compensation relating to Government’s nationalization of the Belize Telemedia Limited (BTL); (e) to assist with commercial and SuperBond debt buy back; or (f) to finance any other similar and legitimate purposes. (4) It is hereby provided that– (a) all money borrowed during a quarterly period from APBEL shall be reported to the National Assembly at any time but not later than three months after the expiration of that quarterly period; (b) a supplementary appropriation shall be made, retrospectively but not greater than three months before the date of publication in the Gazette, for any spending during the period under paragraph (a) that was not in the Annual Estimate of Revenue and Expenditure for the financial year in which that quarterly period falls; (c) a supplementary appropriation shall be made, prospectively, for any spending proposed to be done during the quarter following the quarter under report of the next ensuing quarter, if 8 Petrocaribe Loans such spending was not provided for in the annual Estimate of Revenue and Expenditure for the financial year in which that quarterly period or those quarterly periods fall; and (d) the supplementary appropriation required pursuant to paragraphs (b) and (c) shall be first Tabled in the House of Representatives at the time a report is being made pursuant to paragraph (a) in respect of that quarterly period. borrowings there under. CAP. 15.