Implementation of obligations under the agreement

(1) Notwithstanding anything to the contrary elsewhere contained, any agreement concluded with the Bank in respect of any borrowing authorised by section 3 (1) or section 6 (1) of this Act and any bond, promissory note or other instrument issued pursuant to any such agreement and any guarantee or undertaking given in respect of any such agreement, bond, promissory note or instrument by the Government or a statutory authority shall be valid and enforceable and have full Loans (Caribbean 14 force and effect in the country in accordance with their respective terms. (2) Neither the Government nor any agency thereof nor any statutory authority shall, except as shall be otherwise agreed between the Minister and the Bank, create any lien on any of its assets as security for any external debt unless it is expressly provided that the lien will ipso facto equally and rateably secure the payment of the principal of and interest and other charges on any loan made by or any bonds, promissory notes or instruments issued pursuant to any loan made by the Bank to the Government or to a statutory authority. (3) In subsection (2) of this section, “external debt” means any debt payable in any medium other than currency which at the time in question is legal tender in the country whether such debt is payable absolutely or at the option of the creditor in such other medium. “lien” includes mortgages, pledges, charges, privileges and priorities of any kind; (4) Without prejudice to the generality of the provisions of subsection (1) of this section, (a) the Minister may provide, by Order published in the Gazette, that any tax, duty or fee payable under the Income and Business Tax Act, Cap. 55 or the Stamp Duties Act, Cap. 64 or the General Registry Act, Cap. 327 or any other enactment shall be remitted where such remission is, in the opinion of the Minister, necessary to give full effect to any bond, promissory note, instrument, guarantee or undertaking under this Act; Loans (Caribbean 15 (b) nothing in the provisions of the Exchange Control Regulations Act, Cap. 52 shall apply to any transaction required to effect payment in any currency of any sum in accordance with the terms of any such agreement, bond, promissory note, instrument, guarantee or undertaking.