Power of the Government to borrow from the Caribbean Development Bank

(1) Subject to the provisions of this Act, the Government may in such manner and on such terms and subject to such conditions as may be agreed between the Government and the Bank borrow from the Bank from time to time such sums as may be required by the Government. (2) No agreement in respect of sums borrowed under the powers conferred by subsection (1) of this section, shall be executed unless the terms and conditions thereof have been first approved by resolution of the House of Representatives to that effect. (3) Any sums borrowed by the Government under the powers conferred by subsection (1) of this section for the requirements of the Government shall be applied and are Loans (Caribbean 5 hereby appropriated to the purposes for which they were borrowed as specified in any agreement concluded with the Bank in respect of the sums so borrowed, Provided that where any part of such sum cannot be applied to the purposes aforesaid such part may be applied to such other purposes as may be approved by the Minister and the Bank. (4) Any agreement between the Government and the Bank in respect of sums borrowed under the powers conferred by subsection (1) of this section, shall be made in the name of the Minister for and on behalf of the Government of Belize and may be signed by the Minister or for and on behalf of the Minister by any person specifically authorised in that behalf in writing by the Minister. (5) As soon as possible after any agreement has been concluded with the Bank in respect of any sum borrowed under the powers conferred by subsection (1) of this section, the Minister shall cause copies thereof to be laid before the National Assembly. (6) Nothing in the provisions of this section shall affect or derogate from any other power to borrow money possessed by (7) All amounts required for the repayment of any sums borrowed under the powers conferred by this section and all interest and other charges on such sums are hereby charged upon and shall be payable out of the Consolidated Revenue Fund and other assets of the Government.