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Public Finance and Economic Management (Amendment) Act 2008

Commencement: 23 June 2008

REPUBLIC OF VANUATU

PUBLIC FINANCE AND ECONOMIC MANAGEMENT
(AMENDMENT) ACT NO. 4 OF 2008

Arrangement of Sections

1. Amendment
2. Commencement

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REPUBLIC OF VANUATU

Assent: 11/06/2008
Commencement: 23/06/2008

PUBLIC FINANCE AND ECONOMIC MANAGEMENT
(AMENDMENT) ACT NO. 4 OF 2008

An Act to amend the Public Finance and Economic Management Act [CAP 244].

Be it enacted by the President and Parliament as follows:

1 Amendment

The Public Finance and Economic Management Act [CAP 244] is amended as set out in the Schedule.

2 Commencement

This Act commences on the day on which it is published in the Gazette.

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SCHEDULE

AMENDMENTS OF THE PUBLIC FINANCE AND ECONOMIC MANAGEMENT ACT [CAP 244]

1. Paragraphs 60(1)(a) and (b)
   

Repeal the paragraphs, substitute

"(a) where such guarantee or indemnity is consistent with Government policy generally and investment policies specifically;"

2. Paragraph 60(1)(c)
   

Reletter the paragraph as "(b)"

3 Subsections 60(2)

Repeal the subsection, substitute

"(2) The Minister must report to Parliament any guarantee or indemnity granted under this section and must provide the following information in his or her report:

(a) the details of the guarantee or indemnity; and

(b) the reasons why the guarantee or indemnity was necessary in the public interest; and

(c) an assessment of the risks associated with the guarantee or indemnity."

4 Subsection 60(3)

Delete the words "is not required to obtain the approval of Parliament but"