Section 3: Power of Minister to raise funds

3. Power of Minister to raise funds (1) The power to raise funds under subsection (2) in the name and on behalf of the Government shall be solely vested in the Minister. (2) The Minister may, from time to time, raise funds in or outside Mauritius to finance investment projects or other commitments of Government or for such other purposes as may be prescribed. (3) For the purpose of subsection (2), the Minister may enter into an agreement with a financial or banking institution, an international financial organisation or a foreign government in such manner and on such terms as he may determine. (3A) The Minister may enter into such agreement, sell, purchase or otherwise acquire any immovable property or any right therein, lease movable or immovable property and generally engage in such transactions and perform such activities as may be reasonably necessary for the purpose of issuing Sovereign Sukuks in Mauritius. (4) The Minister may enter into any other agreement for the purpose of varying the terms of an agreement entered into under subsection (3). (5) A copy of every agreement under subsection (3), (3A) or (4) shall be laid before the National Assembly where— (a) the Assembly is in session, within 15 working days of the conclusion of the agreement; or (b) the Assembly is not in session, within 7 working days of the next session of the Assembly. (6) The Minister may, for the purpose of giving effect to an agreement under subsection (3), (3A) or (4), authorise in writing any person to sign, issue and execute any endeavour or instrument. [S. 3 amended by s. 34 (b) of Act 14 of 2009 w.e.f. 30 July 2009; s. 40 (a) of Act 18 of 2016 w.e.f. 7 September 2016.] P47A – 3 [Issue 9] Public Debt Management Act