Development of Policy, Legal, and Insitutional Framework for - ppiaf
Development of Policy, Legal, and Insitutional Framework for - ppiaf
Development of Policy, Legal, and Insitutional Framework for - ppiaf
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<strong>Development</strong> <strong>of</strong> <strong>Policy</strong>, <strong>Legal</strong>, & Institutional <strong>Framework</strong> <strong>for</strong> the PPP Program in Malawi<br />
Final Report<br />
(c) the amount <strong>of</strong> moneys covered by the guarantee which was outst<strong>and</strong>ing at the<br />
end <strong>of</strong> that year.<br />
(3) Moneys paid by the Minister under a guarantee under this Section shall be repaid to<br />
the Minister, with interest on it at such rate or rates as he or she appoints, by the Agency<br />
or any company referred to in subsection (1), as the case may be, within 2 years from the<br />
date <strong>of</strong> the advance <strong>of</strong> the moneys out <strong>of</strong> the Consolidated Fund.<br />
(4) If the amount is not repaid as stipulated in subsection (3) above, <strong>and</strong> without<br />
prejudice to any other method <strong>of</strong> recovery, the same shall be recoverable as a simple<br />
contract debt in any court <strong>of</strong> competent jurisdiction.<br />
(5) In relation to guarantees given by the Minister under this Section in respect <strong>of</strong><br />
moneys in a currency other than the currency <strong>of</strong> the Republic <strong>of</strong> Malawi—<br />
(a) each <strong>of</strong> the references to principal, each <strong>of</strong> the references to interest <strong>and</strong> the<br />
reference to Unit <strong>and</strong> incidental expenses in subsection (1) shall be taken as<br />
referring to the equivalent in the currency <strong>of</strong> the Republic <strong>of</strong> Malawi <strong>of</strong> the actual<br />
principal, the actual interest <strong>and</strong> the actual Unit <strong>and</strong> incidental expenses,<br />
respectively, such equivalent being calculated according to the cost in the<br />
currency <strong>of</strong> the Republic <strong>of</strong> Malawi <strong>of</strong> the actual principal, the actual interest or<br />
the actual Unit <strong>and</strong> incidental expenses, as may be appropriate, at the time the<br />
calculation is made;<br />
(b) the reference to moneys in subsection (2) shall be taken as referring to the<br />
equivalent in the currency <strong>of</strong> the Republic <strong>of</strong> Malawi <strong>of</strong> the actual moneys, such<br />
equivalent being calculated according to the rate <strong>of</strong> exchange <strong>for</strong> that currency<br />
<strong>and</strong> the currency <strong>of</strong> the Republic <strong>of</strong> Malawi at the time the calculation is<br />
made; <strong>and</strong><br />
(c) each <strong>of</strong> the references to moneys in subsection s (3) <strong>and</strong> (4)shall be taken as<br />
referring to the cost in the currency <strong>of</strong> the Republic <strong>of</strong> Malawi <strong>of</strong> the actual<br />
moneys.<br />
(6) Any payment by the Minister under this Section shall be a charge on the<br />
Consolidated Fund.<br />
Minister may advance moneys from the Consolidated Fund<br />
49. (1) The Minister may advance moneys from the Consolidated Fund to the Agency<br />
or a company <strong>for</strong>med under Section 13(1)(f) on such terms <strong>and</strong> conditions as he or she<br />
may determine.<br />
(2) Moneys advanced under subsection (1) may include moneys <strong>for</strong> the purpose <strong>of</strong><br />
making an equity investment in such a company.<br />
THE INSTITUTE FOR PUBLIC-PRIVATE PARTNERSHIPS 125
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