LAWS OF GUYANA
EXTERNAL LOANS ACT
ARRANGEMENT OF SECTIONS
1. Short title.
3. Authority to raise loans outside Guyana.
4. Sums charged on the Consolidated Fund.
5. Power to issue instruments, including bonds.
6. Implementation of obligations under agreements.
An Act authorising the raising of loans outside of Guyana for the
purpose of financing the general development of Guyana.
[1ST JANUARY, 1973]
1. This Act may be cited as the External Loans Act.
2. In this Act “lender” means any other State, an international
financial organisation, or any other source of financing.
3. (1) For the purpose of financing general development in
Guyana, the Government acting on behalf of the State is authorised to
raise loans outside Guyana of such sums, not exceeding four hundred
billion dollars in the aggregate, and such further sum as may be
necessary to defray the expenses of the raising of such loans.
(2) The loans raised under the authority of this Act shall be
appropriated and applied to the purposes for which they were raised.
5 of 1973
LAWS OF GUYANA
(3) Where any part of a loan cannot be applied for the purpose
for which it was raised that part may be applied to such other purposes
relating to the general development of Guyana as may be approved by
the Minister responsible for finance (hereinafter referred to as “the
Minister”) and the lender.
(4) The power to raise loans conferred by this Act shall be in
addition to a like power conferred by any other enactment.
(5) An agreement with a lender in respect of a loan raised under
the powers conferred by this Act shall be made in the name of Guyana
and may be signed by the Minister or by any person authorised in
writing by him in that behalf.
(6) A copy of every such agreement shall be laid before the