Singapore legislation
Section 2
Section 2
Power to raise external loans and application of moneys raised
(1)
The Minister may, from time to time, raise loans outside Singapore —
for the purposes of the Development Fund established by the Development Fund Act 1959 but not to meet nationally significant infrastructure expenditure within the meaning of section 11 of the Significant Infrastructure Government Loan Act 2021;
for the purposes of the Developmental Investment Fund established by the Developmental Investment Fund Act 2000; or
for the repayment or amortisation of loans raised outside Singapore.
(2)
Subject to subsection (3), any moneys raised by way of loan under this section are hereby appropriated first to the payment of the expenses in connection with the raising of the loan and, subject to payment of those expenses, to the purposes for which the loan is raised.
(3)
If the moneys raised by way of loan under this section for the repayment or amortisation of any loan exceed the amounts required for that purpose after the application thereto of any amounts available in a sinking fund relating to the loan, then the excess shall be applied and is hereby appropriated to the redemption, at such times and in such manner as the Minister may determine, of securities of Singapore.
(4)
Any moneys raised under this Act shall not in the aggregate exceed such sum or sums as the President, acting in his discretion, if he concurs with the recommendation of the Minister, may, from time to time, authorise by order under this Act.
(5)
In applying subsection (4), any moneys raised in a currency other than Singapore dollars shall be converted into Singapore dollars as at the day when the amount to be raised is determined and by the use of such rate of exchange as the managing director of the Monetary Authority of Singapore may certify to be then appropriate.