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Public Finance and Economic Management (Amenedment) Act 2018

REPUBLIC OF VANUATU

PUBLIC FINANCE AND ECONOMIC MANAGEMENT (AMENDMENT)
ACT NO. 36 OF 2018

Arrangement of Sections
1 Amendment
2 Commencement

REPUBLIC OF VANUATU

Assent: 24/12/2018
Commencement: 31/12/2018

PUBLIC FINANCE AND ECONOMIC MANAGEMENT (AMENDMENT)
ACT NO. 36 OF 2018

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 is taken to have commenced on 1 January 2018.

SCHEDULE

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

1. Subsection 2(1)(Definition of “financial emergency”)

After “;”, insert “or

(c) a situation where the Government’s financial capacity is unable to meet the cost of its employee’s welfare;”

2. After section 34C

Insert

“34D DRAWING OF ADDITIONAL AMOUNTS FROM THE PUBLIC FUND FOR FINANCIAL EMERGENCY

Despite section 34, additional funds may be drawn down from the Public Fund if:

(c) there is no appropriation, or an insufficient appropriation, for alleviating the financial emergency; and

(d) a Supplementary Appropriation Act cannot be passed by the Parliament within a reasonable time so as to make funds available for alleviating the financial emergency.”