Loans Act Amended to Increase Ceiling on Borrowing
The House of Representatives yesterday (March 2) approved a Bill to amend the Loan Act of 1964 to increase the government's borrowing ceiling from $400 billion to $650 billion. Piloting the Bill, State Minister for Finance and Planning, Fitz Jackson, explained that this adjustment would allow the government to finance its operations throughout the financial year. The Act provides for...