(1) Subject to Article 181 of the Constitution, no public moneys shall be advanced from the Consolidated Fund except under authority of Regulations made by the Minister and approved by Parliament.

(2) Such Regulations shall specify the terms of release and repayment of advances and require the completion of agreements between the government and the borrowers as a condition for release.

(3) Parliament may require that interest be payable in respect of the advances and shall determine the rate to be paid.

(4) The Controller and Accountant-General may recover an advance or any portion of it that is not repaid or accounted for, as required by Regulations or by agreement out of any moneys payable by the Government to the person to whom the advance was made.

(5) Each accountable advance that is not repaid or accounted for as required by subsection (4) shall be reported in the public accounts.

(6) The Minister shall, when annual estimates are being submitted for the approval of Parliament, include for approval, schedules showing the amounts by which it is proposed that advances shall be increased or diminished in the ensuing financial year and shall seek the prior approval of Parliament for any subsequent revision of the limits set by it.