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(1) Subject to article181 of the Constitution and this Act, the Minister has the authority to raise a loan on behalf of the Government, both within and outside the country and in local and foreign currencies.

(2) The Minister shall not delegate a power granted under subsection(1) to any other person.

(3) The proceeds of all borrowings on behalf of the Government shall be

(a) paid into and form part of the Consolidated Fund; and

(b) utilised for any of the purposes stated in section 57.

(4) Government shall cause to be opened a bank account for purposes of depositing all government borrowings.