(1) The terms and conditions of all government borrowings shall be laid before Parliament and shall not come into operation unless the terms and conditions are approved by a resolution of Parliament in accordance with article 181 of the Constitution.

(2) For the purpose of subsection (1), Parliament may, from time to time, by resolution, approve standard terms and conditions for government borrowings including the following:

(a) the nature of facility;

(b) purpose of government borrowing;

(c) condition of drawdown;

(d) terms of interest payment and repayment;

(e) pre-payment and cancellation;

(f) fees and charges in respect of the borrowing;

(g) tax gross-up and indemnities;

(h) other indemnities;

(i) events of default;

(j) conduct of business by the parties;

(k) payment mechanisms;

(l) costs and expenses;

(m) remedies and waivers;

(n) amendments and waivers;

(o) governing law and jurisdiction;

(p) agent’s option;

(q) arbitration;

(r) waiver of immunity;

(s) conditions precedent;

(t) conditions of payment;

(u) documents to be submitted;

(v) collateral security; and

(w) force majeure.