Cap.22fil 10 Prinr.rc Dpnr Mnruec;Eh{Er{l' No. AlzlJLs Interpretation in Part lll ( l) ln this Part- "agent", for the purposes section 29 (L)(b); of this Part, means an agent appointed in terms of "cancelled" in relation to bonds or stock, means cancelled in terms of section 36(3): "designated corporate body" means any corporate body or company referred to in paragraph (a) or (b) of ttre definition of "putrlic entity" in the which is designated or deemed to be designated in terms of section 39 of the Public Finance Management Act; "registrar" means a person appointed in terms of section 29ft) for the registration ofbonds and stock. "sinking fund" means a sinking fund established in terms of section 33; "State loan" means a sum of money borrowed in terms of this part. "stock" rneans stock issued in pursuance of this Part. (2) Any tenn to which a meaning has been assigned in the Public Finance Management Act shall bear the same meaning when used in this part. 11 Borrowing powers and limit (1) Subject to subsection (3) and other provisions of this Act, the president may authorise the Minister to borrow a sum of money for purposes stipulated in section 12. (2) The aggregate of the amounts that may be borrowed in terms of subsection (1) in any financial year by way of loans shall not exceed the limit tixed by National Assembly, which limit the Minister may propose to the National Assembly for approval by resolution or by means of a provision in a Finance Bill: Provided that the iimit fixed in terms of this subsection and section 300( I ) of the Constitution may not result in the total outstanding public and publicly-guaranteed debt as a ratio of the gross domestic product at current market prices exceeding 70 per centuftt at the end of any fiscal year, unless the Minister obtains a resolution of the National Assembly to do so under one or more of the following conditions- (a) occurence ofnatural disasters or other emergencies requiring exceptional expenditure; or (b) (c) where a large investment project in the public sector is deemed by Cabinet to be timely and prudenfi or in case of a general economic slow-down requiring fiscal and monetary stimulus. (3) The Extemal and Domestic Debt Management Committee shall for each financial year set forth the recommendedmaximumamountof new Govemrnettborrowing and Government guarantees which may be undertaken throughout the year, and the Minister shall take into account the Committee's recommendations when exercising his or her authority given under subsection (1) or making any proposal under subsection (2). (4) Subject to section 300 of the Constitution, the Minister shall have sole authority to borrow money on behalf of Government by concluding loan agreements, issuing Govemment securities, or entering into supplier's credit agreements and to issue Government guarantees, in Zimbabwe and in both local and foreign currencies: Provided that the Minister fiuy, if he or she is satisfied it is in the public interest to do so, and in order to maintain the public debt at sustainable levels, review or revoke any unutilised authorisations. 107