(1) The Cabinet Secretary shall prepare a statement of the credit guarantees granted under section 58 (5) and a summary thereon in such detail as the Cabinet Secretary may determine.

(2) The Cabinet Secretary shall, at least once in every year, submit to Parliament the summary prepared under subsection (1) together with a report of— (a) the total value of credit guarantees given during that period; 50 [Rev. 2020] Public Finance Management No. 18 of 2012 (b) the total value of credit guarantees liquidated during that period; (c) the total value of outstanding credit guarantees on the date of the report; (d) the risk assessment of the credit guarantees or classes of guarantees; (e) information on the total value of credit guarantees, disaggregated into the number of enterprises owned by women, youth and persons with disabilities which have been guaranteed; (f) information on the total value of credit guarantees, disaggregated into the number of micro, small and medium enterprises guaranteed and by the respective regions; and (g) any other relevant information prescribed by regulations for the purposes of this section. [Act No. 16 of 2020, s.5]

60. Money payable in respect of a guarantee to be a charge on the Consolidated Fund (1) Subject to subsection (2), money payable on a guarantee is a charge on, and is payable out of, the Consolidated Fund without further appropriation than this section.

(2) Money payable on a guarantee shall be paid only if the payment has been authorised by the Controller of Budget.

(3) Where money is paid out of the Consolidated Fund on a guarantee, the Cabinet Secretary shall submit a report to Parliament giving details of the payment.

(4) The Cabinet Secretary shall include in the report made under subsection (3)— (a) details of the guarantee; (b) the circumstances giving rise to the payment; (c) reasons why the borrower failed to pay; and (d) such further information as the Cabinet Secretary may consider relevant.

61. Recovery of amounts paid on a guarantee (1) Money paid by the Cabinet Secretary’ on a guarantee, including any expenses incurred by the Cabinet Secretary in respect of the guarantee, shall— (a) be a debt due to the national government from the borrower whose loan was guaranteed; and (b) be recoverable from the borrower as a debt due to the national government by— (i) proceedings brought in a court of competent jurisdiction; or (ii) withholding a transfer of money in terms of Article 225 of the Constitution, if the borrower receives appropriations.

(2) Where Cabinet considers that the debt is more likely to be recovered if the borrower is allowed to pay the debt over a period of time, the Cabinet Secretary may enter into an agreement with the borrower to pay the debt over that period and at such intervals, and subject to such terms and conditions, as may be specified in the agreement. 51 No. 18 of 2012 Public Finance Management [Rev. 2020]

(3) The Cabinet Secretary shall not impose terms and conditions in an agreement under subsection (2) which are inconsistent with the terms and conditions specified in the guarantee document.

(4) Where the Cabinet Secretary enters into an agreement under subsection (2), no proceedings under subsection (1)(b) shall be taken unless the borrower defaults under the agreement.