26. Borrowing powers of the Board and Government Guarantees

For the purpose of discharging its duties under this Act, the Board is hereby authorized to borrow moneys from any local, international or foreign organization approved by the President, subject to terms and conditions, as the

The loans authorized to be borrowed under this section may be denominated in foreign currency.

The Minister in charge of the subject of Finance shall guarantee the loans raised by the Board under subsection (1), on behalf of the Government. Forthwith upon a guarantee the Minister shall place before Parliament a statement setting out the details of such guarantee.

Any sum required for the fulfillment of a guarantee under subsection (3) may, with the prior approval of the

In the case of any loan made to the Authority by any international or foreign organization approved by the President and guaranteed by the Government, the Government shall bear any loss and be entitled to any profit, resulting from any re-valuation of the rupee in relation to the currency or currencies in which that loan is expressed and the amount of very such loss shall be charged to the Consolidated Fund.

The Minister in charge of the subject of Finance, by instrument under his hand is hereby empowered on behalf of the Government to sign any guarantee agreement between the Government and any local organization.