Borrowing by national government

(1)Parliament may, by legislation—

(a)prescribe the terms on which the national government may borrow; and

(b)impose reporting requirements.

(2)Within seven days after either House of Parliament so requests by resolution, the Cabinet Secretary responsible for finance shall present to the relevant committee, information concerning any particular loan or guarantee, including all information necessary to show—

(a)the extent of the total indebtedness by way of principal and accumulated interest;

(b)the use made or to be made of the proceeds of the loan;

(c)the provision made for servicing or repayment of the loan; and

(d)the progress made in the repayment of the loan.