44.— (1) IFI shall submit estimates of its income and expenditure to the Minister in such form, in respect of such periods and at such times as may be required by the Minister and shall furnish to the Minister such other information in relation to the estimates as the Minister may require.

(2) Where the Minister receives an estimate prepared for the purpose of this section, the Minister may confirm the estimate, with or without modification, or refuse to confirm the estimate.

(3) Where the Minister refuses to confirm an estimate, the Minister may require IFI to prepare and submit for the purposes of this section a fresh estimate of its expenditure and receipts for the year or other period to which the unconfirmed estimate relates.

(4) IFI shall, as soon as may be, comply with a requirement under subsection (3). Subsection (1) applies to estimates prepared in accordance with a requirement under subsection (3) as it applies to estimates prepared under that subsection.

(5) IFI shall not, without the consent of the Minister, incur any expenditure other than expenditure included in an estimate as confirmed under this section by the Minister.