Discuss (d) subnational borrowing

(a) The public debt's legal frame The constitutional floor: the borrowing's authorisation — the parliament's monopoly (the debt's ceiling in the annual acts; the Consolidated Fund's charge architecture — Unit 2); The annual authorisation: the budget's debt-head + the ceiling's discipline — the borrowing's purpose-and-limit stated to the parliament; The instruments' machinery: the treasury bills-and-development-bonds' issuance (the NRB- and-banking system's placement — 4.2 below); the foreign loans' faces (the loan agreements' treaty-type approval; the MoF's debt management; the concessionality's discipline); The subnational debt: the provincial-and-local borrowing within the IGFA 2074's limits — the NNRFC's internal-loan recommendations (the levels' own-credit discipline); The debt's reporting: the debt bulletin's transparency; the parliament's scrutiny; the sustainability's watch (the debt-GDP discipline). (b) The guarantee law The purpose: the sovereign guarantee — the state's promise backing the public enterprises'- and-projects' borrowing (the credit-enhancement: the cheaper credit for the public purposes); The authorisation's discipline: the parliament's approval — the guarantee's ceiling-and- conditions (the annual budget's guarantee faces); The risks (the exam's analysis): the contingent liability — the called guarantee's cost landing on the treasury; the SOE debt's sovereign absorption's history (the weak enterprises' guarantees gone bad); the moral hazard (the rescue's expectation); The reporting's discipline: the guarantee's register; the called-and-outstanding faces' disclosure; the counter-guarantee's machinery (the beneficiary's obligations back to the state); The honest audit: the guarantee's…