Fiscal Policy Statement to be laid before the Legislative Assembly.

Finance200313 sections

Statutory text

(1) The Government shall lay in every financial year before the Legislative Assembly along with the annual budget, a medium term fiscal policy statement and a fiscal policy strategy statement.
(2) The medium term fiscal policy statement shall set forth a three year rolling target for fiscal indicators with specification of underlying assumptions.
(3) In particular and without prejudice to the provisions contained in sub- section (2) the medium term fiscal policy statement shall include assessment of sustainability relating to,—
- (a) the balance between revenue receipts and revenue expenditure;
- (b) use of capital receipts including open market borrowing for generating productive assets.
(4) the fiscal policy strategy statement shall, interalia, contain,—
- (a) policies of Government for the ensuing financial year relating to taxation, expenditure, borrowings and other liabilities, lending and investment and such other activities like underwriting and guarantees which have potential budgetary implications;
- (b) the strategic priorities of the Government for the ensuing financial year in the fiscal area;
- (c) evaluation as to how current policies of the Government are in conformity with the fiscal management principles as set out in section 4 and the objectives set out in medium term fiscal policy statement.

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