Amendment status not verified — confirm the current text below against the official source.
Piscal.imanagement principles.c-The State. Government. shall be guided i,y the f'Qilowing . fiscal management principles, namely..:- .. , ... " -- .; ' -(a} ?transparoncr in -setting the ·fiscal policy "Objectivcs?-'"th"tt·;implemon-- tation or public policy and: the publication -of fiscaJ··information so as to enable the public to· scrutinize tfie condtictJ of fiscal policy and the state of public finances; (b)" stability" . and predictability .. iii liscal pofify · mak1ng-?p'r?s .a?d.in - .. the way the fiscal P?licy impacts the economy; .:. (c) --- r'e:fponsioility-' "in' - the management of. 'piiblic 'firiances/ including -· ': ·fo.tegfitym·'budgel foniulatioi:i;'. ' .. ,; . ?--·./• (d/'rairne? to- ensure th,?f-p??\?/d?ci?1??-?f ,''t1i?"sta?e Government v-': ha?e . d?e-regarl to . ilieii-'--ti?ncfal'-i?-plic?tio?;on ·_futuregenera- • • • ,I ...... •.: ' • ....i , •• • '. ;. ·. ,.,, ..:. •. J. - . _,. '. - -? '·· tions; and , . .. , (e) efficiency in the design and implementation of the fi? policy . ' and in managing the ·assets ind' liabilities''' ar the ptlblicsector balance sheef. ..:_._,J.- ... ·- __ - Fiscal' 1t0licy_stat-cmcn.t _ to . be laid before. ·the··, Le:gislatitre.-The State -Oovehmlent :shall, ;Ul e_ach,! ,1inancial _y<!a,r?- lay before !}m1.,..-Hoo? of the State .Legislature. the · fQllowillg . statements of fiscal poljcy _ aJong_ with tho annual ·budiet. ·namely:-:- : · · · · · -?· · · · · · · · · .. - . , ... (a) Medium-term Fiscal ?9,li<:Y ·•Statement ; and (b) Fiscal Policy· Sftatety Statement. n :?' Medium T?dn • 'pJfcalPbiicy'Sr:ate?ent'...:::(t). 11':fir?M?him tlrm Fiscal ? S'tate1nent sbaI'l set fortii' in such forin as may be' p?scribed, the fiscal management objectives of the 'State; G'overiiiheaii··· an'd :three-y?ar· rolling targets for' ?e Fe•cribed· fiscal fodica1oi51' witk dim· onunoilitidn of' ·tl\e' ,,.ndcrlying assumptions. '. , (2) X.. partic.war and . without. p_rejudjf,C_ )P fM, ;P,f.?vj.,i.Qns- 9,P!!tai? in ?g?ion (1,), the Me4ium T?on Pis?l P,91icy .. ?W.QlC.Ilt. ll\lall ?cludo tho v?jous c!,Ss?mpt?o? ??ind · tile fiscal i:ncH?tors ? an ?St:Dcnt of sustain- -#ilityrelating · t-o :? . , . (a) ·the balance' between revenue· receipts and revenue expenditure; . (b) the use . of ?apital receipts in?ludi?J.? borrowings .. for . 1cnerating. productive assets; · · ' ' (c) the estimated yearly pension liJ,bilities worked out on actuarial basis; for the next ten years: . . . . Provided that in -case it ·is not possible to cak:niatc the pension liabilities on. actuarial basis during :the ·period of nrst thRo-yoaa :aft« . the coming into fosce qf this Act, the Sta-te Go;v,?t ?y. during. · that .period, estimete the .pension liabjJities -by ?1c,ing forecasts on tho ?s? pf tread jl':011.(tb .rJ!tes.