11. Fiscal strategy statement

provide the Parliament and the public with a formal statement of the Government’s fiscal strategy before the annual budget is prepared;

provide strategic guidance for the upcoming annual budget;

establish the basis upon which fiscal performance shall be evaluated objectively;

strengthen Parliamentary oversight of performance against the Government’s fiscal strategy; and

enhance fiscal transparency and accountability.

specify the Government’s fiscal targets and the policies being implemented to ensure achievement of such targets;

include proposed timeframe for the reduction of public debt to a sustainable level;

explain how the Government’s fiscal targets and policies are consistent with the objectives of responsible fiscal management;

include the medium-term fiscal framework specified in section 12;

provide an assessment of performance against the fiscal strategy, including –

an assessment of compliance with the fiscal targets for the preceding financial year, including an explanation of any non-compliance with such targets;

an assessment of expected compliance with the fiscal targets for the current financial year;

an assessment of expected compliance with the fiscal targets for the next financial year and the four succeeding years; and

an assessment of risks of non-compliance with the fiscal targets for the current financial year and the next financial year;

specify the main sources of fiscal risks against to the attainment of the objectives specified in section 10 and the estimate of the fiscal impact of such fiscal risks; and

disclose the macroeconomic impact of fiscal decisions taken over the past three years.