Additional requirements of Fiscal Strategy Statement

In addition to the other requirements set out in regulation 9, the Fiscal Strategy Statement shall– (a) specify the Government’s long-term fiscal objectives, in both qualitative and quantitative terms, within which shorter-term fiscal policy will be framed and the consistency of those 168 Finance and Audit (Reform) objectives with the macroeconomic (b) explain the broad strategic priorities on which the Budget is, or will be based; (c) specify the key and new fiscal measures against which fiscal policy will be set and assessed; (d) specify, for the current Budget year and the following two fiscal years– (i) the Government’s fiscal objective, and quantitative targets for key indicators; and (ii) the expected for the specified key fiscal measures; (e) explain how the fiscal objectives. targets, indicators, strategic priorities, and measures specified and explained pursuant to the foregoing paragraphs of this regulation relate to the principles of sound fiscal management; (f) specify fiscal policy actions taken or to be taken by the Government that are temporary in nature, adopted for the purpose of moderating cyclical fluctuations in economic activity, or addressing disruptions caused by natural disasters, or for whatever other reason, and indicate the time period during which the fiscal policy will exist and how any increase in debt from these policies will be offset; (g) explain the consistencies of this Statement with other Government documents related to the conduct of fiscal policy such as the Budget Finance and Audit (Reform) 169 from the previous fiscal year and the Medium (h) explain the reporting basis on which subsequent Government fiscal reports will be prepared; and (i) explain how the Government is working to achieve fairness, including fairness between generations, and efficiency in the design and implementation of fiscal policy and in managing both the asset and liability sides of the public sector balance sheet. PART 4 Regular Fiscal Monitoring and Reporting