Parliament passes amendment to Fiscal Management (Responsibility) Act

Parliament yesterday approved an amendment to the Fiscal Management (Responsibility) Act No. 3 of 2003 which will increase the guaranteed limit specified in the Act from 10 to 15%.

The Bill also allows for the established debt to gross domestic product target to be moved to 1 January 2030 from 1 January 2020.

The Government Fiscal Management (Responsibility) Act No.3 of 2003 was passed with a view to introducing Government Fiscal Targets as a guide to be followed to ensure more responsible Government fiscal management.