Section 23, The Public Financial Management Act, 2016

(1) Not later than the end of the seventh month of everyfinancial year, the Minister shall, with approval of the Cabinet, prepare and lay before Parliament for its information a Fiscal Strategy Statement which contains – (a) an overview of recent macroeconomic and fiscal developments; b) macroeconomic forecasts for the next three years or more; (c) fiscal forecasts, including revenues, expenditures, deficit, and debt, of the State budget for the next three years or more; (d) a description of main policy measures which the Government plans to introduce during the next three years and projections of their fiscal impacts; (e) fiscal forecasts of the general government and subsectors for the next three years or more; (f) an explanation of methodologies and assumptions used for the macroeconomic and fiscal forecasts; (g) a comparison of the macroeconomic and fiscal forecasts with those of international organizations and independent bodies and an explanation of the reasons for significant differences between them, if any; (h) a comparison of the forecasts of the macroeconomic and fiscal indicators included in the previous Fiscal Strategy Statement with the actual outcomes of these indicators and an explanation of the reasons for significant differences between them, if any; 26 27 Fiscal objectives set by a newly elected Government. Macroeconomic and fiscal forecasts. Fiscal Strategy Statement. (i) a fiscal risk statement; (j) ceilings on total expenditures of the central government and on expenditures broken down at such level of detail as deemed appropriate by the Minister for the next three years or more; and (k) any other information as may be deemed (2) A Fiscal Strategy Statement laid before Parliament under subsection (1), shall immediately after its submission to Parliament, be published in the Gazette and website of the Ministry. (3) For the purpose of preparing the Fiscal Strategy Statement, the Minister may require any government entity to submit any information in such manner as determined by the Minister.