Section 30, The Public Financial Management Act, 2016

(1) For the purpose of this Act, the Ministry of Financeshall establish a medium-term budgetary framework which includes – (a) the fiscal objectives to be established by a newly elected Government under section 21; (b) reliable macroeconomic and fiscal forecasts for at least three years underpinning the fiscal planning and the State budget; (c) multiannual ceilings on expenditures for at least three years prescribed in the Fiscal Strategy Statement and budget call circular as a basis of preparation of the State budget for the following years; (d) guidance to budgetary agencies on estimates of the fiscal impact of existing and new policy measures and on policy prioritization with a multiannual perspective; and (e) reconciliation of the macroeconomic forecasts and expenditure ceilings with the outcomes achieved for the relevant indicators. (2) The Minister may by statutory instrument, prescribe rules and procedures for implementation of subsection (1).