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39/2003 - The Fiscal Responsibility and Budget Management Act, 2003 ▶

Act Number: 39

Act Name: The Fiscal Responsibility and Budget Management Act, 2003

Year: 2003

Enactment Date: 2003-08-26

Long Title: An Act to provide for the responsibility of the Central Government to ensure inter-generational equity in fiscal management and long-term macro-economic stability by achieving sufficient revenue surplus and removing fiscal impediments in the effective conduct of monetary policy and prudential debt management consistent with fiscal sustainability through limits on the Central Government borrowings, debt and deficits, greater transparency in fiscal operations of the Central Government and conducting fiscal policy in a medium-term framework and for matters connected therewith or incidental thereto.

Ministry: Ministry of Finance

Department: Department of Economic Affairs

Section Number	Title	Actions
1	Short title, extent and commencement.
2	Definitions.
3	Fiscal policy statements to be laid before Parliament.
4	Fiscal management principles.
5	Borrowing from Reserve Bank.
6	Measures for fiscal transparency.
7	Measures to enforce compliance.
7A	Laying of review reports.
8	Power to make rules.
9	Rules to be laid before each House of Parliament.
10	Protection of action taken in good faith.
11	Jurisdiction of civil courts barred.
12	Application of other laws not barred.
13	Power to remove difficulties.