What is Medium-term Fiscal Policy Statement?

The Medium-term Fiscal Policy Statement is presented to Parliament under Section 3(2) of the Fiscal Responsibility and Budget Management Act, 2003.

It sets out the three-year rolling targets for five specific fiscal indicators in relation to GDP at market prices, namely (i) Revenue Deficit, (ii) Fiscal Deficit, (iii) Effective Revenue Deficit (iv) Tax to GDP ratio and (v) Total outstanding Central Government Debt at the end of the year.

The statement includes the underlying assumptions, an assessment of the balance between revenue receipts and revenue expenditure and the use of capital receipts including market borrowings for the creation of productive assets.