2018/19 Budget Communication 2018_2019 BUDGET COMMUNICATION | Page 14

a core element of our transformative growth agenda. Putting
the nation’s fiscal house in order is a clear prerequisite to a
more buoyant private sector and stronger job growth as well
as securing sustainable improvements in the standard of
living of our citizens. Perennial Government deficits and an
ever-ballooning burden of Government debt pose a direct
threat to a better life today and to prospects for future
generations.
Reflecting the importance that we attach to our
commitment in this area, we announced in our very first
Budget that we would proceed with the elaboration of Fiscal
Responsibility legislation and binding fiscal rules.
The draft bill is presently out for public consulation
and feedback. The purpose of this legislation will be to:
Ø Establish in law the principles and procedures of
responsible fiscal management;
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