Section 4. Fiscal Management Principles.

The State Government shall be guided by the following fiscal management principles, namely,- (a) transparency in setting the fiscal policy objectives, the implementation of public policy and the publication of fiscal information so as to enable the public to scrutinise the conduct of fiscal policy and the state of public finances; (b) stability and predictability in fiscal policy making process and in the way fiscal policy impacts the economy; (c) responsibility in the management of public finances including integrity in budget formulation; (d) fairness to ensure that policy decisions of the State Government have due regard to their financial implications on future generations; and (e) efficiency in the design and implementation of the fiscal policy and in managing the assets and liabilities of the public sector balance sheet.