The Fiscal Responsibility Act

The Fiscal Responsibility Act is a law aimed at ensuring that governments manage their finances responsibly. It sets rules to limit how much money the government can spend and borrow, promoting balanced budgets and reducing national debt. The Act encourages transparency in financial reporting, requiring governments to provide clear information about their financial health. By doing so, it aims to foster economic stability, boost investor confidence, and ensure that public services can be funded without excessive borrowing. Ultimately, the law seeks to create a sustainable financial environment for future generations.