Medium-term Expenditure Framework Statement established as a fiscal policy statement requiring multi-year rolling expenditure targets and detailed assumptions.

The Medium-term Expenditure Framework Statement is added as a formal fiscal policy statement to be laid before both Houses immediately after the session in which other fiscal statements were laid, and must set forth a multi-year rolling target for prescribed expenditure indicators with specification of underlying assumptions and risks, and disclose expenditure commitments from major policy changes, explicit contingent annuity liabilities, and detailed breakup of grants for creation of capital assets.

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