Making of fiscal responsibility and debt limitation bill- 2003 After about more than one year the government has introduced in the national assembly the first ever Fiscal Responsibility and Debt Limitation Bill (FR&DLB) - 2003. It stipulates to achieve twin objectives of reducing fiscal deficit to zero from existing 4.5 per cent of GDP by June 30, 2008 and maintain a revenue surplus thereafter and to reduce public debt to 60 per cent of GDP from existing around 90 per …showed first 75 words of 1683 total…

…showed last 75 words of 1683 total…was long over due and the good point is that it has come through at last. The benchmarks fixed in the Bill are achievable only if there is political stability in the country and confidence in the national leadership and institutions. There is much to be done in this direction to make 'responsibility law' successful. This won't be possible without commitment of the government and legislatures towards implementing the Fiscal Responsibility and Debt Reduction Law.