Section 18
Debt management policy
of Public Finance and Fiscal Responsibility Act 2023
ActIn forceProvision 18 of 38
Section 18
(1)
The total debt of the Government shall not exceed the percentage of gross domestic product as specified in the
First Schedule.
(2)
The Minister shall, in the event of total revenue exceeding total expenditure during the financial year, transfer any surplus between total revenue and total expenditure to the sinking fund created under section 12 of the Loan (Local) Act 1959 [Act 637]
to reduce the Government debt.