The purpose of the FRA is to ensure that the fiscal and financial affairs of the Government are conducted in a transparent manner; there is full and timely disclosure, and wide publication of all transactions and decisions involving public revenues and expenditures and their implications; that public sector debt is reduced to, and then maintained at, a prudent and sustainable level; and there is prudent management of fiscal risks. To facilitate this, the Fiscal Responsibility Act establishes a rules-based framework to guide the operations of the Central Government and the operations of selected statutory bodies and state-owned enterprises.
