Cap. 534 Art. 41Government Annual Report.

(1) The Minister for Finance shall prepare and make public before or at the end of June of each year, an annual report on the previous fiscal year.

(2) The purpose of the annual report is to:

(a) provide information on the execution of the previous budget and to compare its outcome with the strategic objectives and priorities in the Medium Term Fiscal Strategy and the fiscal targets as announced in the previous annual budget;

(b) analyze how the Government has respected the principles and rules stipulated in this Act and to explain any deviations therefrom;

(c) assess if the fiscal and budgetary policies in the medium-term objectives and how these are to be addressed;

(e) explain the outcome of the budget in the context of the Government’s European commitments, in particular the terms of the Stability and Growth Pact.

(3) The report on budget execution shall include the final execution data for the indicators provided in the Medium Term Fiscal Strategy, and a section that shows deviations from the Medium Term Fiscal Strategy and from the initial annual budget, with justification for such deviations.