Section 5(C) in The Meghalaya Fiscal Responsibility and Budget Management Act, 2006
(C)Debt Management:(i)to ensure that the policy decisions of the government have due regard to the financial implications on the future generations;(ii)maintain government debt at sustainable level by bringing down the fiscal deficit in a phased manner to the level of 3 % of GSDP;(iii)manage guarantees and other contingent liabilities prudently with particular reference to the quality and level of such liabilities;(iv)to ensure that borrowings are used for productive assets and accumulation of capital assets and are not used to finance revenue expenditures;
