principals of public finance

1. Equity and Fairness: Public finance should strive to create a fair, equitable and just system of
taxation and public expenditure.

2. Efficiency: Expenditures should be allocated efficiently. Public funds should be spent prudently
and used to achieve the greatest benefit for society.

3. Transparency: Governments should be transparent and open to public scrutiny. All public finance
activities should be fully accountable and subject to public oversight.

4. Accountability: Governments should be accountable to the public for their decisions and actions.
Public finance should be subject to independent oversight.

5. Sustainability: Public finance should be conducted in a manner that is sustainable and promotes
economic growth. It should ensure that current and future generations benefit from public goods
and services.

6. Fiscal Responsibility: Governments should be fiscally responsible and ensure that public finances
are managed in line with their objectives. This includes controlling public debt and managing deficits.