The term “fiscal” refers to matters related to public revenue, especially taxes, and government spending. A balanced budget, for example, requires careful management of revenues and expenditures.
Sound management of public finances is essential for economic stability and growth. Historically, empires and nations have risen and fallen based on their ability to manage their treasuries. Responsible allocation of resources enables governments to invest in critical areas like infrastructure, education, and healthcare, fostering prosperity and well-being within a society. Conversely, mismanagement can lead to inflation, debt crises, and social unrest.