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(1) A fiscal target or rule provided for in the Fiscal Strategy Document may be suspended with the prior written approval of Cabinet where

(a) any of the following events occur:

(i) a natural disaster, public health epidemic, or war as a result of which a state of emergency has been declared by the President under article 31 of the Constitution;

(ii) an unanticipated severe economic shock, including commodity and oil price shocks; and

(b) as a result of the occurrence of an event under paragraph (a), the Minister is of the opinion that the implementation of any of the fiscal targets or rules would be unduly harmful to the fiscal and macroeconomic or financial stability of the country.

(2) Where an event under subsection (1) has occurred, the Minister shall submit a memorandum to Cabinet to request for approval to suspend any of the rules or targets in the Fiscal Strategy Document.

(3) The Minister shall state in the memorandum

(a) the reasons why the implementation of the fiscal rule or target would be harmful to the finances and macroeconomic or financial stability of the country;

(b) the period within which the fiscal rule or target is to be suspended; and

(c) a fiscal adjustment plan setting out the measures to return to a position of compliance with the fiscal rule or target within a period of not more than five years.