Fiscal deficits and debt accumulation, can make it difficult to wean the government off borrowing from the monetary authority; and in parallel, can expand foreign currency debt in ways that cannot be easily repaid. Better foreign exchange retention and confidence engendered by fiscal policy, takes us to the topic of exchange controls.
Some rebranding is necessary to make this more of a conversation about capital controls and capital flow management. This is essentially where our policies are more binding, but where scope for very gradual targeted easing is possible over the medium-term.