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to assign (money, a grant, fund, etc) to one particular purpose, so as to restrict its use:
to ring-fence a financial allowance
to oblige (a person or organization) to use money for a particular purpose:
to ring-fence a local authority
an agreement, contract, etc, in which the use of money is restricted to a particular purpose
Collins English Dictionary - Complete & Unabridged 2012 Digital Edition
© William Collins Sons & Co. Ltd. 1979, 1986 © HarperCollins
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