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The basis of South Africa’s annual budgets needs an overhaul. Here's why, and how

By Matthew Kofi Ocran, Professor of Economics, University of the Western Cape

Governments in most developing countries use medium-term expenditure frameworks as fiscal policy instruments to match the imperatives of policy, planning and budgeting over the medium-term horizon.

South Africa adopted the framework in 1998.

Countries with strong ties to the Bretton Woods institutions – the International Monetary Fund (IMF) and the World Bank – have adopted…

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