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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
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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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