South Africa: The Basis of South Africa’s Annual Budgets Needs an Overhaul. Here’s Why, and How

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 the medium-term expenditure framework as the main driver of budget policy. Like macroeconomic management orthodoxy, the


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