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SA should look East for lessons on economic development

SA should look East for lessons on economic development
By Opinion
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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 â the International Monetary Fund (IMF) and the World Bank â have adopted the medium-term expenditure framework as the main driver of budget policy. Like macroeconomic management orthodoxy, the Washington consensus forms the basis of this approach. The World Bankâs push for the adoption of frameworks has been subtle. For instance since 1991, they have been an integral part of the Bankâs products such as technical assistance, lending operations, and analytical and advisory services. ....

United States , South Africa , World Bank , District Of Columbia , South Korea , University Of The Western Cape , Western Cape , Matthew Kofi Ocran , World Bank Group , International Monetary Fund , Human Development Indicator , Ysk Holdings , Korean Development Board , Hyundai Group , National Development Plan , Bretton Woods , World War , Nation Address , East Asian , East Asia , ஒன்றுபட்டது மாநிலங்களில் , உலகம் வங்கி , மாவட்டம் ஆஃப் கொலம்பியா , தெற்கு கொரியா , பல்கலைக்கழகம் ஆஃப் தி மேற்கு கேப் , மேற்கு கேப் ,

ANALYSIS: Here's why & how the basis of SA's annual budgets needs an overhaul

Medium-term expenditure frameworks can be useful only when they are based on comprehensive medium-term development plans. ....

United States , South Africa , World Bank , District Of Columbia , South Korea , World Bank Group , International Monetary Fund , Human Development Indicator , Ysk Holdings , Korean Development Board , Hyundai Group , National Development Plan , Bretton Woods , Second World War , East Asian , East Asia , Tito Mboweni , Fiscal Policy , Public Finance , Budget 2021 , Medium Term Expenditure Framework , ஒன்றுபட்டது மாநிலங்களில் , உலகம் வங்கி , மாவட்டம் ஆஃப் கொலம்பியா , தெற்கு கொரியா , உலகம் வங்கி குழு ,

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

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 Washington consensus forms the basis of this approach. The World Bank’s push for the adoption of frameworks has been subtle. For instance since 1991, they have been an integral part of the Bank’s products such as technical assistance, lending operations, and analytical and advisory services.
The thrust of medium-term expenditure frameworks is budgeting and public financial management. Indeed, the planning inherent in them is financial planning. That is the problem. They facilitate multi-year budget planning. Since the framework is an expenditure planning tool, it pays little attention to comprehensive economic development. ....

United States , South Africa , World Bank , District Of Columbia , South Korea , University Of The Western Cape , Western Cape , Matthew Kofi Ocran , World Bank Group , International Monetary Fund , Human Development Indicator , Ysk Holdings , Korean Development Board , Hyundai Group , National Development Plan , Bretton Woods , Second World War , East Asian , East Asia , Kofi Ocran , Creative Commons , ஒன்றுபட்டது மாநிலங்களில் , உலகம் வங்கி , மாவட்டம் ஆஃப் கொலம்பியா , தெற்கு கொரியா , பல்கலைக்கழகம் ஆஃப் தி மேற்கு கேப் ,

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. ....

United States , South Africa , World Bank , District Of Columbia , South Korea , World Bank Group , International Monetary Fund , Human Development Indicator , Ysk Holdings , Korean Development Board , Hyundai Group , National Development Plan , Bretton Woods , Second World War , East Asian , East Asia , ஒன்றுபட்டது மாநிலங்களில் , உலகம் வங்கி , மாவட்டம் ஆஃப் கொலம்பியா , தெற்கு கொரியா , உலகம் வங்கி குழு , சர்வதேச பண நிதி , ஸ்க் ஹோல்டிங்ஸ் , கொரியன் வளர்ச்சி பலகை , ஹூண்டாய் குழு , தேசிய வளர்ச்சி திட்டம் ,

OPINION | The basis of SA's annual budgets needs an overhaul. Here's why and how

Budgeting is where we seem to have lost the plot. We lack a cogent development plan that drives the budget process, says Matthew Kofi Ocran. ....

United States , South Africa , World Bank , District Of Columbia , South Korea , Matthew Kofi Ocran , World Bank Group , International Monetary Fund , Human Development Indicator , Ysk Holdings , Korean Development Board , Hyundai Group , National Development Plan , Matthew Kofi , Bretton Woods , Second World War , East Asian , East Asia , ஒன்றுபட்டது மாநிலங்களில் , உலகம் வங்கி , மாவட்டம் ஆஃப் கொலம்பியா , தெற்கு கொரியா , உலகம் வங்கி குழு , சர்வதேச பண நிதி , ஸ்க் ஹோல்டிங்ஸ் , கொரியன் வளர்ச்சி பலகை ,