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a document titled Medium-term Expenditure Framework Statement - This is to set forth a three-year rolling target for prescribed expenditure indicators with specification of underlying assumptions and risk involved (vide Section 6 A of the Act amended in 2012). [12]
Forward estimates are budget projections for revenue, expenses and financial position for the three years beyond the current (budgeted) fiscal year. The “forward estimates” system evolved in Australia from the late 1970s through the 1980s, [1] and is used at both the Federal and State levels.
The merger led to an emphasis on coordinating the budget process and introducing output-oriented budgeting within a medium-term expenditure framework. [5] Many of these early reforms had a "cutting-edge dimension"; Uganda was one of the first countries in Africa to adopt a semi-autonomous revenue agency (the Uganda Revenue Authority ) as well ...
Macroeconomics is traditionally divided into topics along different time frames: the analysis of short-term fluctuations over the business cycle, the determination of structural levels of variables like inflation and unemployment in the medium (i.e. unaffected by short-term deviations) term, and the study of long-term economic growth.
Government spending or expenditure includes all government consumption, investment, and transfer payments. [1] [2] In national income accounting, the acquisition by governments of goods and services for current use, to directly satisfy the individual or collective needs of the community, is classed as government final consumption expenditure.
The institutional framework of public finance is the government budget or public budget. The budgetary system is a system of popular approval and oversight of the state's financial activities. The history of constitutional politics can be described as the history of the establishment of the modern budgetary system. [ 8 ]
Long-term and short-term interest rate both worsen the budget balance because they increase the amount states must pay on interests, therefore their budget expenditures. In addition, increase of interest rate is an important mean of monetary policy to regulate the inflation, which clears the value of debt.
As opposed to the more simple program budget, this decision making tool links the program under consideration to the ways and means of facilitating the program. This is meant to serve as a long-term planning tool so that decision makers are made aware of the future implications of their actions. These are typically most useful in capital projects.