The unprecedentedly large spending reallocations outlined by the National Treasury in the “grim” medium-term budget policy statement (MTBPS) are so far-reaching that they constitute a new budget rather than an in-year adjustment to the February budget, economist Michael Sachs said in parliament on Wednesday.

The reallocations are so large they represent a material change in resource allocation and policy priorities and this could be a contravention of the constitution and the Public Finance Management Act, Sachs told MPs...

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