‘Grim’ MTBPS is a new budget, not an adjustment, says Michael Sachs
Former Treasury official lays into unprecedented cost cuts
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...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.