There is little doubt that the central government is constrained for fiscal space and it is, therefore, important to think about solutions going forward. I offer a medium-term macro-fiscal exercise that makes clear the analytical choices and trade-offs that government faces.
I hope that this will demonstrate the value of a medium-term approach to budgeting, and the pressing need to shift to an operational medium-term fiscal framework (MTFF), which is how budgeting is now done in most major economies. The baseline scenario The baseline is built on the premise that all fiscal ...
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