Transcription of FISCAL POLICY AND THE BUDGET FRAMEWORK
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FISCAL POLICY AND THE BUDGET FRAMEWORK
31 FISCAL POLICY AND THE BUDGETFRAMEWORKThe FISCAL POLICY frameworkGovernment s FISCAL POLICY seeks to support structural reforms of theSouth African economy consistent with long run growth,employment creation and an equitable distribution of income. It aimsto promote investment and export expansion while enablingGovernment to finance public services, redistribution anddevelopment in an affordable and sustainable BUDGET POLICY aimsFiscal POLICY seeks to: ensure a sound and sustainable balance between Government sspending, tax and borrowing requirements; improve domestic savings to support a higher level of investmentand reduce the need to borrow abroad; keep government consumption spending at an affordable level,contributing to lower inflation and a sustainable balance ofpayments; support an export-friendly trade and industrial strategy toimprove South Africa s competitiveness.
1998 Medium Term Budget Policy Statement 32 ♦ reduce government consumption spending as a share of national income. Commitment to sound Government remains committed to a sound and stable fiscal policy, public finances aimed at ensuring the sustainability of South Africa’s economic transformation, promoting jobs and investment, and ensuring that
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