The responsibilities of the National Treasury with respect to the budget process include preparing annual budget policy
In light of the above statement, outline three aspects that should be included in the budget policy statement.
- An assessment of the current state of the economy and the financial outlook over the medium term, including macroeconomic forecasts.
- The financial outlook with respect to government revenues, expenditure and borrowing for the next financial year and over the medium term.
- The proposed expenditure limits for the national government, including those of parliament and judiciary and indicative transfers to county governments.
- The fiscal responsibility principles and financial objectives over the medium term including limits on total annual debts.
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