Although South Africans often feel that everything in the country is broken, National Treasury is up there with the best.
National Treasury, which is in charge of managing South Africa’s finances, is the second most transparent fiscal authority in the world, according to the IMF’s Fiscal Transparency Evaluation Report.
The IMF praised Treasury for its comprehensive, relevant, timely and reliable overview of the government’s financial position and performance. According to the report on the evaluation, Treasury demonstrated consistent transparency in its reporting and maintained rigorous oversight of public finances, despite the serious governance issues around state capture and widespread corruption.
The IMF also pointed out that that Treasury tends to produce “overly optimistic gross domestic product forecasts” that limit its ability to tackle the country’s rising debt burden. In addition, the IMF suggested that government’s fiscal plans should be scrutinised by independent institutions before release.
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