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The glossary in this Portal provides definitions of core terms closely related to the medium-term expenditure framework; and links to other online glossaries.

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General equilibrium analysis

A simultaneous analysis of all capital, product, and labor markets throughout the economy; it shows, for instance, the impact on all prices and quantities of immigration or a change in taxes.

Government expenditure classification

Economic classification: Classification of expenditure by the nature of the transaction, that is requited or unrequited, for current or capital purposes, kind of goods or services obtained, and sector or sub sector receiving transfers. It is generally undertaken as a measure of the nature and economic effect of government operations. Functional classification: Classification of expenditure by the purpose of which transactions are undertaken. It is generally used to measure the allocation of resources by government to the promotion of various activities and objectives in the country.


Grants are transfers made in cash, goods or services for which no repayment is required. They are unrequited, nonrepayable, noncompulsory payments between governments or international institutions. The term is sometimes also used to refer to transfers of this nature made by government to all types of recipients. In the Government Finance Statistics (GFS), a grant is a voluntary current or capital transfer between government units, or between a multi-national organisation and a national government. In addition, a voluntary transfer to a private organisation or person is also often called a grant.