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Many of the individual projects for which development assistance is required call for expenditures over lengthy periods.

Dams, river development schemes, transportation networks, educational systems require years to construct.

Moreover, on complex projects, design work must be completed and orders for machinery and equipment placed months or even years before construction can commence.

Thus, as a development program is being launched, commitments and obligations must be entered into in a given year which may exceed by twofold or threefold the expenditures to be made in that year.

The capital expansion programs of business firms involve multi-year budgeting and the same is true of country development programs.

( B ) the need to plan investment programs.