- Source: Public Finance Management Act, 1999
The Public Finance Management Act, 1999 (PFMA; Act No. 1 of 1999) is the primary public finance management law in South Africa. It delineates standards for expenditure, accounting, and reporting for public entities. Its scope is generally limited to entities of national and provincial governments. A piece of framework legislation, its implementation is governed by regulations and directives produced by the National Treasury.
The act was drafted by the first post-apartheid government to modernise public finance management standards and comply with Section 216 of the Constitution of 1996. It replaced and superseded various pieces of apartheid-era legislation subsidiary to the Exchequer Act, 1975. In particular, the new public finance management framework was viewed as a necessary complement to the service-delivery focus of the Reconstruction and Development Programme, given that previous legislation focused on expenditure control to the detriment of reporting and accounting on the basis of non-financial service-delivery outputs. The act has been viewed as inspired by the New Public Management paradigm.
Since its commencement in April 2000, the PFMA has been amended several times, notably by the Public Finance Management Amendment Act, No. 29 of 1999.
Purpose
The objects of the act are:
to regulate financial management in the national government;
to ensure that all revenue, expenditure, assets and liabilities of that government are managed efficiently and effectively;
to provide for the responsibilities of persons entrusted with financial management in that government; and
to provide for matters connected therewith.
References
Kata Kunci Pencarian:
- J.P. Morgan
- Hukum Singapura
- Hukum Jepang
- Apple Inc.
- Sarawak
- Alexander Hamilton
- San Francisco
- Boeing
- Serikat (Perang Saudara Amerika)
- California
- Public Finance Management Act, 1999
- Government procurement
- Manitoba Finance
- Corporate finance
- British Columbia Investment Management Corporation
- New Public Management
- Alberta Investment Management Corporation
- Ministry of Finance (India)
- Housing Development Finance Corporation
- Debt Management Office (Nigeria)
