Public Finance Management Act 1 of 1999

The Public Finance Management Act (PFMA) regulates financial management in national and provincial government. Enacted in 1999, it establishes the framework for budgeting, expenditure management, and accountability in the public sector. The Act places obligations on accounting officers and executives to ensure sound financial management.

Legal area: Law governing the powers and procedures of government agencies and public administration.

Year enacted: 1999

Full text: https://www.gov.za/documents/south-africa-public-finance-management-act-1-of-1999

Key Provisions

• Chapter 3: National Treasury and budget processes
• Chapter 6: Accounting authorities and financial management responsibilities
• Chapter 8: Revenue collection and management of public money
• Chapter 10: Expenditure management and procurement
• Section 36: Treasury regulations and norms
• Section 51: Reporting obligations and annual financial statements

Significance

The PFMA is a key statute in South Africa’s financial governance framework. It is the primary legislation for managing public finances at the national and provincial levels and has been the basis for accountability in numerous corruption cases, including state capture investigations.