An important aspect of the budget reform was the adoption of the Medium-Term Expenditure Framework in the fiscal year 1998/99 and the Public Finance Management Act of 1999. The Medium-Term Expenditure Framework consists of three-year rolling expenditure and revenue projections for the national and the provincial governments. This creates greater certainty and transparency to the budgetary process.
The Public Finance Management Act has enhanced the accountability of public sector managers by emphasising disciplines such as regular financial  2  BIS Review 41/2004  reporting, sound internal expenditure controls, improved accounting standards, performance monitoring and independent audit and supervision systems.