South Africa's peaceful political transition was one of the most remarkable political feats of the past century. The African National Congress (ANC) has been driving the policy agenda since 1994. A sustained record of macroeconomic prudence and a supportive global environment enabled South Africa's GDP to grow at a steady pace for the decade up to the global financial shock of 2008-09. Improvements in the public budget management system and efforts to restore macro fundamentals by the National Treasury played an essential role.