These are essentially twofold in the Republic of Korea. The Public-Private Partnerships in Infrastructure Act of 1994 (amended in 1998, 2005, and 2011, henceforth called the PPP Act) is the basic law for these partnerships. The Ministry of Economy and Finance's annual PPP master plans suggest policy directions for the PPP system and infrastructure investments. The master plans also give general guidelines and set out project implementation procedures. More detailed guidelines are issued by the Public and Private Infrastructure Investment Management Center (PIMAC), an independent organization. To ensure transparency, PIMAC, after consulting with the Minister of Economy and Finance, announces guidelines for carrying out each facet of a PPP project.