Public Investment Management Assessment Review And Update

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Public Investment Management Assessment - Review and Update

Author : International Monetary Fund. Fiscal Affairs Dept.
Publisher : International Monetary Fund
ISBN 13 : 1498308449
Total Pages : 32 pages
Book Rating : 4.4/5 (983 download)

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Book Synopsis Public Investment Management Assessment - Review and Update by : International Monetary Fund. Fiscal Affairs Dept.

Download or read book Public Investment Management Assessment - Review and Update written by International Monetary Fund. Fiscal Affairs Dept. and published by International Monetary Fund. This book was released on 2018-05-10 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: "Public Investment Management Assessments (PIMAs) are the IMF‘s key tool for assessing infrastructure governance over the full investment cycle and supporting economic institution building in this area. The PIMA framework was first introduced in the 2015 Board Paper on “Making Public Investment More Efficient,” as part of the IMF’s Infrastructure Policy Support Initiative (IPSI). A key motivation for its development has been that strong infrastructure governance is critical for public investment to spur economic growth. PIMAs offer rigorous assessment of infrastructure governance, that is, the key public investment management (PIM) institutions and processes of a country. On the basis of the PIMAs conducted to date, this paper summarizes the lessons learned and updates the assessment framework itself. PIMAs summarize the strengths and weaknesses of country public investment processes, and set out a prioritized and sequenced reform action plan. The PIMA framework has been well-received by member countries, with over 30 PIMAs conducted to date (mainly in emerging markets (EMs) and low income developing countries (LIDCs), and a pipeline of new requests in place; eight PIMAs have been or are about to be published. The PIMAs conducted show that there is much room for strengthening PIM, with weaknesses spread across the investment cycle. The results and recommendations of several PIMAs have been used in IMF lending, surveillance, and capacity development (CD) work, and have improved support and coordination among CD providers. While leaving the structure of the 2015 framework unchanged, the revised PIMA framework highlights some critical governance aspects more prominently. In particular, it brings out more fully some key aspects of maintenance, procurement, independent review of projects, and the enabling environment (e.g., adequacy of the legal framework, information systems, and staff capacity). Yet, the revised PIMA retains the key features of the 2015 framework, including the three-phase structure (planning, allocation, and implementation) with five institutions assigned to each phase, three dimensions under each institution, and three possible scores under each dimension (i.e., not/partially/fully met). The revision has benefitted from extensive stakeholder feedback, including from IMF teams, World Bank staff, and country authorities."

Public Investment in Bolivia: Prospects and Implications

Author : Mr.Yehenew Endegnanew
Publisher : International Monetary Fund
ISBN 13 : 1513507958
Total Pages : 25 pages
Book Rating : 4.5/5 (135 download)

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Book Synopsis Public Investment in Bolivia: Prospects and Implications by : Mr.Yehenew Endegnanew

Download or read book Public Investment in Bolivia: Prospects and Implications written by Mr.Yehenew Endegnanew and published by International Monetary Fund. This book was released on 2019-07-12 with total page 25 pages. Available in PDF, EPUB and Kindle. Book excerpt: Bolivia’s “Patriotic Agenda 2025” sets targets for social and economic development propelled by state-led industrialization under a five-year development plan (2016–2020). Large-scale public investment has aimed to fill infrastructure gaps and raise productivity to ensure sustained medium-term growth. Pursuit of these goals in a period of lower hydrocarbon revenues has, however, contributed to widening fiscal and external current account deficits. The paper uses a structural model to outline different scenarios for the level of public investment in the face of declining hydrocarbon revenues. It finds that if public investment is sustained at current levels as a share of GDP while hydrocarbon revenues continue to decline, the sustainability of the public debt could be called into question.

Strengthening Infrastructure Governance for Climate-Responsive Public Investment

Author : International Monetary
Publisher : International Monetary Fund
ISBN 13 : 1616355093
Total Pages : 38 pages
Book Rating : 4.6/5 (163 download)

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Book Synopsis Strengthening Infrastructure Governance for Climate-Responsive Public Investment by : International Monetary

Download or read book Strengthening Infrastructure Governance for Climate-Responsive Public Investment written by International Monetary and published by International Monetary Fund. This book was released on 2021-12-22 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt: Countries have committed, through the Paris Agreement and the Sustainable Development Goals (SDGs), to pursue climate targets and policies that would limit global temperature rise to well below 2 degrees Celsius, compared to pre-industrial levels. A shift toward green public investment will help to mitigate greenhouse gas (GHG) emissions. In addition, substantial public investment will be necessary to build public infrastructure that makes economies more resilient to climate change and related natural disasters. Climate change mitigation and adaptation challenges thus compound preexisting needs for public investment to foster the economic recovery from the pandemic and to meet the SDGs in a broader range of areas, often in a context of limited fiscal space. Against this backdrop, a priority for all countries is to manage their public investment efficiently and effectively. To help countries improve the institutions and processes for infrastructure governance (the planning, allocation, and implementation of public investment), the IMF developed in 2015 the Public Investment Management Assessment (PIMA), which has already been applied in over 70 countries. However, the current PIMA does not provide a sufficiently tailored assessment of how public investment management can support climate change mitigation and adaptation. To fill this gap, this paper introduces a new module to the to the current Public Investment Management Assessment (PIMA) framework, the “Climate-PIMA” (C-PIMA), whose goal is to help governments identify potential improvements in public investment institutions and processes to build low-carbon and climate-resilient infrastructure.

International Monetary Fund Annual Report 2019

Author : International Monetary Fund. Secretary's Department
Publisher : International Monetary Fund
ISBN 13 : 1513516116
Total Pages : 108 pages
Book Rating : 4.5/5 (135 download)

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Book Synopsis International Monetary Fund Annual Report 2019 by : International Monetary Fund. Secretary's Department

Download or read book International Monetary Fund Annual Report 2019 written by International Monetary Fund. Secretary's Department and published by International Monetary Fund. This book was released on 2019-10-04 with total page 108 pages. Available in PDF, EPUB and Kindle. Book excerpt: This issue of Annual Report discusses that the global economy is at a delicate moment. The expansion of early 2018 has lost momentum, in large part in response to rising trade tensions. There are threats from rising financial vulnerabilities and geopolitical uncertainties. These challenges call for policymakers to avoid missteps and to take the right policy steps: at home, across borders, and globally. In addition to several major reviews looking at IMF conditionality, economic and financial surveillance, and lending facilities, the management has deepened its analysis on trade spillovers and financial stability and are revamping frameworks for debt sustainability assessment in low-income and market access countries. Building on earlier research that showed how trade can boost incomes and living standards by enabling the flow of technology across countries, the October 2018 World Economic Outlook provided illustrative scenarios of the potential impact of escalating trade tensions between the United States and China.

Arab Republic of Egypt

Author : International Monetary Fund. Fiscal Affairs Dept.
Publisher : International Monetary Fund
ISBN 13 :
Total Pages : 60 pages
Book Rating : 4.4/5 (2 download)

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Book Synopsis Arab Republic of Egypt by : International Monetary Fund. Fiscal Affairs Dept.

Download or read book Arab Republic of Egypt written by International Monetary Fund. Fiscal Affairs Dept. and published by International Monetary Fund. This book was released on 2024-04-02 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt: This report assesses the institutional design and effectiveness of public investment management (PIM) in Egypt. The report concludes that effectiveness is stronger than or on par with comparators for national planning and inter-governmental coordination, and weaker than the average comparator country on several other PIM institutions. Improvements in PIM will be important to close efficiency gaps and enhance the productivity of future public investments. Egypt’s Government has already taken several steps to improve the access to infrastructure and quality of public investment management, including through new legislation, new information systems and significant efforts to enhance staff capacities. The report provides five main recommendations for how these reform steps can be strengthened, sustained and further extended: 1) Strengthen project appraisal and selection processes; 2) Enable private sector involvement in public infrastructure provision: 3) Operationalize PFM law provisions for medium-term budgeting; 4) Strengthen asset management and ensure sufficient maintenance; and 5) Strengthen procurement, project and portfolio management.

PIMA Handbook

Author : International Monetary Fund
Publisher : International Monetary Fund
ISBN 13 : 1513571826
Total Pages : 244 pages
Book Rating : 4.5/5 (135 download)

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Book Synopsis PIMA Handbook by : International Monetary Fund

Download or read book PIMA Handbook written by International Monetary Fund and published by International Monetary Fund. This book was released on 2022-07-08 with total page 244 pages. Available in PDF, EPUB and Kindle. Book excerpt: This handbook is aimed at anyone who is involved in a Public Investment Management Assessment (PIMA) or who has a practical interest in public investment management. It is intended to be useful for country authorities, IMF staff, staff of other financial institutions and development organizations, and anyone who is interested in exploring different aspects of public investment management to understand how country systems are designed and how they work in practice.

Georgia

Author : International Monetary Fund. Fiscal Affairs Dept.
Publisher : International Monetary Fund
ISBN 13 : 1484383222
Total Pages : 62 pages
Book Rating : 4.4/5 (843 download)

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Book Synopsis Georgia by : International Monetary Fund. Fiscal Affairs Dept.

Download or read book Georgia written by International Monetary Fund. Fiscal Affairs Dept. and published by International Monetary Fund. This book was released on 2018-11-07 with total page 62 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Government’s decision to strengthen the infrastructure governance through improving the public investment management (PIM) and the public-private partnerships (PPPs) frameworks, is both timely and important. The government has an ambitious public investment agenda, to be implemented both through traditional public investment and with the help of private investors in the form of PPPs. Given the need to preserve fiscal sustainability in a context of limited fiscal space, avoiding inefficiencies and managing fiscal costs and risks arising from infrastructure projects will be crucial for advancing the government’s public investment agenda. The authorities are working on a broad range of public financial management reforms, including improving the PIM framework and the legal and regulatory framework for PPPs and PPAs. Over the last decade, public investment in Georgia has been similar to the average of emerging market economies (EMEs). Since the mid-2000s, public investment accounted, on average, for one third of total investment. Public investment remained volatile, reaching a peak of 8.6 percent of GDP in 2007, declining in the aftermath of large global and regional shocks, and stabilizing at about 5.5 percent of GDP in recent years.

Operational Guidance Note On Program Design and Conditionality

Author : International Monetary Fund. Strategy, Policy, & Review Department
Publisher : International Monetary Fund
ISBN 13 :
Total Pages : 179 pages
Book Rating : 4.4/5 (2 download)

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Book Synopsis Operational Guidance Note On Program Design and Conditionality by : International Monetary Fund. Strategy, Policy, & Review Department

Download or read book Operational Guidance Note On Program Design and Conditionality written by International Monetary Fund. Strategy, Policy, & Review Department and published by International Monetary Fund. This book was released on 2024-01-30 with total page 179 pages. Available in PDF, EPUB and Kindle. Book excerpt: This note aims to provide guidance on the key principles and considerations underlying the design of Fund-supported programs. The note expands on the previous operational guidance notes on conditionality published over 2003-2014, incorporating lessons from the 2018-19 Review of Conditionality, and other recent key policy developments including the recommendation of the Management’s Implementation Plan in response to Independent Evaluation Office (IEO)’s report on growth and adjustment in IMF-supported programs. The note in particular highlights operational advice to (i) improve the realism of macroeconomic forecast in programs and fostering a more systematic analysis of contingency plans and risks; (ii) improve the focus, depth, implementation, and tailoring of structural conditions (SCs), with due consideration of growth effects; and (iii) help strengthen the ownership of country authorities. Designed as a comprehensive reference and primer on program design and conditionality in an accessible and transparent manner, the note refers in summary to a broad range of economic and policy considerations over the lifecycle of Fund-supported programs. As with all guidance notes, the relevant IMF Executive Board Decisions remain the primary legal authority on matters covered in this note.

Well Spent

Author : Mr.Gerd Schwartz
Publisher : International Monetary Fund
ISBN 13 : 1513511815
Total Pages : 344 pages
Book Rating : 4.5/5 (135 download)

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Book Synopsis Well Spent by : Mr.Gerd Schwartz

Download or read book Well Spent written by Mr.Gerd Schwartz and published by International Monetary Fund. This book was released on 2020-09-03 with total page 344 pages. Available in PDF, EPUB and Kindle. Book excerpt: Drawing on the Fund’s analytical and capacity development work, including Public Investment Management Assessments (PIMAs) carried out in more than 60 countries, the new book Well Spent: How Strong Infrastructure Governance Can End Waste in Public Investment will address how countries can attain quality infrastructure outcomes through better infrastructure governance—an issue becoming increasingly important in the context of the Great Lockdown and its economic consequences. It covers critical issues such as infrastructure investment and Sustainable Development Goals, controlling corruption, managing fiscal risks, integrating planning and budgeting, and identifying best practices in project appraisal and selection. It also covers emerging areas in infrastructure governance, such as maintaining and managing public infrastructure assets and building resilience against climate change.

Republic of Poland

Author : International Monetary
Publisher : International Monetary Fund
ISBN 13 :
Total Pages : 84 pages
Book Rating : 4.4/5 (2 download)

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Book Synopsis Republic of Poland by : International Monetary

Download or read book Republic of Poland written by International Monetary and published by International Monetary Fund. This book was released on 2022-10-03 with total page 84 pages. Available in PDF, EPUB and Kindle. Book excerpt: Public investment is expected to play a significant role in the post-pandemic economic recovery in Poland. Like other countries in the region, Poland lags more advanced European economies in the quantity and quality of its infrastructure despite significant progress in the last decade. The Government’s recent economic plan—the New Polish Deal—foresee an extensive economic and investment plan of which many investments will benefit from the large support from the European Union funds to scale up green, digital, and resilient investments. In this context, the public investment management assessment (PIMA) was conducted to assess strengths and weaknesses of infrastructure governance in Poland and identify potential bottlenecks for making the most of these investments in terms of quality of infrastructure.

Handbook on Public Sector Efficiency

Author : António Afonso
Publisher : Edward Elgar Publishing
ISBN 13 : 1839109165
Total Pages : 459 pages
Book Rating : 4.8/5 (391 download)

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Book Synopsis Handbook on Public Sector Efficiency by : António Afonso

Download or read book Handbook on Public Sector Efficiency written by António Afonso and published by Edward Elgar Publishing. This book was released on 2023-03-02 with total page 459 pages. Available in PDF, EPUB and Kindle. Book excerpt: Examining the increasingly relevant topic of public sector efficiency, this dynamic Handbook investigates the context of constrained fiscal space and public funding sources using cross-country datasets in areas including China, India and sub-Saharan Africa and OECD economies.

Making Public Investment More Efficient

Author :
Publisher : INTERNATIONAL MONETARY FUND
ISBN 13 : 9781498344630
Total Pages : 68 pages
Book Rating : 4.3/5 (446 download)

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Book Synopsis Making Public Investment More Efficient by :

Download or read book Making Public Investment More Efficient written by and published by INTERNATIONAL MONETARY FUND. This book was released on 2015-01-05 with total page 68 pages. Available in PDF, EPUB and Kindle. Book excerpt: Public investment supports the delivery of key public services, connects citizens and firms to economic opportunities, and can serve as an important catalyst for economic growth. After three decades of decline, public investment has begun to recover as a share of GDP in emerging markets (EMs) and low income developing countries (LIDCs), but remains at historic lows in advanced economies (AEs). The increase in public investment in EMs and LIDCs has led to some convergence between richer and poorer countries in the quality of and access to social infrastructure (e.g., schools and hospitals), and, to a lesser extent, economic infrastructure (e.g., roads and electricity). However, the economic and social impact of public investment critically depends on its efficiency. Comparing the value of public capital (input) and measures of infrastructure coverage and quality (output) across countries reveals average inefficiencies in public investment processes of around 30 percent. The economic dividends from closing this efficiency gap are substantial: the most efficient public investors get twice the growth “bang” for their public investment “buck” than the least efficient.

2021 Comprehensive Surveillance Review — Overview Paper

Author : International Monetary
Publisher : International Monetary Fund
ISBN 13 : 1513578421
Total Pages : 54 pages
Book Rating : 4.5/5 (135 download)

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Book Synopsis 2021 Comprehensive Surveillance Review — Overview Paper by : International Monetary

Download or read book 2021 Comprehensive Surveillance Review — Overview Paper written by International Monetary and published by International Monetary Fund. This book was released on 2021-05-18 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt: Fund surveillance needs to evolve to face the economic and financial challenges that will shape the global landscape for years to come. This paper first takes stock of the current economic and financial landscape. To better serve the membership in this context, Fund surveillance should be prioritized around four key priorities: (i) confronting risks and uncertainties: policymakers will need to actively manage the risks of a highly uncertain outlook; (ii) preempting and mitigating adverse spillovers: shifting patterns of global economic integration will bring about new channels for contagion and policy spillovers; (iii) fostering economic sustainability: a broader understanding of sustainability to better account for the impact of economic and non-economic developments on stability; and (iv) unified policy advice: better accounting for the trade-offs and synergies among different policy combinations in the face of limited policy space and overlapping priorities, tailored to country-specific circumstances. These priorities should further enhance the traction of Fund surveillance.

Republic of Estonia

Author : International Monetary Fund. Fiscal Affairs Dept.
Publisher : International Monetary Fund
ISBN 13 : 1498318231
Total Pages : 63 pages
Book Rating : 4.4/5 (983 download)

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Book Synopsis Republic of Estonia by : International Monetary Fund. Fiscal Affairs Dept.

Download or read book Republic of Estonia written by International Monetary Fund. Fiscal Affairs Dept. and published by International Monetary Fund. This book was released on 2019-06-03 with total page 63 pages. Available in PDF, EPUB and Kindle. Book excerpt: This Technical Assistance Report on the Republic of Estonia highlights that public investment is a priority spending area, and Estonia is seeking to strengthen the efficiency and effectiveness of its capital expenditure from an already high level. Estonia’s public investment is relatively efficient, while further improvements should pay attention to the quality of public services enabled by them. Investment implementation is particularly strong. This reflects Estonia’s open procurement framework that utilizes an advanced e-procurement system, its modern treasury that employs an effective Treasury Single Account system to guarantee cash availability, asset monitoring that has been made routine through full accrual accounting for the whole public sector, and active project management by ministries. Some practices that are already effectively implemented should be formalized in the institutional design which will act as a safeguard. Public investment projects should be managed in an integrated portfolio at all stages of the investment cycle. It is difficult to obtain a picture of all-important investment projects pursued in the public sector including by local governments and state-owned enterprises. A comprehensive portfolio view of all projects supports transparent prioritization across sectors and the identification of systemic patterns or risks.

The Direct Employment Impact of Public Investment

Author : Marian Moszoro
Publisher : International Monetary Fund
ISBN 13 : 1513573799
Total Pages : 20 pages
Book Rating : 4.5/5 (135 download)

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Book Synopsis The Direct Employment Impact of Public Investment by : Marian Moszoro

Download or read book The Direct Employment Impact of Public Investment written by Marian Moszoro and published by International Monetary Fund. This book was released on 2021-05-06 with total page 20 pages. Available in PDF, EPUB and Kindle. Book excerpt: We evaluate the direct employment effect of the public investment in key infrastructure—electricity, roads, schools and hospitals, and water and sanitation. Using rich firm-level panel data from 41 countries over 19 years, we estimate that US$1 million of public spending in infrastructure create 3–7 jobs in advanced economies, 10–17 jobs in emerging market economies, and 16–30 jobs in low-income developing countries. As a comparison, US$1 million public spending on R&D yields 5–11 jobs in R&D in OECD countries. Green investment and investment with a larger R&D component deliver higher employment effect. Overall, we estimate that one percent of global GDP in public investment can create more than seven million jobs worldwide through its direct employment effects alone.

Public Investment Management Bottlenecks in Low-income Countries

Author : Khaled Eltokhy
Publisher : International Monetary Fund
ISBN 13 :
Total Pages : 31 pages
Book Rating : 4.4/5 (2 download)

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Book Synopsis Public Investment Management Bottlenecks in Low-income Countries by : Khaled Eltokhy

Download or read book Public Investment Management Bottlenecks in Low-income Countries written by Khaled Eltokhy and published by International Monetary Fund. This book was released on 2024-11 with total page 31 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper uses principal component analysis (PCA) to identify bottlenecks to effective public investment management in LIDCs. The paper describes the current state of affairs regarding public investment and public investment management in LIDCs, drawing on the results of IMF Public Investment Management Assessments (PIMAs). PCA is used to analyze which public investment institutions are likely to be most important for investment efficiency estimates across the countries covered by PIMAs so far. Drawing on alternative input data, we identify five PIMA institutions that are systematically highly correlated to estimates of public investment efficiency in LIDCs and are likely to be high priorities in many PIM reform processes: Project management, Project appraisal, Procurement, Availability of funding, and Project selection. This does not mean that these five are the only important institutions – this will depend on country circumstances. The practical steps to strengthen PIM in LIDCs are elaborated in a separate How-to-Note.

The Gambia

Author : International Monetary Fund. Fiscal Affairs Dept.
Publisher : International Monetary Fund
ISBN 13 : 1513512218
Total Pages : 66 pages
Book Rating : 4.5/5 (135 download)

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Book Synopsis The Gambia by : International Monetary Fund. Fiscal Affairs Dept.

Download or read book The Gambia written by International Monetary Fund. Fiscal Affairs Dept. and published by International Monetary Fund. This book was released on 2019-08-29 with total page 66 pages. Available in PDF, EPUB and Kindle. Book excerpt: This Technical Assistance Report on The Gambia highlights that the government has highlighted infrastructure development as a key element of National Development Plan, 2018–21. The report discusses that the need for increased public investment in the Gambia should be balanced against potential fiscal risks related to future Public–Private Partnerships and State-Owned Enterprise investments. Analysis of public investment patterns shows a fragmented picture, in which external financing dominates. Measures of the efficiency of infrastructure investments show mixed results and considerable room for improvement. The analysis explains that the Gambia’s performance across different Public Investment Management Assessment (PIMA) indicators is mixed and does not compare favorably with regional counterparts. Nevertheless, there are many indicators where the PIMA rating is poor. Prevailing weaknesses include the presence of many information gaps and non-transparent disclosure policies. The mission’s main recommendations focus on five priority areas and are designed to complement reforms that are already being undertaken.