Slovak Republic: Technical Assistance Report-Public Investment Management Assessment

IMF Staff Country Reports, October 31, 2019

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Canonical URL: Slovak Republic: Technical Assistance Report-Public Investment Management Assessment

Assesses Slovak Republic’s public investment management framework using the IMF’s Public Investment Management Assessment (PIMA) methodology.
Advises authorities on options to strengthen further the management of public investment.
The report makes seven recommendations aimed at strengthening PIM institutions and reducing the identified efficiency gap.

State-owned enterprises are major investors in infrastructure but are subject to little central oversight of their operational or financial performance.
The recommendations focus on key bottlenecks and challenges in the investment process.
Issues warranting the authorities’ primary attention include:
- Introducing a strategic planning framework for public investment.
- Developing a fully-operational pipeline of major projects, based on clear and robust selection criteria.
- Improving the credibility of the annual budget and medium-term budget ceilings.
- Establishing a national strategy and norms for routine and capital maintenance budgeting that will enhance the quality of strategic existing infrastructure.

Strengthen central oversight and performance monitoring of state-owned enterprises engaged in infrastructure investment.
Introduce and implement a strategic planning framework for prioritizing public investment.
Create and maintain a fully-operational major-project pipeline with clear, robust selection criteria.
Improve credibility of the annual budget and medium-term budget ceilings to better align investment planning and fiscal policy.
Establish a national strategy and norms for routine and capital maintenance budgeting to preserve and enhance existing strategic infrastructure.