Public Investment Management Assessment - Review and Update

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Public Investment Management Assessment - Review and Update

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Bibliographic details

• Published: May 10, 2018

Overview

• 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: strong infrastructure governance is critical for public investment to spur economic growth.
• PIMAs provide rigorous assessment of infrastructure governance, defined as the key public investment management (PIM) institutions and processes of a country.

Empirical uptake and use

• Over 30 PIMAs conducted to date (mainly in emerging markets (EMs) and low income developing countries (LIDCs)), with a pipeline of new requests in place.
• Eight PIMAs have been or are about to be published.
• 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.

Key findings from PIMAs conducted to date

• There is much room for strengthening public investment management, with weaknesses spread across the investment cycle.
• PIMAs summarize strengths and weaknesses of country public investment processes and set out a prioritized and sequenced reform action plan.

Revisions to the PIMA framework

• The revision leaves the 2015 framework structure unchanged but highlights critical governance aspects more prominently.
• Emphasized areas in the revised framework:
  • Maintenance
  • Procurement
  • Independent review of projects
  • The enabling environment (e.g., adequacy of the legal framework, information systems, and staff capacity)
• The revised PIMA retains core features of the 2015 framework:
  • Three-phase structure (planning, allocation, and implementation)
  • Five institutions assigned to each phase
  • Three dimensions under each institution
  • Three possible scores under each dimension (i.e., not/partially/fully met)
• The revision benefitted from extensive stakeholder feedback, including from IMF teams, World Bank staff, and country authorities.

Purpose and outputs

• PIMAs produce:
  • Rigorous assessments of infrastructure governance across the full investment cycle
  • Prioritized and sequenced reform action plans tailored to country PIM weaknesses

Public Investment Management Assessment - Review and Update, May 10, 2018.

Content in this bundle

• Policy Paper
  • Policy Paper (Markdown version)
  • Policy Paper (PDF)