## Public Investment Management Assessment - Review and Update

## Source details

**Canonical URL:** [Public Investment Management Assessment - Review and Update](https://www.imf.org/en/publications/policy-papers/issues/2018/05/10/pp042518public-investment-management-assessment-review-and-update)

## Other formats

- [Markdown version](/en/publications/policy-papers/issues/2018/05/10/pp042518public-investment-management-assessment-review-and-update/index.md)
- [Structured JSON version](/en/publications/policy-papers/issues/2018/05/10/pp042518public-investment-management-assessment-review-and-update/index.json)
- [Bundle manifest](/en/publications/policy-papers/issues/2018/05/10/pp042518public-investment-management-assessment-review-and-update/bundle-manifest.json)

## Bibliographic details
- Published: May 10, 2018

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### 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.*

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## Content in this bundle

- **Policy Paper**
  - [Policy Paper (Markdown version)](/-/media/files/publications/pp/2018/pp042518public-investment-management-assessment.pdf.md){rel="alternate" type="text/markdown"}
  - [Policy Paper (PDF)](/-/media/files/publications/pp/2018/pp042518public-investment-management-assessment.pdf){rel="external" type="application/pdf"}

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_Source: https://www.imf.org/en/publications/policy-papers/issues/2018/05/10/pp042518public-investment-management-assessment-review-and-update_