Abstract

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.

Copyright Page

© 2022 International Monetary Fund

Cover design: IMF CSF Creative Solutions Division

Cataloging-in-Publication Data

IMF Library

Names: International Monetary Fund. | International Monetary Fund, publisher.

Title: PIMA handbook : public investment management assessment, 1st edition.

Other titles: Public investment management assessment.

Description: Washington, DC : International Monetary Fund, 2022. | 1st edition. | Includes bibliographical references.

Identifiers: ISBN 9798400202131

Subjects: LCSH: Public investments. | Economic development projects -- Evaluation.

Classification: LCC HC79.P83 I44 2022

DISCLAIMER: The views expressed in this book are those of the authors and do not necessarily represent the views of the IMF’s Executive Directors, its management, or any of its members. The boundaries, colors, denominations, and any other information shown on the maps do not imply, on the part of the International Monetary Fund, any judgment on the legal status of any territory or any endorsement or acceptance of such boundaries.

Recommended citation: International Monetary Fund. 2022. PIMA Handbook: Public Investment Management Assessment, 1st edition. Washington, DC: International Monetary Fund.

ISBNs: 979–8-40020–414-2 (paper)

979–8-40020–415-9 (ePub)

979–8-40020–416-6 (PDF)

Please send orders to:

International Monetary Fund, Publication Services

PO Box 92780, Washington, DC 20090, USA

Tel: (202) 623–7430 | Fax: (202) 623–7201

E-mail: publications@imf.org

Internet: www.elibrary.imf.org

www.bookstore.imf.org

Contents

  • Acknowledgments

  • Acronyms

  • Executive Summary

  • PART 1. PIMA Overview

  • 1 Introduction

  • 2 Public Investment Trends and Efficiency

    • Public Investment Trends

    • Public Investment Outputs, Outcomes, and Efficiency

  • 3 PIMA Findings

    • What Do PIMAs Tell Us About the Strength of Infrastructure Governance Institutions?

    • How Are PIMAs Used?

  • PART 2. PIMA Practitioners’ Guide

  • 4 Assessing PIMA Institutions: General Issues

    • How Are Institutional Design and Effectiveness Assessed in Practice?

    • What Data and Data Sources Are Typically Available?

    • How Are Externally Financed Projects Assessed?

    • How Do We Define Major Projects?

    • How Do We Apply the Indicative Scoring Thresholds?

    • What is the Scope of the PIMA?

  • 5 Planning Sustainable Levels of Public Investment

    • Institution 1: Fiscal Targets and Rules

    • Institution 2: National and Sectoral Planning

    • Institution 3: Coordination between Entities

    • Institution 4: Project Appraisal

    • Institution 5: Alternative Infrastructure Financing

  • 6 Allocating Investments to the Right Sectors and Projects

    • Institution 6: Multiyear Budgeting

    • Institution 7: Budget Comprehensiveness and Unity

    • Institution 8: Budgeting for Investment

    • Institution 9: Maintenance Funding

    • Institution 10: Project Selection

  • 7 Delivering Productive and Durable Public Assets

    • Institution 11: Procurement

    • Institution 12: Availability of Funding

    • Institution 13: Portfolio Management and Oversight

    • Institution 14: Management of Project Implementation

    • Institution 15: Monitoring of Public Assets

  • 8 Cross-Cutting Issues

    • Legal Framework

    • Capacity

    • Information Systems

  • Appendix I: PIMA Questionnaire

  • Appendix II: Indicative Scoring Thresholds

  • Appendix III: Conducting a PIMA

  • Appendix IV: Outline of a PIMA Report

  • Appendix V: Glossary

  • References

  • Index

Acknowledgments

The Public Investment Management Assessment (PIMA) Handbook was produced by the Fiscal Affairs Department (FAD) staff under the supervision of Manal Fouad (Assistant Director and Division Chief, Public Financial Management II division), Carolina Renteria (Division Chief, Public Financial Management I division) and Torben Hansen (Division Chief, Resource Management Division).

The main drafting team included Nicoletta Feruglio, Isabel Rial, Eivind Tandberg, Ha Vu (all FAD staff) and David Gentry (FAD expert). Inputs were received from FAD public financial management staff and field advisors. The overall production process was coordinated by Nathalie Carcenac. Khaled Eltokhy provided excellent research assistance. The editorial team consisted of Rumit Pancholi from the Communications Department. The handbook has also benefited from comments from World Bank staff.

This handbook was developed with financial support from the IMF-Japan Infrastructure Governance Facility and the EU-IMF Public Financial Management Partnership Program.

Acronyms

ADB

Asian Development Bank

AE

advanced economy

CIPFA

Chartered Institute of Public Finance and Accountancy

CL

contingent liability

COFOG

Classification of the Functions of Government

DP

development partner

EBE

extra-budgetary entity

EBRD

European Bank for Reconstruction and Development

EME

emerging market economy

EP

expenditure pollicy

EU

European Union

FAD

Fiscal Affairs Department

GDP

gross domestic product

GFSM

Government Finance Statistics Manual

ICT

information and communications technology

IFAC

International Federation of Accountants

IFI

international financial institution

IPF

investment project financing

IPSAS

International Public Sector Accounting Standards

IPSASB

International Public Sector Accounting Standards Board

IT

information technology

LIDC

low-income developing country

MAPS

Methodology for Assessing Procurement Systems

MoF

ministry of finance

MTBF

medium-term budgetary framework

MTEF

medium-term expenditure framework

MTFF

medium-term fiscal framework

OECD

Organisation for Economic Co-Operation and Development

PC

public corporation

PFM

public financial management

PIM

public investment management

PIMA

Public Investment Management Assessment

PIP

public investment program

PPP

public-private partnership

SAI

supreme audit institution

SNG

subnational government

SOE

state-owned enterprise

TSA

Treasury Single Account

UK

United Kingdom

UN

United Nations

Executive Summary

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.

Part I (sections 1 through 3) of the handbook gives a concise overview of the PIMA framework. Section I explains the importance of public investment and describes the PIMA framework. Public infrastructure is a key driver of inclusive economic growth and development, and the reduction of inequalities. The need for stronger infrastructure governance for quality investment is widely recognized. Yet, creating quality infrastructure has often been challenging. Losses and waste in public investment are often systemic.

PIMA is a comprehensive and standardized framework to assess public investment management for countries at all levels of economic development. PIMAs evaluate 15 institutions, or practices, involved in the three key stages of the public investment cycle: planning, allocation, and implementation. Each institution is analyzed along three dimensions that reflect the key features of the given institution, resulting in a total of 45 dimensions. A key feature of the PIMA is that it makes a clear distinction between institutional design (what is on paper) and effectiveness (what is in practice).

Section 2 discusses how to describe and analyze public investment trends and efficiency. It describes the datasets that are used and gives examples of how these are presented. It also outlines the methodology for analyzing the public investment efficiency and presenting efficiency gaps.

Section 3 of the handbook gives an overview of usefulness of the framework to identify key bottlenecks in public investment management and develop an action plan for reform. It describes the key issues and challenges identified in PIMAs and the main recommendations that have been made to improve public investment management, then gives examples of action plans proposed in previous PIMAs.

Part II provides a detailed practitioners’ guide to apply the PIMA framework. A detailed description, explanation, and discussion of each of the 15 PIMA institutions and 45 dimensions are included in sections 4 through 8. Section 4 discusses key general issues that are common for many of the institutions and dimensions. Sections 5 through 7 provide detailed discussions of the institutions and dimensions under each of the three main pillars: planning, allocation, and implementation. Section 8 discusses how to analyze and assess the cross-cutting enabling factors.

The appendixes provide additional guidance on the PIMA framework. Appendix I contains the questionnaire that guides the PIMA assessments. Appendix II summarizes indicative scoring thresholds for institutional design and effectiveness for each of the 45 PIMA dimensions. Appendix III provides an overview of the PIMA assessment process. Appendix IV outlines a PIMA report, and Appendix V comprises a glossary of commonly used terms.

Public Investment Management Assessment, 1st Edition
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