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IMF Public Investment Management Assessment; public investment; PIMA; PIM; public investment management; handbook; investment; government; governance; country; spending; infrastructure governance; investment efficiency; investment shock; investment spending; public investment spending; public investment and public-private partnerships (PPP); infrastructure; budget planning; planification; allocation; execution; fiscal rules; global; Asia and Pacific; Africa; Caribbean; Sub-Saharan Africa; Western Hemisphere; Middle East; investment trend; infrastructure investment spending; Pima report; investment planning; PPP investment; Budget planning and preparation; Capital spending; Capital budget
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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.

Appendix I: PIMA Questionnaire

Planning Sustainable Levels of Public Investment

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Ensuring That Public Investment Is Allocated to the Right Sectors and Projects

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Delivering Productive and Durable Public Assets

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Appendix II: Indicative Scoring Thresholds

The scoring thresholds in Table II.1 are indicative, and PIMA assessment teams can deviate from these if data are unavailable, inconsistent, or incomplete, or if application of the thresholds would give a misleading assessment of the dimension in question. The effectiveness thresholds provide examples of possible quantitative criteria. These are not binding.

Table II.1.

Indicative Scoring Thresholds

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Appendix III Conducting a PIMA

Conducting a PIMA involves several steps, as outlined in Figure III.1.

Figure III.1.
Figure III.1.

Steps in Conducting a PIMA

PIMA Request

Public Investment Management Assessments (PIMAs) are based on requests from IMF member countries. The requests may be a result of specific challenges that have emerged in the country’s public investment management (PIM) system or a result of more general interest in continuous improvement of management frameworks. The requests will often emerge during the continuous dialog between the country and the IMF. Requests are assessed and approved by the IMF Fiscal Affairs Department (FAD) part of its annual work program, based on inputs from the relevant area department.

Before the Mission

The first step in planning a PIMA mission is to agree on the timing and scope of the mission. A PIMA mission will usually require two weeks in the country. The PIMA framework itself will define the broad parameters of the mission, but countries will often have specific issues or questions they want the assessment to cover, for instance:

  • How to better include public investment in national planning

  • How to incorporate PPPs in the overall management framework for public investments

  • How to promote more effective and timelier project implementation

Mission preparation will usually include steps to familiarize the country with the PIMA framework and to have officials conduct an initial self-assessment. Familiarization may include a short preparatory mission to conduct a workshop. (Workshops may also be done remotely). The new infrastructure governance portal (https://infrastructuregovern.imf.org/) includes facilities to introduce and explain the PIMA framework to countries and to assist them in the self-assessment. The self-assessment is an effective way for countries to explore the PIMA framework and to help them prepare for the mission. The self-assessment will also help countries identify and engage the authorities’ PIMA counterpart. This is important for the effectiveness of the mission.

Data requirements for the assessment are defined well ahead of the mission. There are substantial amounts of relevant data in IMF databases (see Box III.1). Data for the country itself and for relevant comparator countries are extracted from these databases for use during the PIMA. There will also be a need to collect additional data from the country:

  • Data needed to fill gaps in data or to explain outliers in the Investment and Capital Stock Template. Additional data may be requested to develop a macro-fiscal analytical theme in the context section of the PIMA report.1

  • Data needed to help in scoring dimensions and writing the explanatory text in the assessment section of the PIMA report. The indications of important documents and useful data under each dimension in this handbook could be a starting point for defining the needs for additional data for the PIMA.

  • Public investment plans and programs will be particularly useful to help the mission identify major projects for further analysis. A detailed meeting schedule will also be prepared before the mission. The PIMA covers many topics and institutions. The meetings must be planned to ensure sufficient time is allocated to discussing each topic.

PIMA Tables Maintained by the IMF

Investment and Capital Stock Template—an Excel spreadsheet designed and maintained by the FAD Expenditure Policy Division. It is the source for data and figures for use in the context section of the PIMA report, information on comparator countries, the efficiency frontier analysis, and intermediate PIM indicators such as volatility of public investment spending. It may be necessary to collect additional information to explain any biases, outliers, or limitations in the data for the mission country and comparator countries. For example, data may only cover central government while the counterpart country or comparator country is a federal state, or there may be anomalies in the data. Gaps in data can be filled or unreliable data corrected, by collecting data from the country before or during the PIMA mission.

The PIMA Scoring Template—an Excel spreadsheet designed and maintained by the FAD Public Financial Management divisions. It contains scores of all countries that have had a PIMA. It is the source for the form to enter dimension data and calculate institution scores, the heat map, and the spider charts for design and effectiveness.

During the Mission

The introductory meetings will provide an over view of the PIMA framework and the plans for the assessment, as well as the initial findings from country data in the IMF databases. The purpose is to ensure that key counterparts are fully aware of the PIMA framework and approach and that the mission team is familiar with the specific concerns and issues of importance to the country. The presentation of country-specific public investment trends and efficiency helps put the PIMA into perspective and retain the authorities’ attention from the beginning.

The topical meetings will usually occupy the mission team full time for at least the first week.

The PIMA framework includes 45 dimensions, many of which will require separate meetings. There will typically be some additional meetings, including follow-up meetings, during the second week.

A midpoint presentation or workshop to discuss the preliminary assessment and recommendations is useful. This will allow the mission team to verify that their preliminary assessment is based on correct information and understanding, and that tentative recommendations are seen as relevant and credible. It will allow the authorities to clarify any misconceptions and to begin thinking about the recommendations.

The PIMA mission will prepare the draft report in the field. The report will reflect the framework described in this handbook and will be handed to the authorities by the end of the mission.

After the Mission

The draft PIMA report will be reviewed by the authorities. They will have the opportunity to correct any factual errors or misconceptions. They will also be asked to provide their views on the findings and recommendations of the report, including the action plan. The authorities will be asked to provide their comments within three weeks after the mission.

The draft PIMA report will also be reviewed by IMF departments. This will include review by FAD as well as the relevant area department. One key purpose of FAD’s review is to ensure that the PIMA framework is consistently applied across different countries. The review by the area department helps ensure that the findings are based on a good understanding of the situation of the country and that recommendations support the country’s fiscal and development priorities.

The final report will reflect the comments received from the authorities and from IMF departments. The target is to finalize the report within six weeks after the PIMA mission.

Final PIMA Report

The final PIMA report will be submitted to the country, and country authorities will be requested to agree to publication of the report. FAD believes that publication will enhance the effectiveness of the PIMA assessment and the report but will only publish the PIMA with permission from the authorities. Agreement to publish the PIMA report announces the willingness of the government to acknowledge issues uncovered in the PIMA. The report provides a structure for discussion within government, and with civil society and development partners, to address PIM improvements.

PIMA Follow-Up

The PIMA action plan will often include proposals for further technical assistance from FAD and from other institutions. This assistance will be important for necessary capacity building and institutional development. The authorities are encouraged to use the action plan to request and coordinate technical assistance from the full range of development partners. IMF regional centers and in-country advisors will often be asked to contribute.

Periodic assessment of progress in strengthening PIM will be useful. This will usually be a component of any TA from FAD. A broader assessment could involve updating the PIMA after a few years. The update would usually include a PIMA self-assessment by country authorities.

Appendix IV: Outline of a PIMA Report

Public Investment Management Assessment (PIMA) reports are structured in several ways. Box IV.1 describes a common organization of the PIMA report. However, there is considerable variation in how PIMA reports are structured in practice. This appendix assumes that the organization in Box IV.1 is used. The recommendations must be adjusted to variations in the chosen structure.

Common Organization of the PIMA Mission Report

  • Executive Summary

  • Section 1. Public Investment Context

    • Trends in Total Public Investment

    • Composition

    • Impact

    • Efficiency

  • Section 2. Public Investment Management

  • Institutions

    • Overall Assessment

    • PIMA Institutional Analyses

  • Section 3. Cross-Cutting Issues

    • Overall Assessment

    • Cross-Cross-Cutting Issues Analyses

  • Section 4. Reform Priorities and Recommendations

    • Overall Assessment

    • Recommendations

  • Appendix 1. Action Plan

  • Appendix 2. Detailed PIMA Scores

Executive Summary

The executive summary should include the spider chart, the heat map at the institution level, and a high-level table of recommendations. The spider chart provides a motivation for change by comparing the country with other countries, the heat map explains the scoring by institution, and the table of recommendations puts forward actions to address public investment management (PIM) weaknesses. Different variations of the spider chart are possible—design, effectiveness, comparing design with effectiveness for the country, or comparing either design or effectiveness with comparable country groups. The choice of spider chart should support the main message of the report.

Section 1. Public Investment Context

This section has two major purposes. Firs t, it provides a macro-fiscal context within which PIM institutions operate and thus highlights how macro-fiscal conditions help to shape PIM institutions. For example, high debt levels in a country may limit its ability to smooth multiyear funding for public investment, which affects the need to strengthen the medium-term fiscal framework, multiyear budgeting, and cash management institutions.

Second, the section provides a motivation to change by making cross-country comparisons. Using comparable countries, with similar macro-fiscal or other conditions, the relative performance of PIM institutions is highlighted.

Certain content should be covered in this section, which is typically divided into four subsections. The mission has discretion in the organization of the section, while covering main elements of the content the following main elements of the content:

Trends in total public investment. This addresses the history of public investment spending and resulting capital stock. Standard figures are provided by the Expenditure Policy Division, based on their dataset in the Investment and Capital Stock Template. Mission chiefs can be selective in what figures they choose to include in the report and how to group them, based on issues or trends to be highlighted or any perceived weaknesses in the data. Reference to the macroeconomic impact of public investment, available through other sources such as Article IV reports, is encouraged. Sources of funding are relevant as a measure of the sustain-ability of public investment spending (for example, government debt levels and external supplier of capital to governments, such as international financial institutions or China, and the private sector).

Association of public investment with other macro-fiscal variables. Chief among these are economic growth, debt, and fiscal risk (for example, contingent liabilities).

Certain technical issues. These include (1) definition of capital stock—the cumulative sum of prior-year spending on economic infrastructure1; (2) the source of the data in the expenditure policy dataset; (3) infusions of capital into public corporation by government, which is shown as public investment in the expenditure policy data; and (4) explanation of data outliers.

Composition of public investment. This relates to (1) the purpose of public investment (for example, function, and social versus economic infrastructure) and (2) public investment financing sources (i.e., central government, general government, public corporations, public-private partnerships, and private sector).

Impact of public investment. This refers to the outputs and outcomes of public investment, including performance measures (qualitative and quantitative). Mission chiefs may decide whether to focus on qualitative, quantitative, or hybrid measures of performance. For example, some quantitative measures may be misleading, such as kilometers of roads per population for a densely populated country.

Efficiency of public investment. This brings together capital stock and impact data to measure efficiency. For example, outcome measures (that is, perceptions index) are related to input measures (per capita capital stock) in the efficiency frontier and whisker charts. Volatility and churn should also be addressed here, because they directly affect the ability to translate inputs into outputs and outcomes. Any distortion caused by megaprojects should be noted.

Figures. The efficiency frontier and whisker charts should be included in this section and typically require explanation in the text. Missions should be prepared to explain verbally (not necessary in the text) that (1) the efficiency frontier figure is three dimensional; (2) the scale of public perceptions stops at 7; (3) perceptions are provided by the World Economic Forum—some mission country staff contribute to the survey and may be familiar with its methodology and weaknesses; (4) the increase in efficiency, as shown in the whisker figure, is not based on a percentage increase in the mission country’s performance but rather is based on moving up on a scale of 100. Special attention needs to be given if the comparator countries perform significantly better than the mission country.

The text should analyze rather than describe the data. The themes or issues should be identified, which should be supported by figures.

Section 2. Public Investment Management Institutions

An introduction to this section should be used to explain the questionnaire, summarize scoring, and highlight issues. It should include the following: ü The purpose and structure of the section, possibly including the style of text for each institution (see writing options below); ü The principal concepts and methodologies used, such as PIM phase, institution, and dimension levels of the PIMA questionnaire (include the three-phase circular figure here), and scoring for design, effectiveness, and reform priority; and ü The overall scoring results, including the spider diagram and heat map. The text could summarize institutions that are particularly weak and strong, important linkages between institutions, or institutions that have received attention by the authorities in recent years. Connections with themes laid out in Section 1 should be made. The text for each institution must cover two main issues. That is, (1) the reason for scoring and (2) practices that may be the subject of a recommendation, including material cross-cutting issues. The length of text for each institution should be not more than 1–1.5 pages.

The PIMA should use one of the following styles of writing for each institution. Whatever style is chosen, it should be used consistently for all 15 institutions.

Option 1

Paragraph 1: addresses why the institution is important and introduces the three dimensions and how they capture the essence of the institution.

Paragraph 2: the topic sentence provides an overall assessment of the design of the institution, using criteria terms used in the questionnaire. Supporting sentences address the design of each of the three dimensions.

Paragraph 3: the topic sentence provides an overall assessment of the effectiveness of the institution, using criteria terms in the questionnaire. Supporting sentences address the effectiveness of each of the three dimensions.

Paragraph 4: presents major issues and their importance, providing a basis for the assessment of reform priorities in Section 4 of the report.

Option 2

Paragraph 1: the topic sentence provides an assessment of the design and effectiveness of the first dimension, using criteria terms used in the questionnaire. Supporting sentences add details.

Paragraph 2: the topic sentence provides an assessment of the design and effectiveness of the second dimension, using criteria terms used in the questionnaire. Supporting sentences add details.

Paragraph 3: the topic sentence provides an assessment of the design and effectiveness of the third dimension, using criteria terms used in the questionnaire. Supporting sentences add details.

Paragraph 4: selectively analyzes the major strengths and weaknesses reflected in dimensions (not necessarily in each dimension) as they relate to the aims of the institution, the weaknesses of which provide the basis for reform priorities in Section 4 of the report.

Section 3. Cross-Cutting Issues

The overall assessment should be used to explain the purpose and structure of the section. Cross-cutting issues are defined as enablers of the 15 institutions in Section 2. Weaknesses should be noted in the Section 2 text, in particular if cross-cutting weakness materially impedes higher scores for the design and effectiveness of specific dimensions.

If any cross-cutting issue is found to materially influence institution scores, it should be analyzed. It can be the subject of recommendations. The length of the analysis of each cross-cutting issue should be comparable to the text for a typical institution in Section 2. The text should generally adhere to the following structure.

Paragraph 1: why the issue is important and how it influences PIM practices.

Paragraph 2: overall description of the current situation in the country with regard to the issue. Tables summarizing key cross-cutting elements (laws, IT systems) related to different PIMA institutions can be useful.

Multiple paragraphs: topic sentence identifies the institution(s) and how the issue affects it (them).

Concluding paragraph: summary assessment of the problem and how remedies might improve the scores of institutions.

Section 4. Reform Priorities and Recommendations

The overall assessment should provide a rationale for why the recommendations were selected from among all possible recommendations. This would involve tying together the seriousness of the problem and the likelihood of successful implementation. This section may also be used to identify commitments the authorities have already made, such as a reform roadmap, and describe how the recommendations ft within those commitments. Recommendations are not required for all institutions. The recommendations must reflect a realistic assessment of the capacity in the country and give guidance on priority and sequencing.

This section should be short and avoid unnecessary repetition from other sections. An alternative to a separate section on recommendations is to include these under the relevant parts of Section 3. This will link the recommendations directly to specific institutions. Recommendations should follow a common format. Recommendations should be made in or generally follow the format shown below.

Appendix 1. Action Plan

The PIMA report should include a detailed action plan outlining the necessary steps and the timetable to implement the recommendations. Table IV.1 provides an example of a PIMA action plan for Georgia.

Format for Recommendations

  • 1. Issue or problem to be solved: short paragraph

  • 2. Recommended solution: short paragraph, indicating intended change rather than actions to be taken

  • 3. Actions to be taken: short paragraph(s) with bullets, and how they achieve the recommended solution (linked to action plan)

  • 4. Responsible agencies: short list (if known)

  • 5. Implementation risks: short paragraph with bullets

Table IV.1.

Georgia: Proposed Action Plan

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Appendix V: Glossary

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1

Data may be severely lacking for some countries, in particular post-conflict countries. In such cases, the assessment team will need to populate the relevant databases.

1

For a review of the methodology used by the IMF Fiscal Affairs Department to calculate capital stock, see https://infrastructuregovern.imf.org/content/dam/PIMA/Knowledge-Hub/dataset/WhatsNewinIMFInvestmentandCapitalStockDatabase_ May2021.pdf.

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Index

  • Access to information, 126

  • Accounting regulations, 166

  • Action plan, PIMA, 210

  • Advanced economies (AEs)

    • capital maintenance costs in, 15

    • infrastructure governance in, 13

  • Aggregate investment plans, 42

  • Allocation

    • effectiveness in, 14–15

    • in institutional design, 14f

    • in public investment, 4

    • reallocation in project implementation, 147–49

    • recommendations on, 16f

    • staff skills for, 173

  • Alternative infrastructure financing, 70–79

  • Analytical reports, 131, 132

  • Annual reports, 46

  • Armenia

    • budget documents in, 92

    • cash flow forecasts in, 139

    • routine maintenance in, 113

  • Assessment

    • basis of, 11–12, 22

    • of effectiveness, 21–23

    • of externally financed projects, 23–24

    • financing sources and, 24

    • indicative scoring thresholds in, 24–26

    • of institutional design, 21–23

    • legal frameworks for, 22

    • time series of, 23

  • Asset registers

    • decentralized, 164

    • effectiveness of, 163–64

    • institutional design of, 163

    • regulatory framework for, 163

    • updating, 162–65

  • Asset-specific assumption, 168

  • Bangladesh, procurement in, 133, 133t

  • Binding, 85

  • BIP. See Integrated Bank Project

  • Botswana, national planning in, 40, 41

  • Bottlenecks, ix

  • Brazil, PCs in, 79

  • Broad estimates, defining, 42

  • Budget approval, 153

  • Budget balance rules, 31, 32

  • Budget circular, 50

  • Budget classification, 112

  • Budget comprehensiveness, 90–97

  • Budget documents, 36, 43, 91, 99, 112

    • in Armenia, 92

    • capital budgets in, 96–97

    • for capital projects, 92–95

    • with CL information, 56

    • defining, 55

    • effectiveness of, 94–95

    • in institutional design, 93–94, 96–97

    • medium-term, 83

    • national, 50

    • recurrent budgets in, 96–97

    • in Timor-Leste, 95

  • Budget preparation

    • defining, 35

    • effectiveness, 97

    • institutional design, 96–97

    • MTFF for, 35–37

  • Budget system laws, 36

  • Budget year, 82

  • Bulgaria

    • fiscal rules in, 33, 34

    • procurement in, 127–28

    • Public Finance Act, 34

    • public works contracts in, 130t

  • Capital budgets

    • in budget documents, 96–97

    • churn, 7

    • in Philippines, 104

    • volatility, 7

  • Capital maintenance costs, in AEs, 15

  • Capital projects

    • budget documents for, 92–95

    • cash flow forecasts for, 137–39

    • CLs from, 55–58

    • construction costs, 87–89

    • ex post audits of, 158–61

    • external financing of, 142–43

    • financial analysis of, 59–63

    • monitoring of, 144–47

    • transparency of, 126–30

  • Capital spending, 82

    • coordination of, 48–50

    • current spending distinguished from, 35

    • defining, 23

    • effectiveness, 49, 86–87, 92

    • in Estonia, 37t

    • forecasting, 82–84

    • institutional design, 48–49, 82–83, 85–86, 91

    • in Jordan, 84

    • in Kiribati, 89

    • multiyear ceilings on, 85–87

    • in public investment trends, 7

    • significant, 90

    • of SNGs, 48–50

    • undertaking of, 90–92

  • Capital spending plans, defining, 48

  • Capital stock, 7

    • calculation of, 168

    • depreciation rates for, 169t

    • in Georgia, 8

  • Capital transfer

    • definitions of, 52

    • effectiveness of, 53–54

    • institutional design for, 52–53

    • notify about expected transfers, 52

    • rules-based systems for, to SNGs, 52–54

    • to SNGs in Mali, 54

  • Cash flow forecasts, 137

    • in Armenia, 139

    • for capital projects, 137–39

    • defining, 138

    • effectiveness of, 138–39

    • institutional design and, 138

  • Cash rationing, 140

    • in Moldova, 141

  • Cash release, 140

  • CBA. See Cost benefit analysis

  • Central government, defining, 55

  • Central ministry, 114

  • Central review

    • effectiveness of, 116

    • institutional design and, 115

    • in Ireland, 117

    • of major projects, 114–17

  • Central support

    • defining, 63

    • for project appraisal, 63–66

    • in Slovak Republic, 65

  • Change

    • generic theory of, 21, 21f

    • illustrative theory of, 22f

    • institutional design and theories of, 22

  • Chile, 50, 175

    • integrated projects database in, 177

    • project pipeline in, 123

    • SNG investments in, 51

  • Civil law

    • defining, 171 n1

    • PIM and, 171

  • CL. See Contingent liabilities

  • Colombia, project appraisal in, 61

  • Commercial banks, 142

  • Commitment ceiling, 138

  • Common law

    • defining, 171 n1

    • PIM and, 171

  • Comparable rules, defining, 31

  • Competition

    • in economic infrastructure, 70–73

    • in Ireland, 73

  • Complaints

    • decision time on, 135

    • number of, in court, 135

    • procurement, mechanism in Estonia, 136

    • review process in procurement, 134–36

  • Comprehensive pipeline, 121

  • Consolidated funds, 95

  • Consolidated report, 76, 77

  • Contestable markets, in economic infrastructure, 70–73

  • Contingency reserves, in Norway, 69

  • Contingent liabilities (CL)

    • budget documents with information on, 56

    • from capital projects, 55–58

    • defining, 55

    • effectiveness and, 56

    • institutional design and, 55

    • reporting framework, 56

    • samples of reports on, 56

    • in Slovak Republic, 57

    • from SNGs, PCs, and PPPs, 55–57

  • Coordination, of capital spending, 48–50

  • Cost benefit analysis (CBA), 65

    • discount rates for, 66

  • Country corruption index, 7

  • COVID-19

    • fiscal rules undermined by, 33

    • green recovery from, 3

  • Current spending, capital spending distinguished from, 35

  • Data, availability of, 23

  • Data sources, availability of, 23

  • Debt rule, 32

    • in Ireland, 30

  • Debt sustainability, 29

    • defining, 28

    • targets and, 28

  • Defense assets, 7n3

  • Deliverables, 149

  • Depreciation

    • of capital stock, 169t

    • of fixed assets, 167–69

    • total value of, 169

  • Development budgets, 23

  • Development partners (DPs), 23, 155

  • Dimensions, PIMA, ix, 25t, 26

  • Dimension scores, 26

  • Disclosure, 91

  • Discount rates

    • for CBA, 66

    • in selected countries, 66t

  • Documents, national budget, 50

  • Domestic monopoly, 70

  • DPs. See Development partners

  • EBEs. See Extrabudgetary entities

  • Economic growth, public infrastructure and, 3

  • Economic infrastructure

    • competition in, 70–73

    • contestable markets in, 70–73

  • Economic regulators, 70, 72

  • Effectiveness

    • in allocation, 14–15

    • assessment of, 21–23

    • of asset registers, 163–64

    • of budget documents, 94–95

    • budget preparation, 97

    • capital spending, 49, 86–87, 92

    • of capital transfer, 53–54

    • of cash flow forecasts, 138–39

    • of central review, 116

    • CL and, 56

    • of ex post audits, 159

    • of external financing, 143

    • of fiscal rules, 32–33

    • in implementation, 14–15

    • institutional design and, 5, 14–15, 14f, 21–23, 83–84

    • major improvements and, 112–13

    • major projects and, 88–89

    • of MTFF, 36–37

    • of national planning, 40

    • of nonfinancial assets, 166

    • of ongoing projects, 102–3

    • for output and outcome targets, 45

    • of PCs, 78

    • in planning, 14–15

    • PPPs and, 75

    • of procurement, 129–30, 132, 135

    • of project adjustments, 157

    • in project appraisal, 64–65

    • of project implementation, 146, 148–49, 150

    • project selection and, 119, 122

    • in public investment costing, 43

    • routine maintenance and, 112–13

    • scores, 15f

    • of sectoral planning, 40

    • of standard methodology, 106–7, 110

    • of targets, 29–30

    • of total project outlays, 99–100

    • virement and, 101–2

  • Efficiency frontiers

    • defining, 11–12

    • Jordan, 11f

  • Efficiency gaps, Jordan, 11f

  • Electricity distribution, in Ireland, 73t

  • 11th Malaysia Plan, outcome and output targets in, 47f

  • Emerging market economies (EMEs)

    • infrastructure governance in, 13

    • project appraisal in, 15

  • Enforcement, 134

  • Escape clauses, for fiscal rules, 33

  • Estonia, 107

    • capital spending in, 37t

    • fixed assets in, 166–67

    • MTFF in, 37

    • nonfinancial assets in, 167t

    • PIM in, 175

    • procurement complaints mechanism in, 136

    • routine maintenance in, 108

    • State Budget Strategy, 37

  • European Union (EU), 32

  • Executive summary, 207

  • Expenditure rules, 32

  • Ex post audits

    • of capital projects, 158–61

    • effectiveness of, 159

    • institutional design and, 158–59

    • in Mongolia, 160

  • Ex post review, 46, 149

    • annual number of, 150

    • in Malaysia, 151–52

    • project implementation adjustment and, 149–51

  • External audits, 158

  • External financing

    • of capital projects, 142–43

    • effectiveness of, 143

    • institutional design and, 142

    • in Mauritius, 143

  • Externally financed projects

    • assessment of, 23–24

    • PIMA scores of, 25t

    • public investment, 24

  • Extrabudgetary entities (EBEs), 90, 91–92

  • Financial Affairs Department (FAD), 203–5

  • Financial analysis, 59

    • of capital projects, 59–63

    • institutional design and, 59–60

    • of major projects, 59–63

  • Financial performance, of PCs, 76–79

  • Financing sources, 93

  • Fiscal Affairs Department, IMF, 203

  • Fiscal policy

    • fiscal rules guided by, 31–35

    • statements, 32, 36

    • strategy reports, 32

  • Fiscal responsibility law, 32

  • Fiscal rules

    • adherence to, 34f

    • in Bulgaria, 33, 34

    • for central government, 31

    • comparable, 31

    • correction mechanisms for, 32

    • COVID-19 undermining, 33

    • effectiveness of, 32–33

    • escape clauses for, 33

    • fiscal policy guiding, 31–35

    • with fixed targets, 31n1

    • institutional design of, 31–32

    • in Ireland, 30

    • by legal basis, 32t

    • permanent, 31

  • Fixed assets

    • depreciation of, 167–69

    • in Estonia, 166–67

    • in Georgia, 169

    • in Indonesia, 164–65

  • Forecasting, capital spending, 82–84

    • See also Cash flow forecasts

  • Formal discussion, 48

  • Found in the budget, 39

  • Found through the budget, 39

  • Funding availability, 137–52

  • Generic theory of change, 21, 21f

  • Georgia

    • capital stock in, 8

    • fixed assets in, 169

    • PIMA, 7–8

    • public investment in, 8, 9

  • GFSM, 28

  • Governance engagement, IMF on, 22

  • Government accounts, legal basis for, 166

  • Government assets, 23n1

  • Government financial statements, 166

  • Green recovery, from COVID-19, 3

  • High scores, defining, 22

  • Honduras, monitoring in, 146–47

  • IFIs. See International financial institution

  • Illustrative theory, of change, 22f

  • IMF. See Fiscal Affairs Department; International Monetary Fund

  • Implementation

    • effectiveness in, 14–15

    • in institutional design, 14f

    • of public investment, 4

    • recommendations on, 16f

    • staff skills for, 173

    • See also Project implementation

  • Income groups, PIM effectiveness by, 13f

  • Independent regulators, 70

  • Indicative scoring thresholds

    • in assessment, 24–26

    • legal requirements for, 25–26

  • Indonesia

    • Fixed assets in, 164–65

    • SNG investments in, 51

  • Information

    • access to, 126

    • procurement, 126

  • Infrastructure access, in Jordan, 10

  • Infrastructure governance, 3

    • in AEs, 13

    • defining, 3n2

    • in EMEs, 13

    • examples of, 17

    • institutional strength of, 13–15

    • in Ireland, 17

    • key publications on, 4t, 211t–217t

    • in LIDCs, 13

    • reforms, 17

  • Infrastructure quality, in Jordan, 10

  • Input, 114

  • Institutional design

    • allocation in, 14f

    • assessment of, 21–23

    • of asset registers, 163

    • budget documents in, 93–94, 96–97

    • budget preparation, 96–97

    • capital spending, 48–49, 82–83, 85–86, 91

    • for capital transfer, 52–53

    • cash flow forecasts and, 138

    • central review and, 115

    • CL and, 55

    • effectiveness and, 5, 14–15, 14f, 21–23, 83–84

    • ex post audits and, 158–59

    • external financing and, 142

    • financial analysis and, 59–60

    • of fiscal rules, 31–32

    • implementation in, 14f

    • major improvements and, 111–12

    • major projects and, 87–88

    • for MTFF, 35

    • national planning, 39

    • nonfinancial assets, 165–66

    • ongoing projects and, 102

    • for output and outcome targets, 45

    • PCs and, 77

    • for PIM, 172

    • planning in, 14f

    • PPPs and, 74–75

    • procurement and, 127–28, 131–32, 134

    • project adjustments and, 156

    • in project appraisal, 63–64

    • in project implementation, 145, 148, 149–50

    • project management, 153–54

    • project outlays, 140

    • project selection and, 118, 121–22

    • of public investment costing, 42

    • risk assessment and, 67

    • routine maintenance and, 111–12

    • sectoral planning, 39

    • for standard methodology, 105–6, 109

    • targets and, 28–29

    • theories of change and, 22

    • in total project outlays, 98–99

    • virement and, 101

  • Institutional scores, 15f

  • Integrated Bank Project (BIP), 177

  • International financial institution (IFIs), 23–24, 155

  • International Monetary Fund (IMF)

    • Annex II, 11n4

    • Article IV, 29

    • database updates, 8–9

    • Financial Affairs Department, 203–5

    • on governance engagement, 22

    • PIMA tables maintained by, 204

  • Investment and Capital Stock Template, 204, 207

  • Investment plans

    • aggregate, 42

    • defining, 42

    • sectoral, 42–43

    • strategic, 44

  • Investment stock, 7

  • Investment strategies, 42

  • Ireland

    • central review in, 117

    • competition in, 73

    • debt rule in, 30

    • electricity distribution in, 73t

    • Fiscal rules in, 30

    • Infrastructure governance in, 17

    • Strategic investment planning in, 44

  • Irish Investment Projects and Program Tracker, 176

  • Irish National Development Plan, 43

  • IT systems, 4–5

    • performance data, 176

    • specifications, 176

  • Jordan

    • capital spending in, 84

    • efficiency frontier, 11f

    • efficiency gaps, 11f

    • infrastructure access in, 10

    • infrastructure quality in, 10

    • virement in, 102

  • Kenya

    • PIMA in, 17

    • public investment in, 17

  • Kenyatta, Uhuru, 17

  • Kiribati, capital spending in, 89

  • Korea, Project adjustments in, 158

  • Legislative authorization, 91

  • Liabilities. See Contingent liabilities

  • LIDCs. See Low-income developing countries

  • Limits, defining, 28

  • Low-income developing countries (LIDCs)

    • challenges faced by, 14

    • infrastructure governance in, 13

    • PIM in, 16n1

    • project appraisal in, 15

  • Maastricht limits, 30

  • Macro-fiscal variables, 208

  • Main government bank account structure, 142–43

  • Maintenance. See Major improvements; Routine maintenance

  • Major additional components, 31

  • Major economic infrastructure markets, 70

  • Major improvements

    • effectiveness and, 112–13

    • identification of expenditures in budget, 111–13

    • institutional design and, 111–12

    • standard methodology for, 109–11

  • Major projects, 22, 42

    • central review of, 114–17

    • costs of, 24, 43

    • defining, 24, 42

    • effectiveness and, 88–89

    • financial analysis of, 59–63

    • institutional design and, 87–88

    • procurement for, 126–30

    • project adjustments applied to, 156–58

    • project implementation and monitoring of, 144–47

    • total construction costs of, 87–89

  • Malaysia, 46

    • ex post review in, 151–52

    • monitoring in, 151–52

    • national planning in, 47

    • physical projects behind schedule in, 151f

  • Mali, 14

    • capital transfer to SNGs in, 54

    • multiyear budgeting in, 85

  • Mauritius, external financing in, 143

  • Measurable targets

    • defining, 45

    • institutional design for outputs and outcomes, 45

    • in sectoral planning, 45–46

  • Medium-term budget documents, 83

  • Medium-term expenditure framework (MTEF), 88

  • Medium-term fiscal framework (MTFF), 28, 85

    • for budget preparation, 35–37

    • defining, 35

    • documents, 36

    • effectiveness of, 36–37

    • in Estonia, 37

    • institutional design for, 35

  • Mexico, project selection in, 119–20

  • Ministry of Finance (MoF), 46, 115, 137

  • Moldova, cash rationing in, 141

  • Mongolia

    • ex post audits in, 160

    • PIMA in, 17

    • public investment in, 17, 160t, 161t

  • Monitoring

    • of capital projects, 144–47

    • in Honduras, 146–47

    • of major projects during project implementation, 144–47

    • in Malaysia, 151–52

    • procurement, 131–33

    • public assets, 15

    • S-curve project, 145

  • Monopoly, domestic, 70

  • MTEF. See Medium-term expenditure framework

  • MTFF. See Medium-term fiscal framework

  • Multiyear budgeting, 82–89

    • in Mali, 85

    • OECD, 100

  • Multiyear ceilings, on capital spending, 85–87

  • Multiyear commitment, 98

  • National budget documents, 50

  • National Development Plan, Botswana (NDP), 41

    • allocations, 41t

  • National Development Plan 2018–2027, Ireland, 17, 44t

  • National planning

    • in Botswana, 40, 41

    • consistency of, 40

    • defining, 38

    • documents, 40, 43, 46

    • effectiveness of, 40

    • institutional design, 39

    • in Malaysia, 47

    • for public investment, 38–42

    • public investment costing of, 42–43

    • strategy, 39

  • NDP. See National Development Plan, Botswana

  • New projects, defining, 35

  • Nonfinancial assets

    • defining, 7n2

    • effectiveness of, 166

    • in Estonia, 167t

    • institutional design, 165–66

    • value recording, 165–67

  • Nonfinancial projects, 38

  • Norway

    • contingency reserves in, 69

    • project risks in, 69

  • Not-for-profit institutions, 28–29

  • Numerical rules, 31

  • OECD. See Organisation for Economic Co-Operation and Development

  • Ongoing projects

    • completion of, 102

    • defining, 35

    • effectiveness of, 102–3

    • institutional design and, 102

  • Operating statements, 167

  • Organisation for Economic Co-Operation and Development (OECD), multiyear budgeting of, 100

  • Outcomes, 10–12

    • defining, 45

    • in 11th Malaysia Plan, 47f

    • institutional design in targets for, 45

    • in sectoral planning, 45–46

  • Outputs, 10–12

    • defining, 45

    • in 11th Malaysia Plan, 47f

    • institutional design in targets for, 45

    • in sectoral planning, 45–46

  • Overall financial constraints, defining, 42

  • PCs. See Public corporations

  • PDCF. See Project Delivery Capability Framework

  • Permanent fiscal rule, defining, 31

  • PFM. See Public financial management institutions

  • Philippines, capital budgeting in, 104

  • Physical progress, 144

  • PIM. See Public investment management

  • PIMA. See Public Investment Management Assessment

  • PIP. See Public investment programs

  • PIUs. See Project implementation units

  • Plans and planning, 43

    • aggregate investment, 42

    • capital spending, 48

    • defining, 39

    • effectiveness in, 14–15

    • in institutional design, 14f

    • investment, 42–43

    • phases of, 38

    • project implementation, 153, 155

    • public investment, 4, 43

    • recommendations on, 16f

    • sectoral investment, 42–43

    • staff skills for, 173

    • strategic investment, 44

    • See also National planning; Sectoral planning

  • Potential risks, 67

  • PPPs. See Public-private partnerships

  • Preparation, 138

  • Present in full, defining, 55

  • Procedural rules, 31

  • Procurement

    • in Bangladesh, 133, 133t

    • in Bulgaria, 127–28

    • complaints mechanism in Estonia, 136

    • complaints review process, 134–36

    • database, 131

    • effectiveness of, 129–30, 132, 135

    • information, 126

    • institutional design and, 127–28, 131–32, 134

    • for major projects, 126–30

    • monitoring, 131–33

    • phases of, 131

    • transparency of, 126–30

    • World Bank on, 129

  • Project adjustments

    • effectiveness of, 157

    • institutional design and, 156

    • in Korea, 158

    • of major projects, 156–58

  • Project appraisal

    • central support for, 63–66

    • in Colombia, 61

    • effectiveness in, 64–65

    • in EMEs, 15

    • institutional design in, 63–64

    • key elements of, 59

    • in LIDCs, 15

    • methodologies, 58

    • phases, 58f

    • risks in, 67–69

    • in Slovak Republic, 65

    • standard methodology of, 63–66

    • in Timor-Leste, 62

  • Project Delivery Capability Framework (PDCF), 174

  • Project implementation

    • effectiveness of, 146, 148–49, 150

    • ex post review and adjustment of, 149–51

    • institutional design in, 145, 148, 149–50

    • major project monitoring during, 144–47

    • plan, 153, 155

    • reallocation in, 147–49

    • regulatory framework, 154

  • Project implementation units (PIUs), 173

  • Projections, 82

  • Project management

    • arrangements, 153–55

    • institutional design, 153–54

  • Project outlays

    • cash released for, 140–41

    • institutional design, 140

  • Project pipeline

    • in Chile, 123

    • project selection and, 121–23

  • Project review

    • documents, 115, 118

    • guidelines, 115

  • Project selection, 15, 114–23

    • effectiveness and, 119, 122

    • institutional design and, 118, 121–22

    • in Mexico, 119–20

    • pipeline, 121–23

    • regulations, 115, 118

    • required process for, 118–20

  • Public assets, monitoring, 15

  • Public corporations (PCs), 15, 26, 39, 91

    • in Brazil, 79

    • contingent liabilities from, 55–57

    • effectiveness of, 78

    • financial performance of, 76–79

    • institutional design and, 77

  • Public Expenditure and Financial Accountability Framework, 6

  • Public Finance Act, Bulgaria, 34

  • Public financial management institutions (PFM), 13

  • Public infrastructure

    • challenges in creation of, 3

    • deterioration of, 3

    • economic growth and, 3

    • in South Africa, 110

  • Public investment

    • allocation in, 4

    • capital spending trends in, 7

    • composition of, 9f, 208

    • database, 7

    • efficiency, ix, 10–12, 208

    • external financing in, 24

    • by function, 9f

    • in Georgia, 8, 9

    • impact of, 208

    • implementation of, 4

    • in Kenya, 17

    • losses and waste in, 3

    • in Mongolia, 17, 160t, 161t

    • national planning for, 38–42

    • planning, 4

    • by sector, 9f

    • sectoral planning for, 38–42

    • stages of, 4–5

    • trends, ix, 7–11

  • Public investment costing

    • effectiveness in, 43

    • institutional design of, 42

    • of national planning, 42–43

    • of sectoral planning, 42–43

  • Public investment management (PIM), 3–4

    • bottlenecks in, ix

    • in civil law countries, 171

    • in common law countries, 171

    • effectiveness of, by income group, 13f

    • in Estonia, 175

    • frameworks, 171

    • institutional design for, 172

    • legal and regulatory framework, 171–72

    • in LIDCs, 16n1

    • strengthening, 5

  • Public Investment Management Assessment (PIMA), 3–4

    • action plan, 210

    • capacity of, 173–74

    • conducting of, 203–5

    • cross-cutting issues, 209

    • data requirements for, 203–4

    • defining, ix

    • dimensions, ix, 25t, 26

    • establishment of, 5–6

    • evaluation by, 4

    • externally financed project scores, 25t

    • final report, 205

    • follow-up, 205

    • institutions, 208–9

    • international recognition of, 6

    • Investment and Capital Stock Template, 204, 207

    • in Kenya, 17

    • legal framework, 171–72

    • mid-mission, 204

    • in Mongolia, 17

    • overview of, 5f

    • post-mission, 204–5

    • preparation for, 203–4

    • public investment context, 207

    • quantitative thresholds, 159n1

    • questionnaire, 22

    • reform priorities, 209–10

    • report outline, 207–10

    • requests, 203

    • role of, ix

    • scope of, 6

    • Scoring Template, 204

    • tables maintained by IMF, 204

    • use of, 15–16

    • See also Assessment

  • Public investment programs (PIP), 88, 99

  • Public-private partnerships (PPPs), 7, 15, 91, 126

    • contingent liabilities from, 55–57

    • effectiveness and, 75

    • institutional design and, 74–75

    • legal regulatory framework for, 74–75

  • Public works contracts, in Bulgaria, 130t

  • Published alongside, 48

  • Quantitative thresholds, 159n1

  • Questionnaire, PIMA, 22

  • Reallocation, in project implementation, 147–49

  • Recurrent budgets, in budget documents, 96–97

  • Required process, for project selection, 118–20

  • Risk assessment

    • defining, 67

    • institutional design and, 67

  • Risks

    • common, 67t

    • mitigation of, 67

    • in Norway, 69

    • potential, 67

    • in project appraisal, 67–69

  • Routine maintenance

    • in Armenia, 113

    • effectiveness and, 112–13

    • in Estonia, 108

    • identification of expenditures in budget, 111–13

    • institutional design and, 111–12

    • of roads, 107t

    • in South Africa, 110t

    • standard methodology for, 105–8

  • Rules-based systems

    • for capital transfers to SNGs, 52–54

    • definitions of, 52

  • Scoring Template, PIMA, 204

  • Scrutinization, 114

  • S-curve project monitoring, 145

  • Sectoral investment plans, 42

    • documents, 43

  • Sectoral planning

    • consistency of, 40

    • defining, 38

    • documents, 40, 46

    • effectiveness of, 40

    • institutional design, 39

    • measurable targets in, 45–46

    • outcomes in, 45–46

    • outputs in, 45–46

    • for public investment, 38–42

    • public investment costing of, 42–43

    • strategy, 39

  • Senior responsible officer, 153

  • Slovak Republic

    • central support in, 65

    • CL in, 57

    • project appraisal in, 65

  • SNGs. See Subnational governments

  • Social security funds, 28–29

  • SOE. See State-owned enterprise

  • South Africa

    • public infrastructure in, 110

    • routine maintenance in, 110t

  • Standard methodology

    • defining, 63

    • effectiveness of, 106–7, 110

    • institutional design for, 105–6, 109

    • for major improvements, 109–11

    • of project appraisal, 63–66

    • for routine maintenance, 105–8

  • State-owned enterprise (SOE), 76, 77, 91

  • Statistical estimates, 168

  • Strategic investment planning, in Ireland, 44

  • Strategy

    • defining, 39

    • investment, 42

    • national and sectoral planning, 39

  • Subject to analysis, 59

  • Subnational governments (SNGs), 28–29, 32

    • capital spending of, 48–50

    • capital transfer to, in Mali, 54

    • contingent liabilities from, 55–57

    • funding arrangements for projects involving, 49t

    • investments in Chile, 51

    • investments in Indonesia, 51

    • legislation and regulations regarding transfers to, 53

    • rules-based systems for capital transfers to, 52–54

  • Systematic, 149

  • Targets, 29–30

    • debt sustainability and, 28

    • in 11th Malaysia Plan, 47f

    • fiscal rules with fixed, 31n1

    • institutional design and, 28

    • measurable, 45–46

    • in sectoral planning, 45–46

  • Tender, 126, 134

  • Timor-Leste

    • budget documents in, 95

    • project appraisal in, 62

  • Total project outlays

    • effectiveness of, 99–100

    • institutional design in, 98–99

  • Training sessions, 65

  • Transparency

    • of capital projects, 126–30

    • of procurement, 126–30

  • Transparency International, 7

  • Uncertainty reserves, 69

  • United Kingdom, Project Delivery Capability Framework, 174

  • Virement, 101

    • effectiveness and, 101–2

    • institutional design and, 101

    • in Jordan, 102

  • Well established, 70

  • World Bank, on procurement, 129

  • World Economic Forum, 208

  • Collapse
  • Expand
Cover PIMA Handbook
PIMA Handbook
Public Investment Management Assessment, 1st Edition
ISBN:
9781513571829
Publication Date:
08 Jul 2022
Publisher:
International Monetary Fund
DOI:
https://doi.org/10.5089/9781513571829.071
Pages:
248
Figure III.1.

Steps in Conducting a PIMA

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