PART 1 PIMA Overview
Author: International Monetary Fund. Fiscal Affairs Dept.
Language:
English
Keywords:
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
Download PDF (208.3 KB)

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.

Within Same Series

Other IMF Content

Other Publishers Content

Cover PIMA Handbook
PIMA Handbook
Public Investment Management Assessment, 1st Edition
Author: International Monetary Fund. Fiscal Affairs Dept.
ISBN:
9781513571829
Publication Date:
08 Jul 2022
Publisher:
International Monetary Fund
DOI:
https://doi.org/10.5089/9781513571829.071
Pages:
248

Overview of the PIMA Framework

Investment

Investment and capital stock

(Percent of GDP)

Capital stock

(Percent of GDP)

Capital stock per capita

(Thousands of 2011 purchasing power party dollar-adjusted per capita)

Georgia Public Investment, by Function, Last 5 Years

(Percent of GDP)

EME Public Investment, by Function, Last 5 Years

(Percent of GDP)

Composition of Public Investment

(Percent of GDP)

Public Investment, by Sector, 2005–17

(Percent of GDP)

Perception of Infrastructure Quality, Jordan versus Comparators

Perception of Infrastructure Quality (Jordan Sectoral Breakdown)

Infrastructure Access in Jordan versus Comparators

Increase in Road Network versus Population Growth

Jordan Efficiency Frontier

Jordan Efficiency Gap

Effectiveness of Public Investment Management, by Income Group, 2015–20

Institutional Design versus Effectiveness, All Countries, 2015–20

Institutional Design versus Effectiveness, by Income Group, 2015–20

Institutional and Effectiveness Scores, by Stage of Investment, 2015–20

Number of PIMA Recommendations, by Institution, 2015–20

  • Allain-Dupré, Dorothee. 2011. “Multi-Level Governance of Public Investment: Lessons from the Crisis.” OECD Regional Development Working Papers 2011/05, Organisation for Economic Co-operation and Development, Paris.

    • Search Google Scholar
    • Export Citation

  • Allen, Richard, and Dimitar Radev. 2010. “Extrabudgetary Funds.” IMF Technical Notes and Manuals 10/09, International Monetary Fund, Washington, DC.

    • Search Google Scholar
    • Export Citation

  • Allen, Richard, Mary Betley, Carolina Renteria, and Ashni Singh. 2020. “Integrating Infrastructure Planning and Budgeting.” In Well Spent: How Strong Infrastructure Governance Can End Waste in Public Investment, edited by Gerd Schwartz, Manal Fouad, Torben S. Hansen, and Genevieve Verdier. Washington, DC: International Monetary Fund.

    • Search Google Scholar
    • Export Citation

  • Allen, Richard, and Miguel Alves. 2016. “How to Improve the Financial Oversight of Public Corporations.” IMF How To Notes, International Monetary Fund, Washington, DC.

    • Search Google Scholar
    • Export Citation

  • Allen, Richard, and Eivind Tandberg. 2021. “How to Manage Public Investment During a Postcrisis Recovery.” How-To Note 2021/007, International Monetary Fund, Washington, DC.

    • Search Google Scholar
    • Export Citation

  • Asian Development Bank (ADB). 2001. Developing Best Practices for Promoting Private Sector Investment in Infrastructure (5 volumes). ADB, Manila, Philippines.

    • Search Google Scholar
    • Export Citation

  • Beetsma, Roel, and Rick van der Ploeg. 2007. “The Political Economy of Public Investment.” CEPR Discussion Paper No. DP6090, Center for Economic and Policy Research, Washington, DC.

    • Search Google Scholar
    • Export Citation

  • Blazey, Andrew, Fabien Gonguet, and Philip Stokoe. 2020. “Integrating Infrastructure Planning and Budgeting.” In Well Spent: How Strong Infrastructure Governance Can End Waste in Public Investment, edited by Gerd Schwartz, Manal Fouad, Torben S. Hansen, and Genevieve Verdier. Washington, DC: International Monetary Fund.

    • Search Google Scholar
    • Export Citation

  • Blumenthal, David, and Ray Stoddard. 1999. “Implementation Planning: The Critical Step.” PM Network 13 (10): 80–86.

  • Canadian Infrastructure Report Card. 2019. “Monitoring the State of Canada’s Core Public Infrastructure: The Canadian Infrastructure Report Card 2019.” Canadian Infrastructure Report Card.

    • Search Google Scholar
    • Export Citation

  • Cebotari, Aliona, Jefrey Davis, Lusine Lusinyan, Amine Mati, Paolo Mauro, Murray Petrie, and Ricardo Velloso. 2008. “Fiscal Risks: Sources, Disclosure, and Management.” International Monetary Fund, Washington, DC.

    • Search Google Scholar
    • Export Citation

  • Chimhowu, Admos O., David Hulme, and Lauchlan T. Munro. 2019. “The ’New’ National Development Planning and Global Development Goals: Processes and Partnerships.” World Development 120: 76–89.

    • Search Google Scholar
    • Export Citation

  • Collier, Paul, Martina Kirchberger, and Måns Söderbom. 2015. “The Cost of Road Infrastructure in Low- and Middle-Income Countries.” Policy Research Working Paper No. 7408, World Bank, Washington, DC.

    • Search Google Scholar
    • Export Citation

  • Construction Industry Development Board (CIDB). 2021. “Infrastructure Maintenance Budgeting Guideline.” National Infrastructure Maintenance Strategy, CIDB, Pretoria, South Africa.

    • Search Google Scholar
    • Export Citation

  • Corbacho, Ana, Katja Funke, and Gerd Schwartz. 2008. Public Inves tment and Public-Private Partnerships: Addressing Infrastructure Challenges and Managing Fiscal Risks. Washington, DC: International Monetary Fund.

    • Search Google Scholar
    • Export Citation

  • Drevland, Frode, Kjell Austeng, and Olav Torp. 2005. “Uncertainty Analysis: Modelling, Estimation and Calculation.” Concept Report No. 11, Norwegian University of Schience and Technology, Trondheim, Norway.

    • Search Google Scholar
    • Export Citation

  • European Bank for Reconstruction and Development (EBRD). 2011. “Public Procurement Assessment: Review of Laws and Practice in the EBRD Region, EBRD 2011.” EBRD, London, UK.

    • Search Google Scholar
    • Export Citation

  • European Commission. 2005. “Infrastructure Expenditures and Costs: Practical Guidelines to Calculate Total Infrastructure Costs for Five Modes of Transport.” European Commission, Rotterdam, The Netherlands.

    • Search Google Scholar
    • Export Citation

  • European Commission. 2014. “Guide to Cost-Benefit Analysis of Investment Projects.” European Commisison, Brussels, Belgium.

  • European Court of Auditors. 2020. “EU Transport Infrastructures: More Speed Needed in Megaproject Implementation to Deliver Network Efects on Time.” Special Report 10/2020, European Court of Auditors.

    • Search Google Scholar
    • Export Citation

  • European Investment Bank. 2013. “Economic Appraisal of Investment Projects.” European Investment Bank, Luxembourg.

  • Flynn, Suzanne, and Mario Pessoa. 2014. “Prevention and Management of Government Expenditure Arrears.” IMF Technical Notes and Manuals TNM/14/01, International Monetary Fund, Washington, DC.

    • Search Google Scholar
    • Export Citation

  • Flyvbjerg, Bent. 2014. What You Should Know About Megaprojects and Why: An Overview.” Project Management Journal 45 (2): 6–19.

  • Gómez-Lobo. 2012. “Institutional Safeguards for Cost Benefit Analysis: Lessons from the Chilean National Investment System.” Journal of Benefit-Cost Analysis 3 (1) : 1–30.

    • Search Google Scholar
    • Export Citation

  • Government of Ireland. 2019. Annual Report on Public Debt in Ireland 2019. Department of Finance, Government of Ireland.

  • Government of Chile. 2017. Manual de Usuario Completo: Banco Integrado de Proyec tos. Government of Chile.

  • Government of Korea. 2013. “Guidelines for Total Project Cost Management.” Ministry of Strategy and Finance, Government of Korea.

  • International Monetary Fund (IMF). 2020. Fiscal Monitor: Policies for the Recovery. Washington, DC: IMF.

  • International Monetary Fund (IMF). 2021. “Strengthening Infrastructure Governance for Climate-Responsive Public Investment.” IMF Policy Paper, Washington, DC.

    • Search Google Scholar
    • Export Citation

  • Government of Timor-Leste 2020a. Timor Leste Budget Book 1. Government of Timor-Leste.

  • Government of Timor-Leste 2020b. Timor Leste Budget Book 3A. Government of Timor-Leste.

  • Harris, Jason, Richard Hughes, Gösta Ljungman, and Carla Sateriale. 2013. “Medium-Term Budget Frameworks in Advanced Economies: Objectives, Design, and Performance.” In Public Financial Management and Its Emerging Architecture, edited by Marco Cangiano, Teresa R. Curristine, and Michel Lazare. Washington, DC: International Monetary Fund.

    • Search Google Scholar
    • Export Citation

  • Infrastructure and Projects Authority. 2018. Government Functional Standard: Project Delivery. London, UK: HM Treasury.

  • Infrastructure and Projects Authority, 2020. Annual Report on Major Projects 2019–20. London, UK: HM Treasury.

  • Inter-American Development Bank. 2019. Monitoring Public Investment: The Impact of Mapa Regalí in Colombia. Washington, DC: Inter-American Development Bank.

    • Search Google Scholar
    • Export Citation

  • International Federation of Accountants (IFAC) and Chartered Institute of Public Finance & Accountancy (CIPFA). 2018. “International Public Sector Financial Accountability Index.” IFAC/CIPFA.

    • Search Google Scholar
    • Export Citation

  • International Monetary Fund (IMF). 2002. “Assessing Sustainability.” IMF Policy Paper, Washington, DC.

  • International Monetary Fund (IMF). 2009. “Macro Policy Lessons for a Sound Design of Fiscal Decentralization.” IMF Policy Paper, Washington, DC.

    • Search Google Scholar
    • Export Citation

  • International Monetary Fund (IMF). 2013. “Medium-Term Budget Frameworks in Advanced Economies: Objectives, Design, and Performance.” In Public Financial Management and Its Emerging Architecture, edited by Marco Cangiano, Teresa Curristine, and Michel Lazare. Washington, DC: IMF.

    • Search Google Scholar
    • Export Citation

  • International Monetary Fund (IMF). 2014. Government Finance Statistic Manual. Washington, DC: IMF.

  • International Monetary Fund (IMF). 2015. “Making Public Investment More Efcient.” IMF Policy Paper, Washington, DC.

  • International Monetary Fund (IMF). 2016a. “Analyzing and Managing Fiscal Risks—Best Practices.” IMF Policy Paper, Washington, DC.

  • International Monetary Fund (IMF). 2016b. “How to Improve the Financial Oversight of Public Corporations.” IMF How-To Note 5, Washington, DC.

    • Search Google Scholar
    • Export Citation

  • International Monetary Fund (IMF). 2018a. Fiscal Transparency Handbook 2018. Washington, DC: IMF.

  • International Monetary Fund (IMF). 2018b. “How to Select Fiscal Rules: A Primer.” How-To Note 9, Washington, DC.

  • International Monetary Fund (IMF). 2018c. “Public Investment Management Assessment: Review and Update.” IMF Policy Paper, Washington, DC.

    • Search Google Scholar
    • Export Citation

  • International Monetary Fund (IMF). 2019. “How to Design a Financial Management Information System: A Modular Approach.” IMF How-To Note 19/03, Washington, DC.

    • Search Google Scholar
    • Export Citation

  • International Public Sector Accounting Standards Board (IFSASB). 2020. Handbook of International Public Sec tor Accounting Pronouncements. Toronto, Ontario, Canada: IFSASB.

    • Search Google Scholar
    • Export Citation

  • Irwin, Tim, Samah Mazraani, and Sandeep Saxena. 2018. “How to Control the Fiscal Costs of Public-Private Partnerships.” IMF How-To Note 18/04, International Monetary Fund, Washington, DC.

    • Search Google Scholar
    • Export Citation

  • Jacobs, Davina F. 2009. “Capital Expenditures and the Budget.” IMF Public Financial Management Technical Guidance Note, Washington, DC.

    • Search Google Scholar
    • Export Citation

  • Japan International Cooperation Agency (JICA). 2018. Public Investment Management Handbook for Capacity Development. Tokyo, Japan: JICA. https://www.jica.go.jp/activities/issues/governance/ku57pq00001wwbna-att/strengthen_public_investment_management_capacity_handbook_e.pdf.

    • Search Google Scholar
    • Export Citation

  • Lee, Sang-Ho, Sanghoon Park, and Jong Myung Kim. 2015. “Suggestion for a Framework for a Sustainable Infrastructure Asset Management Manual in Korea.” Sustainability 7 (11): 15003–28.

    • Search Google Scholar
    • Export Citation

  • Lienert, Ian. 2009. “Modernizing Cash Management.” IMF Technical Notes and Manuals 09/03, International Monetary Fund, Washington, DC.

    • Search Google Scholar
    • Export Citation

  • Lledó, Victor, Sungwook Yoon, Xiangming Fang, Samba Mbaye, and Young Kim. 2017. “Fiscal Rules at a Glance.” Background Paper, International Monetary Fund, Washington, DC.

    • Search Google Scholar
    • Export Citation

  • Marcelo, Darwin, Cledan Mandri-Perrott, Schuyler House, and Jordan Z. Schwartz. 2016. “An Alternative Approach to Project Selection: The Infrastructure Prioritization Framework.” World Bank, Washington, DC.

    • Search Google Scholar
    • Export Citation

  • Ministry of Foreign Affairs of Japan. 2019. “G20 Principles for Quality Infrastructure Investment.” Tokyo, Japan: Ministry of Foreign Affairs of Japan.

    • Search Google Scholar
    • Export Citation

  • Monteiro, Rui, Isabel Rial, and Eivind Tandberg. 2020. “Fiscal Risks in Infrastructure.” In Well Spent: How Strong Infrastructure Governance Can End Waste in Public Investment, edited by Gerd Schwartz, Manal Fouad, Torben S. Hansen, and Geneviève Verdier. Washington, DC: International Monetary Fund.

    • Search Google Scholar
    • Export Citation

  • Mouter, Niek. 2018. “A Critical Assessment of Discounting Policies for Transport Cost-Beneft Analysis in Five European Practices.” European Journal of Transport and Infrastructure Research 18 (4): 389–412.

    • Search Google Scholar
    • Export Citation

  • Nicolaisen, Morten Skou, and Patrick A. Driscoll. 2016. “An International Review of Ex-Post Project Evaluation Schemes in the Transport Sector.” Journal of Environmental Assessment Policy and Management 18 (1): 1650008.

    • Search Google Scholar
    • Export Citation

  • Organisation for Economic Co-operation and Development (OECD). 2015. OECD Guidelines on Corporate Governance of State-Owned Enterprises, 2015 Edition. OECD, Paris.

    • Search Google Scholar
    • Export Citation

  • Organisation for Economic Co-operation and Development (OECD). 2017b. “Getting Infrastructure Right: A Framework for Better Governance.” OECD, Paris, France.

    • Search Google Scholar
    • Export Citation

  • Organisation for Economic Co-operation and Development (OECD). 2017c. “Strategic Infrastructure Planning: International Best Practice.” International Transport Forum Case-Specific Policy Analysis Series, OECD, Paris, France.

    • Search Google Scholar
    • Export Citation

  • Organisation for Economic Co-operation and Development (OECD). 2017a. “Gaps and Governance Standards of Public Infrastructure in Chile.” OECD, Paris, France.

    • Search Google Scholar
    • Export Citation

  • Organisation for Economic Co-operation and Development (OECD). 2018. “Methodology for Assessing Procurement Systems.” OECD, Paris, France.

    • Search Google Scholar
    • Export Citation

  • Organisation for Economic Co-operation and Development (OECD). 2019. “Making Decentralisation Work: A Handbook for Policy-Makers.” OECD, Paris, France.

    • Search Google Scholar
    • Export Citation

  • Pattanayak, Sailendra. 2016. “Expenditure Control: Key Features, Stages, and Actors.” IMF Technical Notes and Manuals 16/02, International Monetary Fund, Washington, DC.

    • Search Google Scholar
    • Export Citation

  • Pattanayak, Sailendra, and Israel Fainboim. 2011. “Treasury Single Account: An Essential Tool for Government Cash Management.” IMF Technical Notes and Manuals 11/04, International Monetary Fund, Washington, DC.

    • Search Google Scholar
    • Export Citation

  • Project Management Institute. 2017. A Guide to the Project Management Body of Knowledge (PMBOK® Guide). Project Management Institute.

  • Radev, Dimitar, and Pokar Khemani. 2009. “Commitment Controls.” IMF Technical Notes and Manuals 9/04, International Monetary Fund, Washington, DC.

    • Search Google Scholar
    • Export Citation

  • Rajaram, Anand, Tuan Minh Le, Nataliya Biletska, and Jim Brumby. 2010. “A Diagnostic Framework for Assessing Public Investment Management.” Policy Research Working Paper No. 5397, World Bank, Washington, DC.

    • Search Google Scholar
    • Export Citation

  • Royal Institution of Chartered Surveyors (RICS). 2012. Public Sec tor Property Asset Management Guidelines. London, UK: RICS.

  • Saxena, Sandeep, and Sami Yläoutinen. 2016. “Managing Budgetary Virements.” IMF Technical Notes and Manuals 16/04, International Monetary Fund, Washington, DC.

    • Search Google Scholar
    • Export Citation

  • Schwartz, Gerd, Manal Fouad, Torben S. Hansen, and Genevieve Verdier. 2020. Well Spent: How Strong Infrastructure Governance Can Reduce Waste in Public Investment. Washington, DC: International Monetary Fund.

    • Search Google Scholar
    • Export Citation

  • Spackman, Michael. 2002. “Multi-Year Perspective in Budgeting and Public Investment Planning.” Organisation for Economic Co-operation and Development, Paris, France.

    • Search Google Scholar
    • Export Citation

  • Taliercio, Robert, and Eduardo Andrés Estrada. 2020. “Best Practices in Project Appraisal and Selection.” In Well Spent: How Strong Infrastruc ture Governance Can End Waste in Public Investment, edited by Gerd Schwartz, Manal Fouad, Torben S. Hansen, and Geneviève Verdier. Washington, DC: International Monetary Fund.

    • Search Google Scholar
    • Export Citation

  • Taz, Chaponda, Chishiro Matsumuto, and Lewis Kabayiza Murara. 2020. “The Public Investment Management Assessment Framework: An Overview.” In Well Spent: How Strong Infrastructure Governance Can End Waste in Public Investment, edited by Gerd Schwartz, Manal Fouad, Torben S. Hansen, and Geneviève Verdier. Washington, DC: International Monetary Fund.

    • Search Google Scholar
    • Export Citation

  • UK Government. 2018. “Project Delivery Capability Framework.” Government Project Delivery Profession, Infrastructure and Projects Authority, United Kingdom.

    • Search Google Scholar
    • Export Citation

  • UK Treasury. 2018. “The Green Book: Central Government Guidance on Appraisal and Evaluation.” London, UK: HM Treasury.

  • Watermeyer, Ronald. 2019. “Client Guide for Improving Infrastructure Project Outcomes.” University of the Witwatersrand, Johannesburg.

    • Search Google Scholar
    • Export Citation

  • World Bank. 2004. Reforming Infrastructure: Privatization, Regulation, and Competition. Washington, DC: World Bank.

  • World Bank. 2017a. “Benchmarking Public Procurement: Assessing Public Procurement Regulatory Systems in 180 Countries.” World Bank, Washington, DC.

    • Search Google Scholar
    • Export Citation

  • World Bank. 2017b. Public-Private Partnerships Reference Guide (version 3). Washington, DC: World Bank.

  • World Bank. 2018. “Procurement Regulations for IPF Borrowers.” World Bank, Washington, DC.

  • World Bank. 2020. Public Investment Management Reference Guide. Washington, DC: World Bank.