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Public Investment Management Bottlenecks in Low-income Countries
Author:
Khaled Eltokhy
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,
Nicoletta Feruglio
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,
Kezhou Miao
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,
Arturo Navarro
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Eivind Tandberg
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Series:
IMF Working Papers
Volume/Issue:
Volume 2024: Issue 232
Language:
English
Publication Date:
01 Nov 2024
DOI:
https://doi.org/10.5089/9798400289231.001
ISBN:
9798400289231
ISSN:
1018-5941
Pages:
31
Keywords:
Public Financial Management; Low Income countries; Public Investment Management; Public Investment Management Assessment; Public Investment Efficiency; priority Pima institution; efficiency frontier; management in LIDCs; IMF Public Investment Management Assessments; investment efficiency; Public Investment Management Assessment (PIMA); Public investment spending; Post-clearance customs audit; Infrastructure; West Africa; Global
Legal-disclaimer:
IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.
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This paper uses principal component analysis (PCA) to identify bottlenecks to effective public investment management in LIDCs. The paper describes the current state of affairs regarding public investment and public investment management in LIDCs, drawing on the results of IMF Public Investment Management Assessments (PIMAs). PCA is used to analyze which public investment institutions are likely to be most important for investment efficiency estimates across the countries covered by PIMAs so far. Drawing on alternative input data, we identify five PIMA institutions that are systematically highly correlated to estimates of public investment efficiency in LIDCs and are likely to be high priorities in many PIM reform processes: Project management, Project appraisal, Procurement, Availability of funding, and Project selection. This does not mean that these five are the only important institutions – this will depend on country circumstances. The practical steps to strengthen PIM in LIDCs are elaborated in a separate How-to-Note.
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Cover IMF Working Papers
IMF Working Papers
ISSN:
1018-5941
Publisher:
International Monetary Fund