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Public Investment Management Reference Guide

Author

Listed:
  • Jay-Hyung Kim
  • Jonas Arp Fallov
  • Simon Groom

Abstract

The Public Investment Management (PIM) Reference Guide aims to convey country experiences and good international practices as a basis for decisions on how to address country-specific PIM reform agendas. The country references are drawn largely from previous diagnostics and technical assistance reports of the World Bank. The application of country diagnostics and assessments has revealed a need to address the following issues when undertaking a country reform in PIM: • Clarification of the definition and scope of public investment and public investment management • Establishment of a sound legal, regulatory and institutional setting for PIM, making sure it is linked to the budget process • Allocation of roles and responsibilities for key players in PIM across government • Strengthening project pre-appraisal, appraisal, and selection/prioritization procedural guidance, and deepening project appraisal methodologies • Integration of strategic planning, project appraisal/selection, and capital budgeting • Management of multiyear capital budget allocations and commitments • Ensuring effective implementation, procurement, and monitoring of projects • Strengthening of asset management and ex post evaluation • Integration of PIM and public-private partnership (PPP) in a unified framework • Rationalization and prioritization of the existing PIM project portfolio • Development of a PIM database and IT in the form of a PIMIS (PIM Information System). The PIM Reference Guide does not seek to provide definitive answers or standard guidance for the common PIM issues facing countries. Nor does it seek to provide a detailed template for replication across countries: this would be impossible given the diversity of country situations. Instead, each chapter of the guide begins with an overview of a specific reform issue, lists approaches and experiences from various countries, and summarizes the references and good practices to be considered in designing country-specific reform actions.

Suggested Citation

  • Jay-Hyung Kim & Jonas Arp Fallov & Simon Groom, 2020. "Public Investment Management Reference Guide," World Bank Publications - Books, The World Bank Group, number 33368.
    • Handle: RePEc:wbk:wbpubs:33368
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    File URL: https://openknowledge.worldbank.org/bitstream/handle/10986/33368/9781464815294.pdf?sequence=2
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    References listed on IDEAS

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    1. Louise Young, 2002. "Determining the Discount Rate for Government Projects," Treasury Working Paper Series 02/21, New Zealand Treasury.
    Full references (including those not matched with items on IDEAS)

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    Cited by:

    1. Cristiana Belu Manescu, 2021. "Public Investment Management in the EU Key Features and Practices," European Economy - Discussion Papers 154, Directorate General Economic and Financial Affairs (DG ECFIN), European Commission.
    2. Amat Adarov & Ugo Panizza, 2024. "Public Investment Quality and its Implications for Sovereign Risk and Debt Sustainability," IHEID Working Papers 12-2024, Economics Section, The Graduate Institute of International Studies.

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