The Colombian Government has madesignificant progress in the implementation of effectiveprocesses, practices, and methodologies for publicinvestment management (PIM). A 2011 IMF-published reportranked Colombia among the top 5 countries with best PIMpractices out of a sample of 71 low- and middle-incomecountries (Dabla-Norris and others, 2011). The reportassessed the following 4 key features: (a) strategicguidance and project review, (b) project selection andbudgeting, (c) project implementation, and (d) projectevaluation and auditing. Colombia was deemed to haveachieved a good performance on 3 out of the 4 key features.Nevertheless, the country’s PIM system still faces the needfor areas of improvement identified by the World Bank’s PIMframework. This framework allows for identification of notonly the presence of must-have features in PIM systems thatare key to promoting effective and efficient publicinvestment but also if those features are implemented in thefield and if they have achieved their intended purpose. Inthe case of Colombia, the main challenges identified wererelated to the broad implementation of tools designed,particularly for management of public investment projects aswell as with the fractioning of standards and practices, andthe overemphasis placed on formal controls during theformulation and project implementation stages. In addition,the country PIM processes had weaknesses in terms of thereview and ex post project evaluation. This documentsummarizes the main findings of a PIM study carried out inColombia in 2015. The document includes an analyticalframework for assessing public investment management andpresents the assessment results as well as improvementrecommendations to strengthen the institutional set-up toincrease the effectiveness and efficiency of publicinvestment in Colombia.
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