The Public Investment Management (PIM)efficiency review is intended to support the Government ofZimbabwe, and in particular the Ministry of Finance, in itsefforts to strengthen the efficiency of the publicinvestment system, with the goal ofimproving the creation,operation and maintenance of public sector capital assetsthat support service delivery and economic growth. Theproblems of public investment management are not merelyfinancial but systemic.Budget execution deficit remains amajor bottleneck. Due to large backlogs across sectors,capital budget allocation has prioritized completion andrehabilitation of on-going and stalled projects andprograms. Currently, public investment projects are mainlyfinanced by the national budget. Regulatory frameworks forpublic-private partnerships are in place, but sluggishrecovery from the private sector has not made it a notablesource of financing for capital projects. Foreign loans andgrants, and humanitarian aid from donors are not channeledthrough the official budget. This report is intended toprovide the basis for a follow-on discussion with governmenton possible options and approaches to addressing theidentified problems, focusing on those which are the mostcritical to Zimbabwe's economic recovery and long termdevelopment.It is complementary to the action plan, alsodeveloped by the team for consideration by the Government ofZimbabwe, which suggests a list of reform actions over theimmediate to medium-term to strengthen the regulatoryframework and build capacity across central and implementingagencies. The objective of the policy note is to support theGovernment of Zimbabwe to strengthen the efficiency of PIMsystem, with an ultimate goal of contributing to improvedgovernance, service delivery, and economic growth. The studywill inform a reform and capacity strengthening action planwith the Government as well as subsequent Bank'sproposed technical assistance program to strengthen the PIM.
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