A Diagnostic Framework for Assessing Public Investment Management

Rajaram, Anand ; Le, Tuan Minh ; Biletska, Nataliya ; Brumby, Jim

关键词: ACCOUNTING;    ACCOUNTING PRINCIPLES;    ACCOUNTING SYSTEM;    ACCRUAL ACCOUNTING;    AFFILIATED ORGANIZATIONS;   

DOI  :  10.1596/1813-9450-5397
RP-ID  :  WPS5397

学科分类：社会科学、人文和艺术（综合）

来源: World Bank Open Knowledge Repository

【 摘 要 】

This paper provides a pragmatic andobjective diagnostic approach to the assessment of publicinvestment management systems for governments. Sinceweaknesses in public investment management can negate thecore argument that additional fiscal space allocated topublic investments could enhance future economic prospects,attention to the processes that govern public investmentselection and management is critical.The paper begins witha description of eight key "must-have" features ofa well-functioning public investment system: (1) investmentguidance, project development, and preliminary screening;(2) formal project appraisal; (3) independent review ofappraisal; (4) project selection and budgeting; (5) projectimplementation; (6) project adjustment; (7) facilityoperation; and (8) project evaluation. The emphasis isplaced on the basic processes and controls (linked atappropriate stages to broader budget processes) that arelikely to yield the greatest assurance of efficiency inpublic investment decisions. The approach does not seek toidentify best practice, but rather to identify the"must have" institutional features that wouldaddress major risks and provide an effective systemicprocess for managing public investments. The authors alsodevelop a diagnostic framework to assess the main stages ofthe public investment management cycle. In principle, theidentification of core weaknesses will allow reforms tofocus scarce managerial and technical resources where theywill yield the greatest impact. In addition, the frameworkis intended to motivate governments to undertake periodicself-assessments of their public investment systems anddesign reforms to enhance the productivity of public investment.