This report documents the current levelsand patterns of public investment in Russia, analyzes theinstitutional arrangements in place for investmentbudgeting, and develops short- and medium-termrecommendations where policy or institutional strengtheningis required for improving the efficiency of investmentexpenditures. The analysis of public investment is basedprimarily on the federal government though some issues ofsubnational investment budgeting are also touched upon Inany case, many of the issues and recommendations at thefederal level are likely to have relevance for subnationalinvestment budgeting also. While the Government is embarkedupon overall budgetary reforms, the special characteristicsof multi-year investment programs require special attentionin the face of evidence of inefficiencies in the use ofpublic funds for investment purposes, improvements in theirefficiency--both in terms of their allocation across sectorsand activities, and in terms of theircost-effectiveness--are clearly important. It is also clearthat many gains would come from the strengthening of theinstitutional arrangements for investment budgeting--in theareas of budget preparation, implementation, and ex postevaluation and accountability.
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