Moldova Public Expenditure Review : Capital Expenditures - Making Public Investment Work for Competitiveness and Inclusive Growth in Moldova

World Bank

Washington, DC

关键词: ACCOUNTING;    ALLOCATION;    ALLOCATION OF CAPITAL;    ANNUAL BUDGET;    ANNUAL BUDGET PROCESS;   

RP-ID  :  82138

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 public expenditure review (PER) forMoldova is the result of a body of programmatic fiscal work.This PER focuses on capital expenditure. It supports thefirst pillar of the country partnership strategy (improvingeconomic competitiveness) and complements the 2012development policy operation. In the context of economicrecovery and stabilization, government requested World Bankassistance in improving its capital allocation mechanism, asits fiscal consolidation program attempted to create spacefor critical infrastructure whilst gradually reducing thestate's footprint in the economy. This reportrecommends ways to strengthen public investment processes,institutions, and sector policies to achieve better outcomesfor public capital expenditures in Moldova. This reportsuggests reforms in public investment management and sectorpolicies to raise cost-effectiveness and allocativeefficiency of capital expenditures. Three key areas ofreform are: (i) raise the quality of new projects byimproving preliminary screening and project appraisalmechanisms; (ii) improve selection of new projects andensure continuity of funding for ongoing projects throughbetter prioritization and budgeting processes; and (iii)strengthen monitoring of project implementation for costefficiency and timely delivery of public services. Thereport has four chapters. The first chapter presents themacroeconomic outlook and its implications for fiscalpolicy, particularly with respect to the capital budget. Thesecond chapter presents the structure and classification ofthe capital budget as well as recent trends in capitalexpenditure levels and execution, and reviews the adequacyof resource allocations and utilization across sectors,given investment needs, national priorities andimplementation capacity. The third chapter reviews publicinvestment management processes and presents recommendationsto improve the efficiency of public capital expenditure inMoldova. The fourth chapter discusses specific sectorchallenges and offers recommendations for improving capitalexpenditure outcomes.