The Public Expenditure and Financial Accountability (PEFA) Secretariat in collaboration with Nathan Associates Inc. presents:



Public Investment Management for Improved Socio-Economic Outcomes


A PEFA Research Series Event


WEDNESDAY, JUNE 23, 2021 | 8:00Am – 9:30 Am EST




               Manal Fouad                    Assistant Director,        Fiscal Affairs Department     International Monetary Fund

closing REMARKS

          Adenike Sherifat Oyeyiola                                  Practice Manager                  The World Bank Group



Research Team from the Nathan Associates

Authors of the research paper Analyzing the Link between PFM System Strength and Public Investment Performance”







Jens Kristensen       Practice Manager Middle East and North Africa, The World Bank Group




Dr.Daniel Mullins  National Director of State and Local Tax Policy      Economics, Ernst and Young



       Michelle Stone           Senior Economist, Fiscal Affairs Department,     International Monetary Fund









This knowledge event is anchored around the research paper “Analyzing the Link between PFM System Strength and Public Investment Performance” and is aiming to stimulate discussion on the research and practice on the impact of PFM in PIM performance. This paper is a product of the first PEFA sponsored Research Competition of 2019 that focused on PFM and service delivery.

Public investment in key infrastructure can promote economic growth and improved public investment performance and higher-level outcomes like infrastructure-related service delivery. Although public investment remains historically low in advance economies, it has been rising in Emerging Economies and Lower Income Developing Countries LIDCs, leading to improved access to quality social infrastructure (health, education) and economic infrastructure (roads, energy). The impact of Public Investment Management (PIM), however, critically depends on its efficiency. Existing research finds an average loss of around 30% of the returns on investments due to PIM inefficiencies – the economic dividends from closing this gap are thus enormous.

The paper “Analyzing the Link between PFM System Strength and Public Investment Performance” examines the link between the strength of country PFM systems, improved PIM, and public investment performance and explores higher-level outcomes related to the PIM.  It sets out to answer whether countries with improving PFM performance see greater subsequent improvements in public investment performance outcomes than countries whose PFM systems do not show improvement.

The findings of this research aim to inform questions such as what are the linkages among improved budgeting, procurement, and public investment processes; how could practitioners focus their Public Financial Management (PFM) strengthening programs; and how could the impact of PFM programming be measured.






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Mr. Timothy Robinson is an economist with experience in public financial management, tax policy, and macro fiscal modelling with over 10 years of experience working with governments worldwide on fiscal and public financial management reform initiatives. He is currently the Director of the Economic Governance and Inclusive Growth program, a DFAT funded program in Papua New Guinea. 







Mr. Joseph McGrann is an economic analyst and project management professional with nine years of international development experience. He specializes in economic policy, public finance, and public sector reform. His recent assignments include managing data collection for a set of labor market studies in Djibouti, co-authoring a public expenditure review for the Ugandan health sector, and developing monthly reports estimating the economic and fiscal impacts of COVID-19 on Papua New Guinea.






Ms. Uzma Ashraf Barton is a tax policy and administration specialist with over fifteen years of experience in fiscal and financial law, reform implementation, advisory, capacity building, and research. Her book ‘Rethinking Finance’ explored issues of systemic financial risks. Ms. Barton currently provides technical advice and home office support on domestic revenue mobilization (DRM) and public financial management (PFM) projects, and economic policy analysis, at Nathan Associates’ international development practice.



  Profile photo of Adam Kadir

Mr. Adam Kadir is an international development professional with over three years of experience supporting international organizations. He is currently a Research Associate in the Economic Policy and Governance unit at Nathan Associates. He currently manages the USAID/Uganda Domestic Resource Mobilization for Development Activity, a $11.4 million project tax reform project.



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Ms. Jiménez-Ontiveros is an international development professional, with over two years of experience. Currently, she works as a Research Associate at Nathan Associates for the Economic Policy and Governance Team, where she conducts research and assists with project management and business development efforts in public financial management, tax policy, and macroeconomic analysis.


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