Public Investment Management Reference Guide, WBG Publication
Public Investment Management Reference Guide was prepared by a World Bank Governance Global Practice team led by Jay-Hyung Kim (task team leader) and Jonas Arp Fallov, with Simon Groom (international consultant). The team worked under the guidance and direction of James Brumby and Edward Olowo-Okere.
The Public Investment Management Reference Guide aims to fill the gap between what should be done and the immediate demand for pragmatic guidance from countries on how to adapt the implied reforms. It conveys country experiences and good international practices as a basis for decisions on how to address a country-specific PIM reform agenda. The country references are drawn largely from previous diagnostics and technical assistance work of the World Bank.
The PIM Reference Guide identifies key reform issues in the following areas: clarification of the definition and scope of public investment and public investment management; establishment of a sound legal, regulatory, and institutional setting for PIM; allocation of roles and responsibilities for key playersin PIM across governments; strengthening of appraisal and deepening of appraisal methodologies; integration of strategic planning, project appraisal, and capital budgeting; management of multiyear capital budget allocations and commitments; efforts to address the effective implementation, procurement, and monitoring of projects; strengthening of asset management and ex post evaluation; integration of PIM and public-private partnerships (PPPs) in a unified framework; rationalization and prioritization of the existing nonperforming portfolio of public investment projects; and development of a PIM information system.
The PIM Reference Guide provides an overall framework for each of the issues, lists different approaches and experiences across countries, and
summarizes actionable reforms. It does not seek to provide definitive answers or detailed templates for replication across countries. Instead, it clarifies the differences and commonalities across countries.