Tajikistan : Capital Expenditures and Public Investment Management
This policy note is part of the World Bank's Programmatic Public Expenditure Review (PER) work program for FY2012-2014. The PER consists of a series of fiscal policy notes, which aim at providing the Government of Tajikistan with recommendatio...
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| Format: | Public Expenditure Review |
| Language: | English en_US |
| Published: |
Washington, DC
2014
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| Online Access: | http://documents.worldbank.org/curated/en/2014/06/19766470/capital-expenditures-public-investment-management http://hdl.handle.net/10986/20750 |
| Summary: | This policy note is part of the World
Bank's Programmatic Public Expenditure Review (PER)
work program for FY2012-2014. The PER consists of a series
of fiscal policy notes, which aim at providing the
Government of Tajikistan with recommendations to strengthen
budgetary processes and analysis. This policy note, the
sixth in the series continues the fiscal policy dialogue
conducted in the previous notes. It is structured as
follows. Chapter 2 sets a macro-fiscal context for the
analysis with a particular focus on fiscal policy
challenges. Chapter 3 analyzes the composition and trends in
capital expenditures to identify issues and offer solutions
for improving efficiency of capital spending. Chapter 4
reviews a public investment management process in Tajikistan
to identify weaknesses in the capital budgeting cycle
(planning, budgeting, implementation, and audit), and to
recommend measures and remedies to address shortcomings in
these processes. Chapter 5 provides the main conclusions: 1)
although Tajikistan has enjoyed high economic growth and
substantial external assistance, increasing uncertainties
about the global environment and the Russian growth outlook
put Tajikistan's growth prospects at high risk, and the
fiscal space will be very tight; 2) Tajikistan needs to
address both equity and sector allocation efficiency issues
to better mobilize resources in support of national
priorities; 3) analysis of the public investment management
system suggests that lack of a unified methodological
framework, fragmentation, and poor institutional links
discourage efficient use of limited domestic resources and
attraction of external financing; and 4) the proposed
reforms need to be sequenced to take into account
implementation capacity and expected benefits. This note
provides detailed recommendations to the Government
regarding public investment management. |
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