Public Investment Management in Latin America and the Caribbean : Institutions under Evolution
Over recent decades many countries of the Latin America region have set up specialized processes and mechanisms for public investment management. Initially created as isolated systems, they are now being further integrated with enhanced budgeting p...
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Format: | Public Investment Review |
Language: | English en_US |
Published: |
World Bank, Washington, DC
2014
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Online Access: | http://documents.worldbank.org/curated/en/2013/01/23068420/public-investment-management-latin-america-caribbean-institutions-under-evolution http://hdl.handle.net/10986/21053 |
Summary: | Over recent decades many countries of
the Latin America region have set up specialized processes
and mechanisms for public investment management. Initially
created as isolated systems, they are now being further
integrated with enhanced budgeting processes and financial
management systems. In this process, Ministries of Finance
and planning entities have emerged as the two key agencies
taking on critical functions in the investment cycle. The
on-going consolidation of institutional arrangements is
being challenged through the increasing involvement of
subnational governments, not least since they also are
increasingly promoting PPP arrangements that require
considerable regulatory capacities. More recently, countries
are promoting results-oriented management and multi-year
planning which can provide new impetus to strengthen public
investment management. This is required as infrastructure
gaps remain significant across urban and rural areas, and
further efforts are required to enhance expenditure
efficiency at both national and subnational levels of
government. In the future, increased attention and
asymmetric treatment of subnational governments is required
to address the existing and possibly widening infrastructure
gaps in light of uneven capacities. |
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