Public Investment Management in Colombia
The Colombian Government has made significant progress in the implementation of effective processes, practices, and methodologies for public investment management (PIM). A 2011 IMF-published report ranked Colombia among the top 5 countries with bes...
| Main Authors: | , , , |
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| Format: | Report |
| Language: | English |
| Published: |
World Bank, Washington, DC
2018
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| Subjects: | |
| Online Access: | http://documents.worldbank.org/curated/en/697441524139820762/Public-investment-management-in-Colombia http://hdl.handle.net/10986/29731 |
| Summary: | The Colombian Government has made
significant progress in the implementation of effective
processes, practices, and methodologies for public
investment management (PIM). A 2011 IMF-published report
ranked Colombia among the top 5 countries with best PIM
practices out of a sample of 71 low- and middle-income
countries (Dabla-Norris and others, 2011). The report
assessed the following 4 key features: (a) strategic
guidance and project review, (b) project selection and
budgeting, (c) project implementation, and (d) project
evaluation and auditing. Colombia was deemed to have
achieved a good performance on 3 out of the 4 key features.
Nevertheless, the country’s PIM system still faces the need
for areas of improvement identified by the World Bank’s PIM
framework. This framework allows for identification of not
only the presence of must-have features in PIM systems that
are key to promoting effective and efficient public
investment but also if those features are implemented in the
field and if they have achieved their intended purpose. In
the case of Colombia, the main challenges identified were
related to the broad implementation of tools designed,
particularly for management of public investment projects as
well as with the fractioning of standards and practices, and
the overemphasis placed on formal controls during the
formulation and project implementation stages. In addition,
the country PIM processes had weaknesses in terms of the
review and ex post project evaluation. This document
summarizes the main findings of a PIM study carried out in
Colombia in 2015. The document includes an analytical
framework for assessing public investment management and
presents the assessment results as well as improvement
recommendations to strengthen the institutional set-up to
increase the effectiveness and efficiency of public
investment in Colombia. |
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