Public Investment Management in Colombia

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...

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Bibliographic Details
Main Authors: Martín, Tomás, Guzmán, Pablo Andres, Lizundia, Eguiar, Arizti, Pedro
Format: Report
Language:English
Published: World Bank, Washington, DC 2018
Subjects:
PUBLIC INVESTMENT MANAGEMENT
GOVERNANCE
INSTITUTIONS
AUDITING
Online Access:http://documents.worldbank.org/curated/en/697441524139820762/Public-investment-management-in-Colombia
http://hdl.handle.net/10986/29731
id okr-10986-29731
recordtype oai_dc
spelling okr-10986-297312021-05-25T09:14:05Z Public Investment Management in Colombia Martín, Tomás Guzmán, Pablo Andres Lizundia, Eguiar Arizti, Pedro PUBLIC INVESTMENT MANAGEMENT GOVERNANCE INSTITUTIONS AUDITING 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. 2018-04-26T19:19:54Z 2018-04-26T19:19:54Z 2018-03 Report http://documents.worldbank.org/curated/en/697441524139820762/Public-investment-management-in-Colombia http://hdl.handle.net/10986/29731 English CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo World Bank World Bank, Washington, DC Economic & Sector Work Economic & Sector Work :: Public Investment Review Latin America & Caribbean Colombia
repository_type Digital Repository
institution_category Foreign Institution
institution Digital Repositories
building World Bank Open Knowledge Repository
collection World Bank
language English
topic PUBLIC INVESTMENT MANAGEMENT
GOVERNANCE
INSTITUTIONS
AUDITING
spellingShingle PUBLIC INVESTMENT MANAGEMENT
GOVERNANCE
INSTITUTIONS
AUDITING
Martín, Tomás
Guzmán, Pablo Andres
Lizundia, Eguiar
Arizti, Pedro
Public Investment Management in Colombia
geographic_facet Latin America & Caribbean
Colombia
description 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.
format Report
author Martín, Tomás
Guzmán, Pablo Andres
Lizundia, Eguiar
Arizti, Pedro
author_facet Martín, Tomás
Guzmán, Pablo Andres
Lizundia, Eguiar
Arizti, Pedro
author_sort Martín, Tomás
title Public Investment Management in Colombia
title_short Public Investment Management in Colombia
title_full Public Investment Management in Colombia
title_fullStr Public Investment Management in Colombia
title_full_unstemmed Public Investment Management in Colombia
title_sort public investment management in colombia
publisher World Bank, Washington, DC
publishDate 2018
url http://documents.worldbank.org/curated/en/697441524139820762/Public-investment-management-in-Colombia
http://hdl.handle.net/10986/29731
_version_ 1764470127154167808

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