Belarus Strengthening Public Investment and Public Private Partnerships : Assessment Report
Faced with a prolonged economic downturn and resulting fiscal constraints, the Government of Belarus is looking to increase the efficiency of public funds spent on public investment. As the total envelope on public capital spending is likely to sta...
| Main Author: | |
|---|---|
| Format: | Report |
| Language: | English |
| Published: |
World Bank, Washington, DC
2018
|
| Subjects: | |
| Online Access: | http://documents.worldbank.org/curated/en/907911542642443113/Belarus-Strengthening-Public-Investment-and-Public-Private-Partnerships-Assessment-Report http://hdl.handle.net/10986/31022 |
| Summary: | Faced with a prolonged economic downturn
and resulting fiscal constraints, the Government of Belarus
is looking to increase the efficiency of public funds spent
on public investment. As the total envelope on public
capital spending is likely to stagnate or even decrease
further in the coming years, it becomes important to
increase the output for each ruble spent on infrastructure
and other public investment. Several international studies
point to a significant payoff from improving Public
Investment Management (PIM) – the institutions, systems, and
processes guidingdecisions on how to prepare and implement
public investment projects. The InternationalMonetary Fund
(IMF) estimates – based on a survey of the efficiency of PIM
systems in a range of countries having gone through PIM
assessments – suggest that an average country obtains 30
percent less output in terms of physical infrastructure for
a given expenditure than the most efficient countries. Up to
two-thirds of this efficiency gap could be clawed back
through improved PIM institutions (IMF, 2015). At the same
time, alternative modalities have developed for procuring
andimplementing public investment projects through the
involvement of private partners. Such Public Private
Partnerships (PPPs) can in some cases increase the
efficiency of project implementation and likelihood of
achieving project outcomes, although attention must be
devoted to properly identifying and managing significant
fiscal and other project-related risks. Against this
background, the Government of the Republic of Belarus (GoB)
has requested the World Bank to provide technical assistance
to strengthen PIM and PPPs. As a first step, this report
assesses the current systems and procedures for public
investment against good international practice using a
diagnostic methodology developed by the World Bank and
tested in a large number of countries worldwide. The
analysis identifies gaps in the current system, and options
for improvement are provided as a basis for further
discussion and prioritization by the GoB. |
|---|