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Crisis in Latin America : Infrastructure Investment, Employment and the Expectations of Stimulus

Schwartz, Jordan Z.; Andres, Luis A.; Dragoiu, Georgeta
Fonte: Banco Mundial Publicador: Banco Mundial
Relevância na Pesquisa
56.27%
Infrastructure investment is a central part of the stimulus plans of the Latin American and the Caribbean (LAC) region as it confronts the growing financial crisis. This paper estimates the potential effects on direct, indirect, and induced employment for different types of infrastructure projects with LAC-specific variables. The analysis finds that the direct and indirect short-term employment generation potential of infrastructure capital investment projects may be considerable - averaging around 40,000 annual jobs per US$1billion in LAC, depending upon such variables as the mix of subsectors in the investment program; the technologies deployed; local wages for skilled and unskilled labor; and the degrees of leakages to imported inputs. While these numbers do not account for substitution effect, they are built around an assumed "basket" of investments that crosses infrastructure sectors most of which are not employment-maximizing. Albeit limited in scope, rural road maintenance projects may employ 200,000 to 500...

Democratic Republic of São Tomé and Príncipe Country Integrated Fiduciary Assessment : Volume 4. Country Financial Accountability Assessment and Evaluation of Ongoing Reforms

World Bank
Fonte: Washington, DC Publicador: Washington, DC
EN_US
Relevância na Pesquisa
46.34%
This Integrated Fiduciary Assessment is the first of its kind for Sao Tome and Principe. It combines the analysis and policy recommendations from a public expenditure review (PER), a country financial accountability assessment (CFAA), and a country procurement assessment review (CPAR). The goal of the report is to identify the major challenges facing the country in the prepetroleum era (the next three to five years) in public finance management (including public enterprises) as it attempts to implement its National Poverty Reduction Strategy (NPRS) with a tight resource envelope. This executive summary presents recent economic developments and fiscal sustainability analysis that takes into account petroleum and no-petroleum scenarios, with corresponding analysis on which of the Millennium Development Goals (MDGs) are reachable. The summary reports on revenue and expenditure performance since 2000-01, issues related to the implementation of the public investment program (PIP) and its coordination with the NPRS, and the budget process...

Senegal - Enhancing the Efficiency of Public Investment : Public Expenditure Review

World Bank
Fonte: Washington, DC Publicador: Washington, DC
EN_US
Relevância na Pesquisa
56.38%
This Public Expenditure Review (PER) identifies four major challenges that the Senegalese authorities must meet in order to optimize their investment policy. The first challenge is to optimize the strategic choices underlying an optimal investment policy. To this end, the authorities should improve their capacity to assess the sectoral allocation of their investment projects. They should also accord greater importance to infrastructure - the share of which is still less than optimal by international standards - because of its unquestionably positive impact on growth. It is recommended to program the recurrent costs associated with public investment projects, i.e., that the consolidated investment budget - BCI - be provided with an economic classification clearly distinguishing between the two forms of expenditure, so as to subsequently harmonize them with recurrent costs included in the current budget, and to plan them more effectively over time, both globally and by sector. The second challenge involves improving the alignment of budgetary instruments. To improve the extent to which budgetary instruments are matched with the strategic objectives of the Poverty Reduction strategy Paper (PRSP), this PER proposes two complementary approaches. The first stresses the missing link in the Senegalese planning system...

Using Credit Ratings to Improve Water Utility Access to Market Finance in Sub-Saharan Africa

Advani, Rajesh
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Relevância na Pesquisa
46.3%
Water and Sanitation Program (WSP) is working to leverage domestic private sector expertise and resources to deliver services that benefit the poor. The aim is to help an estimated 1.5 million poor people gain sustained access to improved water supply and sanitation services and leverage over US$80 million in investments by donors, governments, and the domestic private sector through three main activity lines: building water and sanitation business models for the poor; public-private partnerships in non-traditional markets; and, banking the unbanked water and sanitation providers. Encouraging creditworthy utilities to finance a portion of their investment program using commercial debt will improve the allocation of public funds for investment. Taking steps to address performance issues that hinder access to credit could see significantly more investment in water by the private sector, resulting in improved access in urban areas.

Burundi - Public Expenditure Review : Improving the Efficiency of Public Investment

World Bank
Fonte: Washington, DC Publicador: Washington, DC
EN_US
Relevância na Pesquisa
46.37%
This report reviews the state of public expenditure in Burundi, with a focus on public investment, and recommends specific actions that need to be taken to stimulate growth and reduce poverty. Overall, the analysis indicates that poor performance in public expenditure and investment management are due to a number of factors. First, there is a lack of coordination among national institutions, and between those institutions and the donor community, which weakens the project selection process, implementation, and the integrity of procurement. Second, monitoring capacity is constrained by the lack of information about execution rates, and by inadequate audit and reporting mechanisms. Third, project performance is affected by disbursement delays and the volatility of external aid. Finally, in recent years, the significant increase in development spending has been mostly channeled toward the social sectors, with very limited public investment related to productive economic sectors such as infrastructure.

Georgia Public Expenditure Review : Diagnostics of Public Investment Management System

World Bank
Fonte: Washington, DC Publicador: Washington, DC
EN_US
Relevância na Pesquisa
46.34%
Generating growth and creating jobs within a sustainable fiscal framework is Georgia s biggest macroeconomic challenge. Although Georgia registered rapid growth of 5.7 percent a year during 2010-13, unemployment remains high at 15 percent. New growth companies, especially in tourism and other service sectors, did not generate enough formal or even informal employment. Fiscal policy played a crucial role in Georgia s recent growth performance with a fiscal stimulus driven post-crisis recovery which increased deficit and debt levels followed by fiscal consolidation during 2010-12 when recovery took hold. The weak execution of the budget in 2013 and policy uncertainty were largely responsible for the growth slowdown during the year. Tackling the growth and jobs agenda in Georgia will require significant investment in human and physical capital and the government has a large role to play here. Additional spending, where it is needed, should be undertaken within the fiscal consolidation agenda of the government, designed to help restore the macroeconomic buffers needed to secure stability and sustain confidence in the future. The change in government in 2012 marked a shift in fiscal policy with prioritization of recurrent social expenditures over capital spending...

Socialist Republic of Vietnam : Results-Based National Urban Development Program in the Northern Mountains Region

World Bank
Fonte: Washington, DC Publicador: Washington, DC
EN_US
Relevância na Pesquisa
46.32%
The proposed Results-Based National Urban Development Program in the Northern Mountains Region (RBNUDP-NM or the Program ) will assist the Government of Vietnam in developing the implementation framework for its national urban program. It will do this by piloting a performance-based transfer system that will provide participating cities with a combination of much needed resources along with a clarification of implementation responsibilities, a results-based orientation, improved planning and a strengthening of oversight and accountability through audits and verification activities. The Program Development Objective is to strengthen the capacity of participating Northern Mountains cities to plan, implement and sustain urban infrastructure. The World Bank s Program-for-Results lending instrument is to be used for this operation. The Program targets the following seven cities Dien Bien Phu, Bac Kan, Cao Bang, Thai Nguyen, Hoa Binh, Tuyen Quang and Yen Bai.

The Power of Public Investment Management : Transforming Resources into Assets for Growth

Rajaram, Anand; Minh Le, Tuan; Kaiser, Kai; Kim, Jay-Hyung; Frank, Jonas
Fonte: World Bank Group, Washington, DC Publicador: World Bank Group, Washington, DC
EN_US
Relevância na Pesquisa
46.29%
This publication consists of seven chapters: building a system for public investment management; a unified framework for public investment management; country experiences of public investment management; approaches to better project appraisal; public investment management under uncertainty; procurement and public investment management; and public investment management for public-private partnerships.

Chad Public Expenditure Review in the Agricultural, Rural Development, and Food Security Sector

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Tipo: Relatório
EN_US
Relevância na Pesquisa
46.38%
Over the review period covered by this report (2003-2012), the budget allocated to agriculture increased noticeably more than the sector’s contribution to GDP. This reflects a notable effort by the Chad authorities to increase the budget to boost this sector’s development in recent years. In this proactive context, Chad signed its CAADP compact in December 2013 to continue supporting agriculture’s revival. The CAADP is being implemented in Chad even as the terms of the National Rural Sector Investment Program (PNISR, 2014-2020) are being finalized. Within the context of the CAADP, the Government of Chad (GOC) wished to undertake a review of public agriculture expenditures to learn from past budgetary implementation in this sector with a view to improving future program performance. Following a request by the Ministry of Agriculture and Irrigation (MoAI), the NEPAD planning and coordination agency gave Chad it’s backing for this review. This process was undertaken by the Program for Strengthening National Comprehensive Agricultural Public Expenditure in Sub-Saharan Africa...

Uganda - Strengthening the Effectiveness of the Public Investment Program : Public Expenditure Review

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Tipo: Economic & Sector Work :: Public Expenditure Review; Economic & Sector Work
ENGLISH; EN_US
Relevância na Pesquisa
66.36%
To advance the effectiveness of Uganda's public investment program (PIP) improvements can and should be made from the inception of an investment program all the way through its implementation. It is not a question of abandoning the current process but one of adjusting the various stages of the current PIP processes in place such that in particular quality at entry and readiness of investment projects improves, contract management gets strengthened, and above all incentives for implementation are enhanced. The aim of the adjustments to the PIP processes in Uganda is to ensure that the PIP can assist the government to direct resources to those investments that provide the highest economic and social return. The government is advised to revisit the current informational content of the PIP as well as the decision making process of the PIP at each of the phases of the PIP, i.e., preparation, evaluation, and implementation. The remainder of the executive summary will discuss how this can potentially be accomplished. Uganda's economy has grown rapidly over the past 20 years propelled by consistent policy reforms. Annual growth in real Gross Domestic Product (GDP) has averaged 7.4 percent over the 10 years ending in 2009/10...

Implementation Strategy for Urban Water Supply Policy

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Tipo: Economic & Sector Work :: Other Infrastructure Study; Economic & Sector Work
ENGLISH; EN_US
Relevância na Pesquisa
46.36%
This report deals with the water sector in Cambodia, and only mentions sanitation aspects in passing. However, it is recognized that the scale of the sanitation challenge is similarly daunting to or even larger than the water challenge, and that progress in sanitation will be as crucial as expanded access to safe water in making a lasting impact on poverty incidence, in particular vulnerability to waterborne diseases. There are two main constraints to broad-based growth in the sector. First is the absence of a comprehensive strategy to channel financing into the sector and to address weak incentives to raise more own-generated funds from user revenues. Second is the capacity of the providers to absorb public funding and utilize resources efficiently towards expanded access to sustainable services. Both of these constraints will have to be addressed in the context of the country's overall policy of promoting sustainable use of water resources and considering concerns of the poor and marginalized in the pursuit of development. In the short term...

Mongolia - Sources of Growth : Country Economic Report

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Tipo: Economic & Sector Work :: Country Economic Memorandum; Economic & Sector Work
ENGLISH
Relevância na Pesquisa
46.29%
This economic report aims to inform the ongoing debate on the Government's long term development priorities in Mongolia. It discusses the key facts and potential implications the government would need to consider when determining its public spending, public investment program, fiscal space, and borrowing strategy going forward. The report begins by reviewing the Mongolian growth experience over the 1990s as a pre-requisite to understand the present endowments, and the circumstances under which one needs to think about the future. Chapter 2 applies the "growth diagnostics" approach to identify those factors that are "binding" constraints to growth and are areas in need of immediate policy interventions by the government. Chapter 3 discusses the issues that will need to be addressed in order to develop non-mining sector activities with the aim of economic and export diversification and suggests policies to encourage firm innovation'' and private sector growth. Chapter 4 discusses policies to relax infrastructure bottlenecks in the context of regional development and Mongolia's unique geography. Chapter 5 presents a menu of policies tailored to address the mismatch of skills workers bring to the market and those demanded by the market. Chapter 6 discusses issues related to appropriate management and development of its mineral wealth...

People's Democratic Republic of Algeria - Public Expenditure Review : Assuring High Quality Public Investment, Volume 1. Main Report; Republique Algerienne Democratique et Populaire : Une Revue des Depenses Publiques

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Tipo: Economic & Sector Work :: Public Expenditure Review; Economic & Sector Work
ENGLISH
Relevância na Pesquisa
56.31%
The fiscal space generated by a prolonged oil windfall has enabled Algeria to embark on a massive public investment program for 2005- 09, Programme Complementaire de Soutien a la Croissance (PCSC). Taking advantage of the current macroeconomic and fiscal opportunity, the country could institutionalize high-quality public expenditure that would contribute social benefit far into the future. This Public Expenditure Review (PER) is an exercise to help the Government toward that end. The objectives of this PER are to assist the government in the following: evaluate fiscal sustainability in light of the country's fiscal push that PCSC represents; set high technical standards for public investment management; draw lessons from the on-going budget modernization reform in order to support the overall implementation, monitoring, and evaluation of projects; support the preparation of a medium-term expenditure framework and improve the efficiency and cost-benefit of investments in four key sectors, transport and public works...

Algeria - Public Expenditure Review : Assuring High Quality Public Investment, Volume 2. Annexes and Statistical Annex; Republique Algerienne Democratique et Populaire : Une Revue des Depenses Publiques

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Tipo: Economic & Sector Work :: Public Expenditure Review; Economic & Sector Work
ENGLISH
Relevância na Pesquisa
56.35%
The fiscal space generated by a prolonged oil windfall has enabled Algeria to embark on a massive public investment program for 2005- 09, Programme Complementaire de Soutien a la Croissance (PCSC). Taking advantage of the current macroeconomic and fiscal opportunity, the country could institutionalize high-quality public expenditure that would contribute social benefit far into the future. This Public Expenditure Review (PER) is an exercise to help the Government toward that end. The objectives of this PER are to assist the government in the following: evaluate fiscal sustainability in light of the country's fiscal push that PCSC represents; set high technical standards for public investment management; draw lessons from the on-going budget modernization reform in order to support the overall implementation, monitoring, and evaluation of projects; support the preparation of a medium-term expenditure framework and improve the efficiency and cost-benefit of investments in four key sectors, transport and public works...

Socialist People's Libyan Arab Jamahiriya : A Public Expenditure Review, Volume 1. Synthesis

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Tipo: Economic & Sector Work :: Public Expenditure Review; Economic & Sector Work
ENGLISH; EN_US
Relevância na Pesquisa
46.32%
Libya's 2008-12 development programs is the biggest and most ambitious Public Investment Program (PIP) ever. Public expenditure has also been pro-poor. Past outcomes show that Libyan authorities have worked on their macroeconomic and social fundamentals, so as to have a solid base to sustain its steady progress toward building a market-based economy and reintegrating into the world economy. Making optimal use of a sizable public expenditure, and especially public investment, is an essential component of achieving this strategy. The reports built upon the framework of fiscal management in oil-dependent economies, which features three parts. The first deals with collecting and saving oil revenues, leading to one stream of a large literature exploring both fiscal sustainability and the pros and cons of alternative models of an oil stabilization fund. The second deals with development spending, leading to a second stream of a large literature assessing standards in public investment and the many effects of sizable public investment programs. The third deals with financing current spending...

Socialist People's Libyan Arab Jamahiriya : A Public Expenditure Review, Volume 2. Main Report

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Tipo: Economic & Sector Work :: Public Expenditure Review; Economic & Sector Work
ENGLISH; EN_US
Relevância na Pesquisa
46.36%
Libya's 2008-12 development programs is the biggest and most ambitious Public Investment Program (PIP) ever. Public expenditure has also been pro-poor. Past outcomes show that Libyan authorities have worked on their macroeconomic and social fundamentals, so as to have a solid base to sustain its steady progress toward building a market-based economy and reintegrating into the world economy. Making optimal use of a sizable public expenditure, and especially public investment, is an essential component of achieving this strategy. The reports built upon the framework of fiscal management in oil-dependent economies, which features three parts. The first deals with collecting and saving oil revenues, leading to one stream of a large literature exploring both fiscal sustainability and the pros and cons of alternative models of an oil stabilization fund. The second deals with development spending, leading to a second stream of a large literature assessing standards in public investment and the many effects of sizable public investment programs. The third deals with financing current spending...

Kyrgyz Republic Public Expenditure Review Policy Notes : Public Investment Management

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Tipo: Economic & Sector Work :: Public Expenditure Review; Economic & Sector Work
ENGLISH; EN_US
Relevância na Pesquisa
46.36%
Weaknesses in the public investment management (PIM) system may limit the gains from higher public sector investments in the Kyrgyz Republic. Capital spending has averaged 6.4 percent of GDP since 2010, up from 4.6 percent of GDP between 2005 and 2009, with significant investment in the energy sector and roads. Still, it remains unclear to what extent these investment decisions reflect the country's and sector priorities. Few projects, with the exception of donor-financed projects are subject to rigorous appraisal and there is no systematic procedure in place to monitor implementation progress. As a result, projects are often delayed or stalled and cost over-runs are frequent. Donor-financed projects, which comprise the bulk of public investment, are subject to relatively more rigorous project cycle management; however, they too face some of the same weaknesses. The rest of the note is structured as follows: section two provides a diagnosis of the public investment portfolio, including the structure of expenditures...

Sovereign Wealth Funds and Long-Term Development Finance : Risks and Opportunities

Gelb, Alan; Tordo, Silvana; Halland, Havard; Arfaa, Noora; Smith, Gregory
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Policy Research Working Paper; Publications & Research
ENGLISH; EN_US
Relevância na Pesquisa
46.31%
Sovereign wealth funds represent a large and growing pool of savings. An increasing number of these funds are owned by natural resource exporting countries and have a variety of objectives, including intergenerational equity and macroeconomic stabilization. Traditionally, these funds have invested in external assets, especially securities traded in major markets. But the persistent infrastructure financing gap in developing countries has motivated some governments to encourage their sovereign wealth funds to invest domestically. This paper proposes some basic elements of a conceptual framework to create a system of checks and balances to help ensure that the sovereign wealth funds do not undermine macroeconomic management or become a vehicle for politically driven "investments." First, the risks and opportunities of domestic investment by sovereign wealth funds are analyzed. Central issues are the relationship of sovereign wealth fund financing to the budget process and to the procurement systems of sector ministries...

How Important Is the Efficiency of Government Investment? The Case of the Republic of Congo

Nielsen, Hannah; Lofgren, Hans
Fonte: Banco Mundial Publicador: Banco Mundial
Tipo: Publications & Research :: Policy Research Working Paper
ENGLISH
Relevância na Pesquisa
46.33%
The Republic of Congo, an oil rich country in Central Africa, has made substantial progress in the past decade in stabilizing the economy and achieving high growth rates. However, despite reaching middle-income country status in 2006, the economy is not diversified, poverty remains pervasive, and social indicators are well below the average for countries with a similar income level. This paper analyzes aspects of an ambitious investment program on which the government has embarked to improve the provision of basic services and promote private sector development. The success of this program, however, is questionable given the low absorptive capacity of the country and in particular the poor efficiency of public investment management. The analysis is based on simulations with an economy-wide model for analysis of development strategies and government policies, MAMS (Maquette for MDG Simulations). The results of the simulations show that slightly delaying large investment projects, while simultaneously improving the efficiency of the investment program...

Kosovo : Policy Note on Public Investment Management; Kosova - Shenim mbi politikat e menaxhimit te investimeve publike Kosovo - Izvestaj o politici upravljanja javnim investicijama

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Tipo: Economic & Sector Work :: Public Investment Review; Economic & Sector Work
ENGLISH
Relevância na Pesquisa
46.45%
As Kosovo moves towards resolution of its political status, the attention of the authorities and of the international donor community is increasingly turning towards the need for modernization of Kosovo's economic and social infrastructure in order to facilitate sustained economic growth and development. This note looks further into the underlying causes and the actions that will be required to address them. The main conclusions of the note are that the fundamental causes of under spending on the capital spending program lie in the failure to plan and manage the program within a medium-term context and in the institutional capacity constraints that currently confront the public finance management (PFM) system. The note begins by providing a brief overview of the scale and composition of Kosovo's capital spending program (section B) and the institutional arrangements for public investment management (section C). It then goes on to look at the causes of the fall in the execution of the capital spending budget that occurred in 2006 (section D)...