peam course 2006 infrastructure public expenditure reviews drawing on some recent experiences...
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PEAM Course 2006Infrastructure Public Expenditure Reviews
Drawing on Some Recent Experiences
Cecilia Briceño Garmendia
AFTPI
Roadmap
Why include Infrastructure in PERs? What drives the issues in Infrastructure PERs
(I-PER)? How do we go about doing an I-PER? What are the lessons?
Why include Infrastructure in PERs?
Some Facts• Infrastructure and Growth• Infrastructure and Income Inequality• Infrastructure Characteristics and Fiscal
Implications• Infrastructure Spending and Fiscal Policy
Why include Infrastructure in PERs?
Some Concerns• Traditional PERs mostly assess budgetary spending• Infrastructure has been neglected in PERs
In AFR, out of 54 PERs budgeted bet.FY02 and FY07:
28 having Transport Components
25 having WSS Components
2 having Oil and Gas Components• Solutions are country driven
How to use PERs to learn about the micro-macro linkages
What drives the issues in I-PERs?
4 general concepts (e.g. expenditures, financing, efficiency and management)…
… country specific issues
Turkey Indonesia Ghana Uganda
Income Level Middle Low/Low-Middle Low Low
Country Specific Issues
INF Quality
Fiscal Sustainability
Decentralized
Financing Sources
INF Access/Quality
Absorptive Capacity
Decentralization in progress
Transparency/Governance
INF Access
Absorptive Capacity
Centralized
Financing Sources
Access and Quality
Country Affordability
On-going Decentralization
Infrastructure Bottleneck for Growth
Public Sector Macro-monitoring Coverage
Comprehensive (Very) Restricted Restricted Restricted
How do we go about doing an I-PER?
Management
Expenditure Financing
Efficiency
Mapping InstitutionsMapping Institutions
Mapping Data–Expenditure Side–Income Side
Determining Efficiency
Providing Diagnostics and Policy Recommendations
Annexed Budget
o/w Infrastructure Agencies:
KGM (Highways),
DSI (Irrigation, Water Treatment),
KHGM (Rural roads and water dist),
DLH (railways,ports, airports const.)
Cen
tral G
overnm
ent
Consolidated Budget
Local Government (Municipalities)urban water services, urban roads,
sanitation, public transportation
Subsidized
TETAS (Elect. trading),
EUAS (Elect. Generation),
TEIAS (Elect.Transmission)
BOTAS (Gas Distribution),
TCDD (Railways, Ports Operation),
TTK (Hard coal),
TKI (lignite),
PTT (Postal Services)
Profitable
TPAO (Oil),
DHMI (State Airport),
KIYEM (Costal Management)
Under privatization – Special Regime
Turk Telekom (Telephony)
Under privatization
TEDAS (Elect. Dist.),
THY (Turkish Airlines)
Infrastructure SEEs
Private Sector (Specific Inf. Projects)BOTs, BOOs, TOORs (Elect, Transport, Water)
Extra-Budgetary Funds
DividendsTreasury Shares
Capital ReplenishmentDuty Losses
Legal TransfersDefault Debt Payments
PrivateInvestment
PrivateInvestment
45%
of
Infr
astr
uct
ure
P
ub
lic
Inve
stm
ent
Mapping InstitutionsGeneral Layout of Institutions and Flows involved in Providing Infrastructure Services
Source: Public Expenditure Review for Infrastructure Sectors: Turkey (2005)
National Coverage Sub-national Coverage
State Economic Enterprises Central Government Municipalities
Communications
All Fixed Telephony and some Cellular Services
Postal Services
Energy Electricity generation, transmission and distribution
Gas Distribution Oil processing and distribution
Construction of hydropower plants
Transport Railways Operation Ports Operation Airlines Transportation
Construction of Railways, Ports and Airports
Airports Operation
Roads Construction and maintenance of major intercity express ways
Village/rural roads Public transportation Building and operation of passenger and freight terminals
Construction and maintenance of urban (intra-city) roads
Water Irrigation Major urban water supply and treatment projects
Drinking water supply for rural areas
Urban water supply
Sanitation ` Drainage Solid waste collection and disposal
Sanitation
Source: Public Expenditure Review for Infrastructure Sectors: Turkey (2005)
Mapping InstitutionsJurisdictional Responsibilities in the Infrastructure Sectors
Current CG Budget
State Economic Enterprises
May(I)
June(II)
(III)
MoF--> Current Budget Guide Distribution
(IV)
July SEEs (V)--> Current Budget Proposal --> Investment Budget Proposal --> Annual Programs Preparation
AugustMoF and CG Agencies
--> Current Budget NegotiationsSPO and CG Agencies
--> Investment Budget Negotiations
Treasury--> Internal technical revision of SEEs
annual programs(VI)
September Treasury, SEEs, High Audit Board, Line Ministries, PA
--> SEE Targets' Actualization
(VII)
October Treasury, SEEs and SPO--> Transfers revision
--> Borrowing requirement estimation(VIII)
(IX)
November Treasury--> Principles and Procedures for annual
program implementation by SEEs(X)
December(XI)
January(XII)
Investment Budget
SPO--> List of Investment Projects as an Annex to the Annual Program Decree
Turkey - Public Financial Programming
Consolidated and Annexed Budget Agencies
MoF, Treasury and SPO--> Aggregate Budget Allocations
High Planning Council (Council of Ministers)--> Budget Allocation Endorsement
Prime Minister and Council of Ministers--> Annual Program/Investment Financing Decree Inception
MoF, Treasury and SPO--> Budget Circular Drafting
High Planning Council (Council of Ministers)--> Budget Circular Approval
Prime Minister--> Budget Call
SPO--> Investment Preparation Criteria Distribution
President--> Budget Law
Central Government Agencies
Turkish Grand National Assembly--> Budget Approval
Current CG Budget
State Economic Enterprises
May(I)
June(II)
(III)
MoF--> Current Budget Guide Distribution
(IV)
July SEEs (V)--> Current Budget Proposal --> Investment Budget Proposal --> Annual Programs Preparation
AugustMoF and CG Agencies
--> Current Budget NegotiationsSPO and CG Agencies
--> Investment Budget Negotiations
Treasury--> Internal technical revision of SEEs
annual programs(VI)
September Treasury, SEEs, High Audit Board, Line Ministries, PA
--> SEE Targets' Actualization
(VII)
October Treasury, SEEs and SPO--> Transfers revision
--> Borrowing requirement estimation(VIII)
(IX)
November Treasury--> Principles and Procedures for annual
program implementation by SEEs(X)
December(XI)
January(XII)
SPO--> Investment Preparation Criteria Distribution
President--> Budget Law
Central Government Agencies
Turkish Grand National Assembly--> Budget Approval
Investment Budget
SPO--> List of Investment Projects as an Annex to the Annual Program Decree
Turkey - Public Financial Programming
Consolidated and Annexed Budget Agencies
MoF, Treasury and SPO--> Aggregate Budget Allocations
High Planning Council (Council of Ministers)--> Budget Allocation Endorsement
Prime Minister and Council of Ministers--> Annual Program/Investment Financing Decree Inception
MoF, Treasury and SPO--> Budget Circular Drafting
High Planning Council (Council of Ministers)--> Budget Circular Approval
Prime Minister--> Budget Call
Current CG Budget
State Economic Enterprises
May(I)
June(II)
(III)
MoF--> Current Budget Guide Distribution
(IV)
July SEEs (V)--> Current Budget Proposal --> Investment Budget Proposal --> Annual Programs Preparation
AugustMoF and CG Agencies
--> Current Budget NegotiationsSPO and CG Agencies
--> Investment Budget Negotiations
Treasury--> Internal technical revision of SEEs
annual programs(VI)
September Treasury, SEEs, High Audit Board, Line Ministries, PA
--> SEE Targets' Actualization
(VII)
October Treasury, SEEs and SPO--> Transfers revision
--> Borrowing requirement estimation(VIII)
(IX)
November Treasury--> Principles and Procedures for annual
program implementation by SEEs(X)
December(XI)
January(XII)
SPO--> Investment Preparation Criteria Distribution
President--> Budget Law
Central Government Agencies
Turkish Grand National Assembly--> Budget Approval
Investment Budget
SPO--> List of Investment Projects as an Annex to the Annual Program Decree
Turkey - Public Financial Programming
Consolidated and Annexed Budget Agencies
MoF, Treasury and SPO--> Aggregate Budget Allocations
High Planning Council (Council of Ministers)--> Budget Allocation Endorsement
Prime Minister and Council of Ministers--> Annual Program/Investment Financing Decree Inception
MoF, Treasury and SPO--> Budget Circular Drafting
High Planning Council (Council of Ministers)--> Budget Circular Approval
Prime Minister--> Budget Call
Current CG Budget
State Economic Enterprises
May(I)
June(II)
(III)
MoF--> Current Budget Guide Distribution
(IV)
July SEEs (V)--> Current Budget Proposal --> Investment Budget Proposal --> Annual Programs Preparation
AugustMoF and CG Agencies
--> Current Budget NegotiationsSPO and CG Agencies
--> Investment Budget Negotiations
Treasury--> Internal technical revision of SEEs
annual programs(VI)
September Treasury, SEEs, High Audit Board, Line Ministries, PA
--> SEE Targets' Actualization
(VII)
October Treasury, SEEs and SPO--> Transfers revision
--> Borrowing requirement estimation(VIII)
(IX)
November Treasury--> Principles and Procedures for annual
program implementation by SEEs(X)
December(XI)
January(XII)
SPO--> Investment Preparation Criteria Distribution
President--> Budget Law
Central Government Agencies
Turkish Grand National Assembly--> Budget Approval
Investment Budget
SPO--> List of Investment Projects as an Annex to the Annual Program Decree
Turkey - Public Financial Programming
Consolidated and Annexed Budget Agencies
MoF, Treasury and SPO--> Aggregate Budget Allocations
High Planning Council (Council of Ministers)--> Budget Allocation Endorsement
Prime Minister and Council of Ministers--> Annual Program/Investment Financing Decree Inception
MoF, Treasury and SPO--> Budget Circular Drafting
High Planning Council (Council of Ministers)--> Budget Circular Approval
Prime Minister--> Budget Call
Providing Diagnostics
Under-budgeting or Over-budgeting?
Indonesia, Budget Variations for Central Government Infrastructure Spending (1996-2003)
-
20
40
60
80
100
120
140
160
180
1996 1997 1998 1999 2000 2001 2002 2003
Ra
tio R
ea
liza
tion
/Bu
dg
et a
s a
Pe
rce
nt (
%)
Development Routine
Source: Indonesia PER, forthcoming
Providing Diagnostics
Misclassification of Spending?
2003/04
SectorBudgetType
Budget Spending O&M Capital
(UShs m)
Communicationdomestic development - - - external development - - - Recurrent 164 100.0 -
Fuel & energydomestic development 6,114 14.7 85.3 external development 47,338 27.4 72.6 Recurrent 2,118 99.1 0.9
Irrigationdomestic development 5,128 26.9 73.1 external development 264 100.0 - Recurrent - - -
Transportdomestic development 112,938 9.7 90.3 external development 82,361 13.9 86.1 Recurrent 37,645 100.0 -
Waste managementdomestic development - - - external development - - - Recurrent 247 100.0 -
Waste water managementdomestic development - - - external development - - - Recurrent - - -
Water supplydomestic development 47,844 8.5 91.5 external development 52,482 39.7 60.3 Recurrent 2,670 47.6 52.4
Source: Ministry of Finance, processed
Economic affairs
Environmental protection
Housing and community amenities
(Share on Total)
How do we go about doing an I-PER?
Management
Expenditure Financing
Efficiency
Mapping Institutions
Mapping DataMapping Data–Expenditure Side–Income Side
Determining Efficiency
Providing Diagnostics and Policy Recommendations
Government (Budget) Other Public Sector Entities (Off-Budget)
Federal Provincial Local NonCommercially-run
Public Enterprises
Commercially-run
Public Enterprises
Private Enterprises
CapEx
(Investment)
-- Capital
-- Subsidies
OpEx
(Recurrent)
-- Wages
-- Services
-- Parts
-- Subsidies
Mapping Data: Expenditure SideSummary Template
An Example from the on-Going work in Uganda
Source: Uganda, forthcoming CEM (2006)
Mapping Data: Expenditure Side
Total Infrastructure Spending (2003)
Private18%
Public82%
Public Infrastructure Spending: On-Budget / Off-Budget Composition (FY 2003)
0%10%20%
30%40%50%60%70%
80%90%
100%
Public Spending Public Investment Public O&M
On-Budget Off-Buget
Central Government
45%
Local Governments
34 %
Public Enterprises19 %
Drinkable Water, Sanitation, Rural and Urban Roads
22%
Water Resources-Irrigation
11%
Electricity and Gas
24%
Transport and Communication
43%
Water Resources-Irrigation
Electricity and Gas
Transport and Communication
Drinkable Water,
Sanitation, Rural and Urban
Central Government 9% 11% 18% 7%
Local Administrations 1% 2% 17% 15%
Public Enterprises 0% 11% 8% 0%
Mapping Data: Expenditure Side
An Example from the Turkey I-PER: Investment Composition
Source: Turkey, Infrastructure PER (2004), Unpublished
What part of the story are we missing?
Providing Diagnostics
Uganda, On-Budget and off-Budget Spending per Sub-Sector (2003)
On-Budget Off-Budget (a) On-Budget Off-Budget (a)
100.0 660,711 329,428 88.9 11.1 331,283 31.5 68.5 36.0 237,956 Energy 61,309 64.5 35.5 176,647 9.0 91.0 40.4 267,164 Transport 179,007 96.6 3.4 88,157 68.3 31.7
1.4 9,148 Communications 2,354 - 100.0 6,794 3.6 96.4 21.3 141,051 Water Supply 83,009 92.5 7.5 58,043 45.6 54.4
0.8 5,392 Water Resources (Irrigation) 3,749 100.0 - 1,643 100.0 - Source: Ministry of Finance (on-bugdet), Office of the Auditor General (Parastatals); processed
Note: (a) Include all parastatals except The Uganda Railways Corporation. Extra-budgetary funds are NOT included.
Total Spending Infrastructure Main
Sectors Ushs m
Share of Total
Gross Investment
Ushs m
O&M
Ushs mShare of Total Investment Share of Total O&M
Source: Uganda, forthcoming CEM (2006)
Providing Diagnostics
Infrastructure Service (Operator)
Policy Umbrella Regulatory Functions
National Roads (MoWHC) Feeder Roads (local authorities financed by PAF) Railways Construction (MoWHC)
Ministry of Works, Housing and Communications
Ministry of Energy and Minerals
Shar
es o
n:
Tot
al P
ubli
c S
pen
din
g: 6
0%
Pu
blic
Inv
estm
ent:
89%
P
ubl
ic O
&M
: 32
%
On-
Bu
dget
Rural Water (local governments financed by PAF) Water Resource Management (MoLWE)
Ministry of Lands, Water and Environment
Ministry of Lands, Water and Environment
Railways Operations: Uganda Railways Corporation (URC) In the process of concessioning Airport Operations: Civil Aviation Authority (CAA) Rural Communications (Rural Communications Fund-Administered by UCC) Road Fund (in consideration)
Ministry of Works, Housing and Communications
Airport Operations: Civil Aviation Authority (CAA) Uganda Communications Commission (UCC)
Transmission Company: Uganda Electricity Transmission Company Limited (UETL) Administration of Assets: Uganda Electricity Board (UEB) Electricity Generation - Concession to Private Sector : Uganda Electricity Generation Company Limited (UEGCL) owns assets and ESKOM operates and maintains Electricity Distribution - Concession to Private Sector: Uganda Electricity Distribution Company Limited (UEDCL) owns assets and UMEME and WENRCO operate, maintain and expand Rural Electrification (Extra Budgetary Fund) Tariff Stabilization Fund
Ministry of Energy and Minerals
Electricity Regulatory Agency (ERA)
Shar
es o
n:
Tot
al P
ubli
c S
pen
din
g: 4
0%
Pu
blic
Inv
estm
ent:
11%
P
ubl
ic O
&M
: 68
%
Off
-Bu
dget
Urban Water Supply: National Water and Sewerage Corporation (NWSC) Water Fund
Ministry of Lands, Water and Environment
Ministry of Lands, Water and Environment
What part of the story
are we missing?
Source: Uganda, forthcoming CEM (2006)
Providing Diagnostics
Can a country afford infrastructure?
Venezuela
Ghana(1)
MexicoPeruBolivia
Brazil
Ecuador Argentina
Colombia
Turkey
Chile
Ethiopia(1)
Indonesia
-
5.00
10.00
15.00
20.00
25.00
30.00
35.00
- 5.00 10.00 15.00 20.00 25.00 30.00 35.00
Ratio Per Capita Income (Uganda denominator)
Rat
io P
er C
apita
Infr
astr
uctu
re S
pend
ing
(Uga
nda
deno
min
ator
) INF,per capita Per Capita Income
year (US$-person) (Current US$)Ethiopia(1) 2004 4.2 96.94 Ghana(1) 2003 10.3 368.87 Uganda 2003 21.0 249.07 Indonesia 2003 26.7 1,111.10 Mexico 1998 44.7 4,422.32 Peru 1998 46.0 2,250.07 Venezuela 1998 57.7 3,901.19 Bolivia 1998 67.4 1,063.75 Brazil 1998 84.0 4,747.54 Ecuador 1998 122.1 1,932.87 Argentina 1998 129.3 8,302.88 Colombia 1998 163.2 2,412.16 Turkey 2004 240.1 4,209.71 Chile 1998 317.3 4,929.49
Note:(1) Only Includes Public Spending
How do we go about doing an I-PER?
Management
Expenditure Financing
Efficiency
Mapping Institutions
Mapping DataMapping Data–Expenditure Side–Income Side
Determining Efficiency
Providing Diagnostics and Policy Recommendations
Mapping Data: Income SideSummary Template
Obligations (C
ost Recovery M
echanism
s)
Sources
Loans
User Fees/
Earmarked
Funds
Gov.
Taxes
MDB Bilaterals Grants
Present User
Future User
Present
Tax Payer
Future
Tax Payer
Mapping Data: Income Side
Road Investment Financing KGM's Sources of Financing
General Budget
KGM Investment
Budget Taxes Foreign Loans Toll Road Revenue
EBF-Financed Investments
As Current GNP Shares As Percentage of KGM Budget
1996 0.7 35.7 0.0 0.1 64.3
1997 0.8 45.8 0.0 0.0 54.2
1998 0.8 39.3 0.0 0.1 60.6
1999 0.6 52.7 0.0 0.0 47.3
2000 0.6 37.7 12.9 0.0 49.5
2001 0.7 60.0 40.0 0.0 0.0
2002 0.8 62.1 23.4 14.6 0.0
2003 0.5 47.2 45.5 7.3 0.0
2004(*) 0.4 46.2 37.7 16.1 0.0
Source: KGM (*) Estimates
Source: Turkey, Infrastructure PER (2004), Unpublished
Mapping Data: Income Side
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
FY 1999/00Outturns
FY 2000/01Outturns
FY 2001/02Outturns
FY 2002/03Outturns
FY 2003/04Outturns
FY 2004/05Outturns
FY 2005/06Approved Budget
Budget (w/o Donors) Donors (External Dev)
Unit Nominal Ush bn
Sum of INFRASTRUCTURE
Fyear
Spending
An Example Uganda: Donors as part of Infrastructure Budget
Source: Uganda, forthcoming CEM (2006)
Is there an Absorptive Capacity Problem?
Ghana – Status of Funding Road Development Program, 2002-03 (in US$ millions)
Funding Source Secured Funds Commitments Disbursements
Donor Funds (1) 768.63 370.45 149.83
Road Fund 149.33 149.33 149.33
Consolidated Fund 65.46 57 48.07
Total 983.42 576.78 347.23
Source: Ministry of Roads and Transport. National Roads Maintenance Program, 2003 Review (1) WB Road experts pointed out that the Ghanaian government is in the process of revising these figures to set an alternative accounting system for donors funds based on annual disbursements against committed contract for a particular year
Providing Diagnostics
Ghana - Infrastructure Gap, 2004-08
(in US$ million) Cumulative Needs 2004-08
Annual Averages (O&M + Investment)
Investment
Operations and Maintenance
Total Estimated Needs (2) Actual Total Spending (3)
I- Water and Sanitation 840 118 958 192 22
II- Electricity (1) 316 268 584 117 38
III- Roads 975 872 1847 370 175
Total 2,131 1,258 3,389 678 235
Source: World Bank Staff estimates (1) Excluding the US$96 million equivalent to the Ghana’s share in the West Africa Gas Pipeline; (2) US$426 million per year in investment and US$251 million annually in maintenance costs (of both current and new assets) for the period 2004-2008; (3) Based on actual spending for the last decade.
Providing Diagnostics
Is there an ‘Affordable’ Financing Gap?
Providing Diagnostics
Are Donors part of the problem? Uganda
Budgetary Spending on Water and Roads Index based on Real PricesWater and Roads Contribution to GDP Growth
0
200
400
600
800
1,000
1,200
1994/95 1995/96 1996/97 1997/98 1998/99 1999/00 2000/01 2001/02 2002/03 2003/04 2004/05
Inde
x
0%
2%
4%
6%
8%
10%
12%
Con
trib
utio
n to
GD
P G
row
th (
%)
Roads GDP Growth Contribution Water and Elec. Growth Contribution Water & Sanitation (PAF)
Rural Roads (PAF) Roads and Works (MEF) Water (MEF)
Source: Uganda, forthcoming CEM (2006)
How do we go about doing an I-PER?
Management
Expenditure Financing
Efficiency
Mapping Institutions
Mapping Data–Expenditure Side–Income Side
Determining EfficiencyDetermining Efficiency
Providing Diagnostics and Policy Recommendations
0
10
20
30
40
50
60
70
80
90
100
0 2 4 6 8 10 12 14 16 18 20 22 24 26
Ver
y G
ood
Goo
dFa
irP
oor
Ver
yPo
or
-Filling Cracks
-Geotextile and Strengthening
-Reconstruction of the Surface-Reconstruction of the partial base course
-Complete Reconstruction
Con
diti
on o
f P
avem
ent (
%)
Lifetime of Pavement (years)
Determining Efficiency
The Maintenance Dilemma
Providing Diagnostics
Inadequate Investment Decision Making? Turkey: Multi-year Projects in 2005-Investment Portfolio
Providing Diagnostics
AnnualAverages for the Period 2002-04 (in Percent)Operating Cost-
RecoveryOverall Cost
Recovery
Cost Recovery excluding GoU Grants and
Extraordianry Items
ElectrictyUganda Electricity Board (UEB)
Uganda Electricity Generation Company Limited 132% 119% 119%
Uganda Electricity Transmission Company Limited 144% 136% 136%
Uganda Electricity Distribution Company Limited (UEDCL) 102% 89% 89%
TransportUganda Railways Corporation (URC) 69% 83% 80%
Civil Aviation Authority 105% 124% 124%
CommunicationsUganda Communication Commission 72% 96% 93%
Water SupplyNational Water and Sewerage Corporation (NWSC) 96% 109% 83%
Source: Office of the Auditor General, processed
Optimistic (or Disguised) Cost-Recovery Assumptions? Uganda: Parastatals Cost-Recovery
Ratios
• Annual implicit subsidies up to 2 percent of national budget
• Accumulated debt 10 %GDP
Providing Diagnostics
2,002 2,003 2,004
Ratio Annual Gross Investment/Annual Depreciation (In percent)Electricty
Uganda Electricity Board (UEB)
Uganda Electricity Generation Company Limited 17% 4% 20%Uganda Electricity Transmission Company Limited 59% 46% 26%Uganda Electricity Distribution Company Limited (UEDCL) 94% 97%
TransportUganda Railways Corporation (URC) 13%Civil Aviation Authority 268% 102%
CommunicationsUganda Communication Commission 54% 431% 59%
Water SupplyNational Water and Sewerage Corporation (NWSC) 69%
Source: Office of the Auditor General, processed
Are Parastatals able to (at least) preserve the asset stock? Uganda: Parastatals Investment/Depreciation Ratios
Source: Uganda, forthcoming CEM (2006)
What are the Methodological Lessons?
Data Availability and Quality: A Problem– Records/Accounting, Misallocation of Expenses
Infrastructure Sector Nuances– One size does not fit all, e.g. roads vs. energy vs. water
Fragmentation of Infrastructure Provision– Institutional Setting Matters– Central Government, Local Governments, Public Enterprises
Overlapping Sources and Use of Public Funds– Own Investments and O&M, Subsidies, PPP, Guarantees– Cheap Money? Role of Multilaterals increased focus on
maintenance?
What are the Lessons?(Emerging) Policy Challenges
Quantity of (Public) Spending
Fiscal discipline and coverage of fiscal targets Quality of Public Spending
Budget Rigidities and Integrity, Efficiency Country Institutional Capacity
Governance and Risk Management
Financial Market Capacity
Emerging Issues – Food for Thought
Public Expenditure Management in Infrastructure:
– The PEM system: institution, expenditure and income mapping– Diagnosis and Recommendations
Public Spending in Infrastructure and Macro-economic Balances:
– Country Affordability and Fiscal Space– Infrastructure for Growth– Distributional Impact of Infrastructure Spending