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Evaluation of public investment management, topic discussed within the CoARM

  • 19.06.2023
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The team of the Fiscal Affairs Department of the International Monetary Fund (IMF) had a meeting with the representatives of the Court of Accounts of the Republic of Moldova (CoARM), on June 19.

During the visit, aspects aimed at improving the capacity of institutions and infrastructure governance processes through the lens of public investment management were addressed.

The "Climate-PIMA" evaluation team (C-PIMA) informed that, in 2019, with the support of the IMF's technical assistance, was developed the PIMA Report for the Republic of Moldova, based on which some recommendations were submitted to improve the management of public investments. However, the current PIMA process does not provide a sufficient adaptation assessment of how public investment management can support climate change mitigation and adaptation. For this purpose, a new module was introduced in the current public investment management assessment framework C-PIMA, which has the aim is to help governments identify potential improvements in institutional capacities and processes related to public investment management to develop low-carbon and climate-resilient infrastructure.

Tatiana Șevciuc, Member of CoARM, reported on the auditing of some aspects concerning public investments and the direct impact on the sustainability of the environment. Also, Ms. Șevciuc mentioned the capitalization of allocations for capital investments and the deficiencies in this field, such as the imperfections of the regulatory framework, the insufficiency of the administrative and procurement powers of the public authorities, the lack of qualified human resources, etc.

We note that C-PIMA is designed around five pillars of public investment management that are important for climate-smart infrastructure: (1) planning, (2) government coordination, (3) project evaluation and selection, (4) budgeting and portfolio management, and (5) risk management. C-PIMA also provides priorities and recommendations for strengthening climate-sensitive infrastructure, having been tested in eleven countries and providing early lessons on its effectiveness.

In 2015, the IMF developed the public investment management assessment tool PIMA, which has already been applied in more than 70 countries.

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