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Mr. Richard I Allen and Mr. Eivind Tandberg
Public investment is likely to be an important component of any postcrisis recovery program. As countries work to ensure a smart, green, fair recovery, investing in modern, resilient, and efficient infrastructure assets will be key. This How to Note discusses how countries should manage public investments to recover from the COVID-19 pandemic and similar crises. It provides countries with guidance on making efficient use of public investment to support economic recovery on three different capacity levels: basic, medium, and advanced.
Mr. Tito Cordella and Mr. Eduardo Levy Yeyati

the relaxation of entry barriers, on the determination of interest rates and banks’ risk-taking behavior in a model of banking competition for deposits. In a standard environment in which public information about banks’ risk exposure is limited, competition, by reducing bank margins and, in turn, incentives to invest in portfolio monitoring, is detrimental to the solvency of the system. Moreover, the negative effect of competition on portfolio risk is amplified by the existence of (explicit or implicit) deposit insurance. However, two alternative arrangements

Mr. Richard I Allen and Mr. Eivind Tandberg

Services PO Box 92780, Washington, DC 20090, U.S.A. Tel.: (202) 623–7430 Fax: (202) 623–7201 Email: publications@imf.org www.imf bookstore.org Contents Abbreviations Executive Summary 1. Introduction 2. Challenges to Public Investment Management for Postcrisis Recovery 3. How to Prepare Public Investment Management Institutions for Recovery Institutional Arrangements Project Appraisal Project Selection Medium-Term Investment Budgeting Maintenance Projects Public Procurement Project Management Portfolio Monitoring and Oversight

Mr. Richard I Allen and Mr. Eivind Tandberg

incorporated into this framework. Figure 2. Using the S-Curve for Project Management Source: Authors. Portfolio Monitoring and Oversight Portfolio monitoring is essential to ensuring that the overall PIP is implemented according to plan and produces the expected results. Project management, discussed previously, focuses on each individual project, while portfolio monitoring looks at all projects, including the synergies, complementarities, and similarities between them. Several countries have set up central monitoring systems and institutions to oversee

International Monetary Fund

improved economic situation, as well closer portfolio monitoring, with portfolio performance reviews being conducted every six months. Projected disbursements from the investment portfolio in CY06 are in the order of US$40 million, with a decrease with respect to previous years as a consequence of the renewal of the portfolio and slow start-up of new operations. On November 21, 2006, the Board of Executive Directors of the WB Group approved a loan of US$170 million by the IFC, and a guarantee of US$350 million by MIGA, to the Finnish company Botnia for the construction

International Monetary Fund. Fiscal Affairs Dept.

Timely and cost-effective implementation of public investment projects requires institutions that ensure projects are fully funded, transparently monitored, and effectively managed throughout their implementation. Procurement practices must be transparent and encourage competition, and funds must be made available to ensure timely capital budget execution. Project management and portfolio monitoring must contribute to effective implementation, identification, and resolution of implementation challenges, as well as systematic and continuous learning. Capital

International Monetary Fund

portfolio monitoring, with portfolio performance reviews being conducted every six months. Disbursements from the investment portfolio in CY06 were US$42.1 million, with a decrease with respect to previous years as a consequence of the renewal of the portfolio and slow start-up of new operations. On November 21, 2006, the Board of Executive Directors of the WB Group approved a loan of US$170 million by the IFC, and a guarantee of US$350 million by MIGA, to the Finnish company Botnia fo