Two-day Regional Conference on Public Investment Management begins today
DHAKA, September 14, 2011 – Efficiency and quality improvements in public investments contribute to faster and better results leading to higher economic growth and poverty reduction. This was stressed by the participants at a two-day regional conference on “Improving the Efficiency of Public Investment Management” which began today in Dhaka.
The regional conference has been organized by the Planning Commission of Bangladesh, Ministry of Planning and the Strengthening Public Expenditure Management Program (SPEMP), a World Bank administered multi-donor trust fund supported by Canada, Denmark, EU, Netherlands and the United Kingdom.
“Well planned and well executed public investment improves the quality of outputs and more importantly, contributes to results in critical sectors such as infrastructure, communication, health and education,” said Tahseen Sayed, Acting Country Director for World Bank in Bangladesh. “In Bangladesh, there is now an excellent opportunity to include public investment management within the scope of the ongoing reforms supported by SPEMP.”
Public investment management (PIM) can be a key driver of economic growth and poverty reduction by helping in prioritizing investments in infrastructure, communication and human development. Both middle income and developed countries alike are placing increasing importance on PIM in order to prioritize sectors for development. Globally and regionally, countries are increasingly focusing on efficient, timely and transparent management of public investments. Different countries have diverse experiences in this area. This regional conference, the first ever in Bangladesh on this subject, seeks to pool this collective knowledge and experiences.
The regional conference brings together representatives from Bangladesh, India, Korea, Malaysia, Philippines, Turkey and Vietnam to share country level experiences of PIM. Countries will be sharing knowledge and lessons from managing the project cycle ranging from planning, selection, appraisal, implementation, and monitoring and evaluation.
“Attaining the quality and efficiency of public investment is vital to achieving Bangladesh’s high growth trajectory and for that reforms in the public investment management would be welcomed step,” said Air Vice Marshal (Retd.) A. K. Khandker, Honorable Minister of Planning, Government of Bangladesh.
The conference also provides an opportunity for Bangladesh to build a network and be connected to countries with enhanced PIM, to continually exchange knowledge and develop its country systems.
Bangladesh's commitment to enhancement of its PIM was reflected through a comprehensive review of PIM supported by SPEMP in May 2011. The review highlighted financial data monitoring as a well performing area and noted that tracking of physical progress of projects required deeper monitoring. The study also recognized areas requiring improvement in the project cycle, including project selection, appraisal, implementation and monitoring & evaluation.
