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Zimbabwe Public Investment Management Efficiency Review

ABSORPTIVE CAPACITY ACCOUNTANT ACCOUNTING ALLOCATION OF FUNDS AUDIT OFFICE AUDITORS AUDITS BALANCE SHEET BANKING INSTITUTIONS BANKS BENEFICIARIES BUDGET BUDGET MANAGEMENT BUDGETING BUDGETS BUSINESS CONFIDENCE BUSINESS NETWORKS CAPACITY BUILDING CAPACITY CONSTRAINTS CAPITAL ALLOCATION CAPITAL ALLOCATIONS CAPITAL ASSETS CAPITAL BUDGETING CAPITAL BUDGETS CAPITAL EXPENDITURES CAPITAL FORMATION CAPITAL INVESTMENT CAPITAL INVESTMENTS CAPITAL MARKET CAPITAL PROJECTS CAPITAL SHORTAGE CASH FLOW CASH FLOW ANALYSIS CASH MANAGEMENT CENTRAL REGISTRY CHECK COLLECTION SYSTEM COLLECTIONS CONCESSION CONFLICT OF INTEREST CONTRACT CONTRACTS CONVERSION COOPERATION CORRUPTION COST ESTIMATES COST OF LIVING CREDIBILITY CREDIT CRUNCH CREDIT-WORTHINESS CRITERIA CURRENCY CURRENCY CRISIS DEBT DECENTRALIZATION DEFICIT DEFICITS DEPENDENT DEVELOPING COUNTRIES DEVELOPMENT BANK DISBURSEMENT DISBURSEMENT OF FUNDS ECONOMIC ACTIVITY ECONOMIC DEVELOPMENT ECONOMIC GROWTH ECONOMIC POLICY ENABLING ENVIRONMENT ENDOWMENT ENTERPRISE EQUIPMENT EQUIPMENTS ESTATE ESTATES EXPENDITURE EXPENDITURES FARMERS FIDUCIARY RESPONSIBILITY FINANCE FINANCIAL AFFAIRS FINANCIAL INFORMATION FINANCIAL MANAGEMENT FINANCIAL MANAGEMENT SYSTEM FINANCIAL RESOURCES FINANCIAL RISK FINANCIAL SUPPORT FINANCIERS FINANCING CONSTRAINT FISCAL AUTHORITIES FISCAL BURDEN FISCAL CONSTRAINT FISCAL CONSTRAINTS FISCAL POLICY FISCAL YEAR FLOW OF FUNDS FOREIGN LOANS FORMAL ECONOMY FUTURE GOOD GOODS GOVERNANCE GOVERNMENT ASSET GOVERNMENT BUDGET GOVERNMENT EXPENDITURE GOVERNMENT FINANCING GOVERNMENT FUNDING GOVERNMENT GRANTS GOVERNMENT REVENUES GOVERNMENT SPENDING GRACE PERIOD GUARANTOR HOUSEHOLDS HOUSING HUMAN DEVELOPMENT HUMAN RESOURCES INCOME LEVEL INDEBTED INDUSTRY INFLATION INFLATIONARY PRESSURE INFRASTRUCTURE INFRASTRUCTURE DEVELOPMENT INFRASTRUCTURE INVESTMENTS INSTITUTIONAL CAPACITY INSTITUTIONAL FRAMEWORK INTEREST INTERESTED PARTIES INTERNAL AUDIT INTERNATIONAL FINANCE INVENTORY INVESTING INVESTMENT ALLOCATION INVESTMENT DECISIONS INVESTMENT PROJECTS INVESTMENT PROPOSALS INVESTOR INVESTOR CONFIDENCE INVESTORS ISSUANCE LABOR LAND LAND REFORM LATE PAYMENTS LAWS LEGAL FRAMEWORK LEGISLATIVE FRAMEWORK LEVERAGE LIABILITIES LIABILITY LINES OF CREDIT LIQUIDITY LIQUIDITY CRISIS LIQUIDITY PROBLEM LOCAL GOVERNMENT LOCAL GOVERNMENTS LONG-TERM CAPITAL MACRO-STABILITY MACROECONOMIC POLICIES MANDATE MANDATES MDAS MIDDLEMEN MORTALITY RATE MUTUAL FUNDS NATIONAL BUDGET NATURAL RESOURCES OPTIONS PAYMENTS PENSION PENSION FUNDS PEOPLE PLEDGE POLICY ENVIRONMENT POLITICAL ECONOMY POLITICAL RISK POOL OF FUND POOL OF FUNDS POOR CREDIT PORTFOLIO POST-CRISIS PERIOD POTENTIAL INVESTOR POVERTY PRICING PRINCIPAL PRIVATE CAPITAL PRIVATE INVESTMENT PRIVATE INVESTORS PROCUREMENT PROCUREMENT PROCEDURES PRODUCTIVITY PUBLIC ENTERPRISES PUBLIC FINANCE PUBLIC FUNDS PUBLIC INVESTMENT PUBLIC SERVICES PUBLIC SPENDING PUBLIC-PRIVATE PARTNERSHIP PUBLIC-PRIVATE PARTNERSHIPS RECESSION RECURRENT EXPENDITURE RECURRENT EXPENDITURES REFORM MEASURES REGULATORY FRAMEWORK REGULATORY FRAMEWORKS REMEDY RENEGOTIATION REPAYMENT REPAYMENT PERIOD RESERVE RESERVE BANK RESTORATION RESTRUCTURING REVENUE REVENUES SECURITY SHADOW ECONOMY SHARE SINKING FUND SOCIAL SECURITY SOCIAL SERVICES SOCIAL WELFARE STOCK STRATEGIES STRUCTURAL PROBLEMS SUBSIDIES TAX TAX ADMINISTRATION TAX COLLECTION TECHNICAL ASSISTANCE TECHNICAL SUPPORT TRANSACTIONS TRANSFERS TRANSPARENCY TRANSPORT TREASURY TRUST FUND TRUST FUNDS TURNOVER UNEMPLOYMENT URBAN DEVELOPMENT USER FEES VALUATION VALUE VILLAGE WAGES WELFARE WITHDRAWAL WORKING CAPITAL
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World Bank, Washington, DC
Africa | Zimbabwe
2017-05-30T21:21:40Z | 2017-05-30T21:21:40Z | 2012-06-26

The Public Investment Management (PIM) efficiency review is intended to support the Government of Zimbabwe, and in particular the Ministry of Finance, in its efforts to strengthen the efficiency of the public investment system, with the goal of improving the creation, operation and maintenance of public sector capital assets that support service delivery and economic growth. The problems of public investment management are not merely financial but systemic. Budget execution deficit remains a major bottleneck. Due to large backlogs across sectors, capital budget allocation has prioritized completion and rehabilitation of on-going and stalled projects and programs. Currently, public investment projects are mainly financed by the national budget. Regulatory frameworks for public-private partnerships are in place, but sluggish recovery from the private sector has not made it a notable source of financing for capital projects. Foreign loans and grants, and humanitarian aid from donors are not channeled through the official budget. This report is intended to provide the basis for a follow-on discussion with government on possible options and approaches to addressing the identified problems, focusing on those which are the most critical to Zimbabwe's economic recovery and long term development. It is complementary to the action plan, also developed by the team for consideration by the Government of Zimbabwe, which suggests a list of reform actions over the immediate to medium-term to strengthen the regulatory framework and build capacity across central and implementing agencies. The objective of the policy note is to support the Government of Zimbabwe to strengthen the efficiency of PIM system, with an ultimate goal of contributing to improved governance, service delivery, and economic growth. The study will inform a reform and capacity strengthening action plan with the Government as well as subsequent Bank's proposed technical assistance program to strengthen the PIM.

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