Public Investment Management

This book focuses on the need to put the management in charge of the implementation of public investment and public policies in order to render as flexible as possible the project response to the unforeseen changes in the environment in a world where uncertainty and irreversibility dominate. In particular the book reviews the attempts from several countries to: (i)Empower managers to move away from ex-ante controls while increasing accountability through continuous monitoring and evaluation of performance; (ii)Make project design more flexible through modularity and sequencing; (iii)Assess projects not as a product but as a process of value creation and as a part of an overall national policy strategy;(iv) Introduce a medium term expenditure framework to lengthen the public financial commitments and ensure financial predictability in the budget process.