Public Investment Management (PIM) Reform launched

The Ministry of Finance and Treasury (MoFT) and the Ministry of National Planning and Development Coordination (MNPDC) in collaboration with the Office of the Prime Minister and Cabinet have successfully launched the Public Investment Management (PIM) Reform at a Seminar on 29 February 2024 at the Heritage Park Hotel.

Launching the PIM Reform document, Caretaker Finance Minister Hon. Harry Kuma underlined the importance of the PIM Reform to achieve the goals of the National Development Strategy (NDS) 2016 – 2035 and the Medium-Term Development Plan (MTDP) through enhancing the efficiency of externally financed public investments, including loans, grants, Public-Private Partnership (PPP), climate finance, and other sources.

He indicated that the PIM Policy and Guidelines would provide guidance to optimize the utilization of external finance, ensuring value for money and sustainability.

The policy and guidelines would also take cross-cutting issues, such as climate resilience, gender equality, disability, and social inclusion, into account in the project initiation, formulation, implementation, operation, monitoring and evaluation stages to enable infrastructure to be more meaningful for all.

Hon. Kuma thanked JICA for the technical assistance to the PIM Reform and the Joint Policy Reform Group (JPRG), including the Asian Development Bank, Australia, European Union, Japan, New Zealand, and the World Bank through the policy matrix within the context of budget support and development policy operation.

Kuma also officially handed over copies of the PIM Policy and Guidelines to Mr. Mckinnie Dentana, the Permanent Secretary (PS) MoFT and Ms. Nichola Namo, DS MNPDC on behalf of Ms. Susan Sulu, PS MNPDC to symbolize the beginning of the vital reform programme.

The ceremony was witnessed by Mr. Selwyn Takana, the Deputy Secretary (DS) MoFT, PSs line ministries, senior government officers, representatives from State-Owned Enterprises (SOE), Development Partners (DPs), the private sector, civil society organizations, non-governmental organizations, academic institutes, and the media. Some DPs also participated in the seminar from overseas through online.

The PIM Reform will be undertaken after April 2024. The PIM Steering Committee (PIMSC), the PIM Technical Committee (PIMTC), and the PIM Secretariat will play a central role in the operation of the PIM Framework, Policy, and Guidelines with line ministries, provincial governments, state-owned enterprises, DPs, the private sector, and other external financers.

ENDS//

-GCU Communication