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Four documents which will be used to enhance efficiency and effectiveness in the preparation, appraisal, selection and implementation of public investment projects have been launched by government.
The four public investment management documents are: the public investment management guidelines, the general appraisal manual for public investment projects, the public investment risk management guidelines; and the 2023 public investment plan.
Finance and National Planning Minister, Situmbeko Musokotwane, said government was aware of the challenges that had affected public investment management.
For instance, Musokotwane noted that the implementation of some public investment projects had resulted in cost overrun, others had stalled, or abandoned due to inadequate project planning and appraisal.
“As a result, government has lost huge economic opportunities due to funds tied to delayed or incomplete projects, completed but not operational projects, significant cost overruns and corruption vulnerabilities as well as accumulation of arrears to contractors,” he said at the launch of the documents in Lusaka this week.
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He stated that it was for this reason that government was launching the four documents which would enhance efficiency and effectiveness in the preparation, appraisal, selection and implementation of public investment projects.
Musokotwane said these public investment management documents would be critical guiding tools to support fiscal sustainability and enhanced budget credibility.
He urged all controlling officers to ensure the law was adhered to through the use of guidance provided in the documents.
“The launch of these documents is a clear demonstration of the new dawn government’s continued commitment to prudency in management of public resources and promotion of accountability and transparency.
“Effective strategies and guidance on project preparation, appraisal, implementation and integration of risk management in delivery of sustainable public investment projects, will be pivotal in achieving the aspirations in the vision and our economic development agenda,” he said.
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