IMF国际货币组织全球-Benin_Technical-Assistance-Report_70页_4mb

报告摘要

Public Investment Management Assessment of Benin

Core Content

This report is a Public Investment Management Assessment (PIMA) conducted by an IMF technical assistance mission in Benin from October 19 to November 1, 2017. It evaluates the institutional framework and effectiveness of public investment management in the country, identifying key challenges and proposing recommendations to improve efficiency and impact.

Main Conclusions

Institutional Framework: Benin has a high-quality, relatively complete institutional framework for public investment management. It outperforms its WAEMU peers and Sub-Saharan African counterparts in terms of institutional strength. However, the effectiveness of this framework is weak.
Investment Sustainability and Quality: Despite significant resources and efforts, the current management framework limits the sustainability and quality of investments. Public investment in Benin has been declining for two decades, and infrastructure quality is inferior to that of its neighbors.
Weaknesses in Investment Process: The PIMA assessment highlights important weaknesses in several stages of the investment management process, including:
- Project selection and evaluation are not systematic.
- Ex-ante and ex-post assessments are not conducted regularly.
- Implementation management is problematic, and risk management for PPPs is underdeveloped.
Government Action Program (PAG): In 2016, the government adopted an ambitious investment plan, the PAG, aimed at stimulating economic and social development. It focuses on flagship sectors and relies heavily on public-private partnerships (PPPs) for financing.
Recommendations: The mission proposes tailored measures to improve the efficiency and impact of public investment, focusing on four areas:
- Improving the institutional framework.
- Ensuring availability and sustainability of financing.
- Enhancing project preparation and implementation.
- Promoting more sustainable investments.

Key Areas and Findings

Area	Institutional Strength	Effectiveness	Priority of Reforms
1. Fiscal Rules	Medium	High	*
2. National and Sectoral Planning	High	Medium	**
3. Central-Local Coordination	Medium	Medium	**
4. Public-Private Partnerships (PPPs)	Medium	Low	***
5. Regulation of Infrastructure Enterprises	Medium	Medium	**
6. Multiyear Programming	Medium	Medium	**
7. Budget Comprehensiveness	High	Medium	**
8. Budget Unity	Medium	Medium	**
9. Ex-Ante Project Assessment	Low	Low	***
10. Project Selection	Medium	Low	***
11. Protection of Investments	High	Medium	***
12. Availability of Financing	Medium	Low	***
13. Transparency in Execution	High	Medium	**
14. Implementation Management	Medium	Low	***
15. Accounting of Public Assets	Low	Low	***

Context of Public Investment in Benin

A. Trends in the Stock of Public Capital and Investment

Total investment has stagnated in relative terms over the past two decades.
From 1995 to 2015, total public and private investment increased by only 0.4 percent.
Public investment accounts for 30% of total investment, with most supported by the private sector.
Public investment in Benin is higher than the WAEMU average (6.5% of GDP vs. 6.1%), but it is more volatile (1.7% vs. 1.2%).
The stock of fixed capital has declined significantly, from 256% of GDP in 2000 to 122% in 2015.
Public investment is not systematically linked to robust economic growth, but the correlation has been increasing in recent years.

B. Efficiency and Impact

Public investment is essential for economic and social development.
It is a lever for private investment, with similar trends in both sectors.
The effectiveness of public investment is uncertain, and the impact on growth is not clear.
The fiscal impact of public investment is long-term, requiring rigorous and transparent management to avoid waste and corruption.
The PAG aims to increase the investment rate from 19% to 45% over the period 2016–2019, with an estimated cost of CFAF 9.039 trillion.
The PAG is expected to stimulate economic growth at an average rate of 6.5% and create over 500,000 jobs.

Recommendations and Action Plan

The mission proposes a comprehensive action plan to address the weaknesses in public investment management, focusing on:

Improving the institutional framework for public investment management.
Ensuring availability and sustainability of financing, including the use of the Treasury Single Account (TSA).
Enhancing project preparation and implementation through better ex-ante and ex-post assessments.
Promoting more sustainable investments by integrating maintenance costs and risk management for PPPs.

Special attention is given to modernizing investment management through the implementation of commitment authorizations, capital appropriations, and more transparent project selection processes.

Conclusion

Benin has a strong institutional framework for public investment, but its implementation remains weak, leading to low-quality projects and limited impact on economic growth. The Government Action Program (PAG) represents a strategic effort to improve public investment management, but its success depends on the effective implementation of reforms and the modernization of governance mechanisms. The PIMA assessment provides a diagnostic tool to guide these reforms and improve the efficiency and sustainability of public investment in Benin.