JIS News

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  • Executive Director of the Public Investment Management Secretariat (PIMSEC), Douglas Levermore, says that planning remains crucial in implementing sound public investment projects.
  • He was speaking at a JIS ‘Think Tank’ held today (April 17) at the agency’s Kingston head office.
  • “At its core, a sound public investment project relies heavily on planning and preparation in order to be successful. Planning, early engagements and consultations are crucial components for the success of public investment projects,” Mr. Levermore pointed out.

Executive Director of the Public Investment Management Secretariat (PIMSEC), Douglas Levermore, says that planning remains crucial in implementing sound public investment projects.

He was speaking at a JIS ‘Think Tank’ held today (April 17) at the agency’s Kingston head office.

“At its core, a sound public investment project relies heavily on planning and preparation in order to be successful. Planning, early engagements and consultations are crucial components for the success of public investment projects,” Mr. Levermore pointed out.

He noted that the long-term nature of public investment projects often locks in assets and services, and, as such, the Government has well-defined processes for selecting good projects.

Mr. Levermore said these processes include setting out sector or infrastructure strategies, assessing the project option to meet investment objectives, conducting detailed feasibility and cost-benefit analyses and prioritising projects within the overall public investment plan.

He highlighted that a sound public investment project should clearly identify socio-economic objectives that are central to the sector’s needs, adding that when making public investment decisions, the Government must consider the distributional effect of the investment project.

“In addition to the financial cost and benefits to be derived from an investment, wider socio-economic and environmental impact must typically be considered when making public investment decisions. This is especially so for public-private partnerships,” Mr. Levermore said.

He cited the integral role that the Planning Institute of Jamaica (PIOJ) must play in the planning process of public investment projects.

“Through the creation of capital, public investment makes it possible to deliver services essential to the mobility of persons, goods and services. It also helps to create economic activities, which constitute one of the driving forces behind economic growth and sustainable development,” Mr. Levermore pointed out.

He said that some other features of a good public investment project are that it must align with the National Strategic Vision (Vision 2030); have a specific purpose and objective; and must be selected by the respective sector or ministry based on robust, transparent criteria that maximise positive economic, social and environment impact.