Azerbaijan, Baku, Dec. 30/ Trend , N. Ismayilova/ Progress in strengthening the quality and efficiency of public investment becomes even more urgent in the current context, according to the report of the IMF mission who visited Azerbaijan from Dec. 10 to 17.
The mission welcomes the recent adoption of the decree to establish clear rules for the selection, execution, monitoring and auditing of public investment projects, and looks forward to the new guidelines being finalized before mid-year.
The mission also encourages the authorities to undertake a serious attempt to evaluate the results of the large public investments of the last three years with respect to their original objectives. This exercise would provide useful lessons on what worked well and what did not in the implementation of public investment projects.
"In addition, the government should make progress towards preparing the annual budget spending plans of the various ministries in the context of a detailed medium-term expenditure framework. This is particularly relevant for multi-year investment programs, which should be fully disclosed in the budget document that is submitted to the Parliament," the report said.
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