After months of issues, the Government has finally been able to improve the implementation rate of its Public Sector Investment Programme (PSIP).
The Finance Ministry has noted that for the first half of 2018, the PSIP expended $19.0 billion, reflecting a 20.0 percent increase, over the comparable period, in 2017. This represents an overall implementation rate of 31.8 percent of the budgeted allocation of $59.7 billion, the highest half-year implementation rate in the last five years.
While challenges persist within the tender process, the Ministry said that evidence suggests that sensitization clinics, held with Budget Agencies, during 2018, to mainstream procurement planning and assist agencies with the preparation of procurement plans, have positively impacted this half year performance.
The Ministry said, too, that there has been a 30.0 percent improvement in the performance of the locally-funded portfolio, compared to similar period in 2017. Further, the general improvement in turnaround times in the tender process has contributed to improved implementation. As at the half year, more than $23.8 billion of the local PSIP projects were awarded.
Further to this, the Finance Ministry said that the implementation rate of the foreign-funded portfolio of investments was 25.3 percent of the budgeted sum of $27.3 billion, an improved performance when compared to the $6.5 billion spent in the comparable period, in 2017.
Government said that it remains committed to delivering the PSIP, of $59.7 billion, supported by rigorous monitoring of all PSIP projects. In the second half, the Finance Ministry said that greater emphasis will be placed on accelerated implementation of the foreign-funded portfolio of investments.
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