Nov 22, 2017 Last Updated 10:16 AM, Nov 8, 2017

pimsec

A public investment project is a public investment requiring planning, execution, monitoring and evaluation carried out as an integrated set of activities aimed at meeting a development objective, at a specific cost and within a defined timeframe. The revised FAA Act identifies three important characteristics of a public investment:

  • non-recurrent expenditure on goods, works and services
  • carried out by any public entity within the specified public sector on its own, or by one or more public entities in conjunction with one or more non-public entities through public private partnerships
  • aimed at accumulating new physical or intangible assets or enhancing human resource capacities, or improving or rehabilitating existing physical or intangible assets or human resource capacities, to achieve development objectives.

important-notice

NOTICE TO ALL MINISTRIES, DEPARTMENTS & AGENCIES (MDAs)

The Public Investment Management Committee (PIMC), chaired by the Honourable Minister of Finance & Public Service, Mr. Audley Shaw, is currently scheduled to meet every other month, on the last Friday of the month. The next scheduled meeting is set for 6 October 2017.

As such, all new project concepts or proposals must be submitted in advance for review and consideration by the Public Investment Management Secretariat (PIMSEC). Therefore all projects (accompanied by the letter of endorsement by the Portfolio Ministry) seeking review by the PIMC on that meeting date must be submitted (in hard AND soft copy) to PIMSEC by 03 August 2017.

Ministries, Departments or Agencies (MDAs) requiring further information on this process or requirements for submission of projects, may contact the PIMSEC at 935-5182.