The Public Investment Management System (PIMS) aims to streamline the preparation, appraisal, approval and management of all Government projects in Jamaica, regardless of the source of funding, the type of procurement or implementation method used. It will enhance the efficiency of the projects which are implemented by the Government of Jamaica. The PIMS will ensure that the Government receives value for money, and over time, sustained economic growth and development from each project that is implemented.
OBJECTIVES OF THE PIMS:
- Promote growth and development and encourage capital formation for future investment.
- Maximize efficiency of public investment through better project selection and management of investment expenditure.
- Improve the quality of social and economic infrastructure in the country.
The PIMS process will:
- Facilitate improved project design and project implementation that matches the overall development objectives of Government
- Create greater impact of public investment on economic growth
- Enhance monitoring and evaluation of public investment to ensure value for money
- Create greater levels of transparency and accountability in the design, implementation and assessment of public investments.
The Public Investment Management Secretariat (PIMSEC) is a new institution within the Ministry of Finance and Public Service, established to manage and administer the PIMS in Jamaica. The PIMSEC has a pivotal role in the whole system and directly supports the work of the Public Investment Management Committee, which is a Cabinet-appointed Committee that is responsible for creating the appropriate policies and procedures for the effective and efficient operation of the PIMS. Regarded as the ‘Gatekeeper’ of the PIMS, PIMSEC provides focus, co-ordination and direction to the PIMS which will result in the improvement of public investment in Jamaica.
Through the work of the PIMSEC, the following activities will be implemented:
- Establishment of the Public Investment Management Guidelines
- Creation of a Public Investment Management Information System
- The capacity development of all stakeholders involved in the PIMS process through project management training and certification
- Creation of a Pre-Investment and Evaluation Fund
For further information, please contact:
c/o Planning Institute of Jamaica Building, 16 Oxford Road (5).