Public resources—if invested well in public infrastructure and services—can catalyze private and communitye orts and unleash an inclusive growth and development process. But too often public
projects areselectedto support political patronage, poorly designed, underfunded, long delayed, very costly, or badlyimplemented, with little bene t to the population. This is a critical
challenge for many countries, both richand poor. This book identi es eight key institutional features that countries need to adopt to ensure thatpublic investments support growth and
development. The Power of Public Investment Management provides a clear, nontechnical discussion on approaches toimproving project appraisal, disciplining political intervention in project
selection, dealing with uncertainty(an issue that is likely to grow in importance with the e ects of climate change), integrating procurementskills into project design and implementation, and
managing the decision on public-private partnerships.Byproviding a simple but comprehensive framework and global experience, the book provides policymakers the guidance to adopt good functional
principles in the design of institutions to strengthen publicinvestment management.
