The revised FAA Act defines the PIMS as “the common framework for the preparation, appraisal, approval and management of all public investments in Jamaica, irrespective of the source of funding or procurement and implementation modalities”.
The PIMS is designed to be:
- Extensive: extends across all public entities and sectors
- Inclusive: includes all types of public sector expenditures (actual and contingencies)
- Complete: covers all steps and phases that a project has to complete through its productive life, including the interaction with other administrative systems (budget, treasury, procurement, human resources, others).
- Strategic: all projects and overall portfolio will be selected and oriented to add value to a larger development purpose
The expected outcomes of the PIMS:
- increased capital formation for future investment, improved growth, and development.
- enhanced efficiency in public investment.
- Results-based project selection and management of investment expenditure.
- Improved quality of social and economic infrastructure in the country.
With many competing demands for financing, prioritizing investment projects is crucial. Having a sound and transparent prioritization process is essential to maximize the financial, economic, environmental and social benefits of infrastructure investments, but also to attract additional financing, including from the private sector. The PIMS process therefore envisions that a methodology will be developed to guide prioritisation of public investments.