ArmInfo.The draft concept for assessing state investment programs was discussed today in the government at a meeting chaired by Prime Minister Nikol Pashinyan. It was developed by the Ministry of Economy in cooperation with the International Monetary Fund.
The concept proposes to introduce a system for assessing the effectiveness of public investment management, taking into account the criteria of sectoral planning, program evaluation, selection, investment budgeting.
Deputy Minister of Economy Avag Avanesyan presented detailed information on the process of defining and evaluating the public investment program, referring to the basic principles, types of programs, stages of development, responsible authorities, qualitative and quantitative indicators of programs, creation of a program bank, mechanisms for creating investment committee.
The Prime Minister stressed that public investment programs should be organically linked to the government's action plan, as well as sectoral strategies, in order to ensure the institutional integrity of public administration. Pashinyan instructed to make the necessary changes to the draft concept and, based on the results of the discussion, submit it for approval by the government.
It should be noted that the implementation of state investment programs in Armenia is one of the weak points of economic policy. So, at the end of 2019, the level of implementation of state capital expenditures amounted to about 40%. Last year, this figure was not significantly increased. Non-full implementation of state capital investments worries the country's financial donors, who are in favor of increasing their efficiency for the country's economy.
To note, in 2020, according to the budget, the government was supposed to carry out state capital investments in the amount of 357 billion drams, which is 137 billion drams more than in 2019.However, the level of these costs, according to various estimates, did not reach even 60% of the planned volume.