The government has taken a step to improve utilisation of public money reducing project implementation delays and increasing the efficiency of the public investment system by maximizing the use of project financing.
For this purpose, it has initiated the Tk 315.70 crore ‘Improvement of Public Investment Management System (IPIMS)’ which will be completed by June 2030.
The “Improvement of Public Investment Management System (IPIMS)” project, to be implemented by the Planning Division, will introduce an advanced, technology-driven framework to ensure faster, transparent, and more accountable government investment processes.
Of the total project cost, Tk 10.70 crore will come from the government’s own fund while Tk 305 crore will be provided as project assistance by the World Bank.
According to the project document, if implemented this will reduce project implementation delays and increase the capacity of the public investment system by maximizing the use of project financing.
It will improve the digital system of public investment management by strengthening information technology infrastructure and data analytics and to ensure transparency by integrating automated project processing, monitoring and evaluation systems.
The project will increase the capacity of officials through the formation of the Institute of Public Investment Management (IPIM) and the use of various tools related to project formulation and implementation in the Ministries, Departments and Agencies (MDAs) including the Planning Commission.
The government will form a Project Implementation Unit (PIU) in the Planning Division for the implementation of the IPIMS project and to monitor the overall implementation of the five components of the "Strengthening Institutions for Transparency and Accountability (SITA) Project".
The prime tasks of this project will be Reduce the time for DPP/TAPP formulation, processing and approval and ensure accountability by using 100% ICT system in project processing.
Artificial Intelligence-based decision making-Ensure project data analysis and information-based analysis and fair distribution of resources.
Single Sign-in System-Provision of real-time data through full integration with IBAS++, e-PMIS, AMS and other government platforms.
Skill Development-Provide modern training to government officials on project planning, artificial intelligence analysis, cyber security and risk management.
Form a Project Coordination and Monitoring Unit to monitor the overall implementation of the five components of the "Strengthening Institutions for Transparency and Accountability (SITA) Project".
According to the project document, Bangladesh has emerged as the third largest economy in South Asia and is on track to graduate from the LDC category by 2026.
Although the government achieved an average of 6.5% real GDP growth between 2010 and 2024, the capacity of the government's public investment sector has not increased in that sense.
In addition, the effectiveness of the public investment system has not reached the desired goal in the last two decades.
The project formulation, processing and approval stage requires an average of three years. A significant number of projects require extension of the project period every year, resulting in delays and increased project implementation costs.
Through this IPIMS project, a single digital platform will be created for project preparation and processing, through which information technology and data analytics will be used for project processing and implementation, enhancing the skills of project-related officials, increasing institutional capacity, and ensuring evidence-based planning by establishing a strict monitoring system.
If the project is implemented, the Planning Commission thinks that the time for DPP/TAPP formulation, processing and approval will be reduced and accountability will be ensured.
In addition, it will be possible to ensure data analysis and information-based analysis of the project and proper allocation of resources.
