Ministry of Economic Development launches public sector investment program
Posted: Wednesday, December 4, 2019. 4:38 pm CST.
By BBN Staff: The Ministry of Economic Development (MED) and the CARICOM Development Fund (CDF) held an official ceremony today to mark the inception of the pilot phase of the Public Sector Investment Programme Management Information System (PSIP MIS).
Equipment purchased under the project were handed over to pilot ministries.
The equipment will enable them to better assist the MED in monitoring and reporting on the PSIP.
The Government of Belize received grant funding of US $338,750 from the CDF to finance consultancy services for the design, construction, pilot and installation of the MIS.
Additionally, the funds will be used to provide a year’s salary for a Software Developer to support the system once completed and to purchase equipment for PSIP monitoring and reporting activities. Government’s cash and in-kind contribution was estimated at US $101,150.
The main deliverable of the project is the MIS that will serve as a project management tool for executing agencies and facilitate the consolidation of information on projects in the PSIP.
The PSIP is comprised of all development projects being implemented by or on behalf of the Government of Belize, including those executed by state-owned entities with development financing backed by sovereign guarantees.
As part of its mandate for national development coordination, the MED monitors and reports on the financial and physical progress of ongoing PSIP projects, providing information on sources and types of financing, sectors attracting investments, and constraints faced by implementers, among other things. The Ministry also reports on proposed projects and the status of projects being formulated.
Currently, PSIP reports are prepared using an Excel spreadsheet that is updated quarterly with the information provided by executing agencies at the MED’s request.
This manual process, however, has been subject to human error at various levels which has affected the timeliness, relevance and accuracy of the reports. The MIS was proposed as a means of addressing this with the objectives of better promoting the achievement of development results, supporting macro-economic planning, and improving public expenditure and investment management.
The MIS is being piloted in six ministries, namely, Agriculture, Economic Development, Education, Finance, Health, and Works.
It is expected to be rolled out across the Public Service in the coming years.
The MIS consultancy was awarded to eData Ltd. of Belize and the project is scheduled to close by July 2020.
Source: Breaking Belize News.