Rwanda: Technical Assistance Report-Public Investment ... - International Monetary Fund
Rwanda: Technical Assistance Report-Public Investment Management Assessment-PIMA and Climate PIMA
Rwanda: Technical Assistance Report-Public Investment Management Assessment–PIMA and Climate PIMA
Publication Date:
August 1, 2023
Electronic Access:
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Summary:
This Technical Report discusses the results of the Public Investment Management Assessment (PIMA), including the Climate module, for Rwanda, undertaken in 2022. The Rwandan government has placed significant emphasis on public investment to support the country’s economic transformation, and investment has accelerated in recent years. The country performs well in the design and effectiveness of its public investment management institutions, in planning and coordination, but has mixed results in allocation and implementation, as evidenced by the stalling and abandonment of some projects. Infrastructure development is also a crucial component of the country's climate change adaptation strategy. Rwanda's Nationally Determined Contribution outlines measures to address climate change, with an estimated cost of over USD 5.3 billion (55 percent of GDP) by 2030. Rwanda already performs strongly in climate change-aware planning, with a well-designed and effective system for integrating climate change considerations in national and sectoral planning processes. However, there is room to enhance project appraisal and selection processes by incorporating climate change mitigation and adaptation criteria. Many important documents and data remain unpublished, such as the Fiscal Risk Review, project costs, and selection criteria, reducing accountability and scrutiny.
Series:
Country Report No. 2023/300
Subject:
International organization Monetary policy
Frequency:
regular
English
Publication Date:
August 1, 2023
ISBN/ISSN:
9798400250743/1934-7685
Stock No:
1RWAEA2023002
Format:
Paper
Pages:
84
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Related Knowledge Center: Climate economics
Climate change is now a driver of the world’s economy. The impact is profound:
- Catastrophic weather events — hurricanes, floods, droughts, high temperatures — are more frequent and more extreme. The cost can be measured in both the initial damage caused and the longer-term impact on the economy.
- Vulnerable communities are increasing climate-related investments, hardening infrastructure and taking other protective measures.
- Investment in carbon capture and storage technologies is increasingly rapidly.
- Governments are making investments and crafting regulations to reduce emissions of carbon dioxide and other greenhouse gases.
On top of all of this is the cost of uncertainty. As the Fourth National Climate Assessment, released in 2018 by the U.S. Global Change Research Program, says, “The assumption that current and future climate conditions will resemble the recent past is no longer valid.”