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auto;padding:0 16px;font-family:ui-sans-serif,system-ui,-apple-system,\"Segoe UI\",sans-serif;line-height:1.55;overflow-wrap:break-word}#nxe-n2aj0vyg.nxe :where(*,*::before,*::after){box-sizing:inherit}#nxe-n2aj0vyg.nxe :where(section,header,footer,nav,aside){display:block;margin:0 0 32px}#nxe-n2aj0vyg.nxe :where(h1,h2,h3,h4){line-height:1.2;margin:24px 0 12px;font-weight:600}#nxe-n2aj0vyg.nxe :where(p,ul,ol,dl,table,figure,details){margin:0 0 16px}#nxe-n2aj0vyg.nxe :where(ul,ol){padding-left:20px}#nxe-n2aj0vyg.nxe a{color:inherit;text-decoration:underline;text-underline-offset:2px}#nxe-n2aj0vyg.nxe table{border-collapse:collapse;width:100%;display:block;overflow-x:auto}#nxe-n2aj0vyg.nxe :where(th,td){padding:6px 8px;text-align:left;vertical-align:top;border-bottom:1px solid;border-color:inherit}#nxe-n2aj0vyg.nxe svg{display:none}#nxe-n2aj0vyg.nxe svg.nx-i{display:inline-block;width:18px;height:18px;vertical-align:-3px}#nxe-n2aj0vyg.nxe :where([role=\"tablist\"],[role=\"toolbar\"],[hidden],button,.nx-theme-toggle,.nx-live-slot){display:none}#nxe-n2aj0vyg.nxe img{max-width:100%;height:auto}<\/style><svg class=\"nx-defs\" aria-hidden=\"true\" focusable=\"false\" width=\"0\" height=\"0\"><defs><linearGradient id=\"nx-gi\" x1=\"0\" y1=\"0\" x2=\"1\" y2=\"1\"><stop offset=\"0\" class=\"nx-gi-a\"\/><stop offset=\"0.55\" class=\"nx-gi-b\"\/><stop offset=\"1\" class=\"nx-gi-c\"\/><\/linearGradient><linearGradient id=\"nx-giu\" gradientUnits=\"userSpaceOnUse\" x1=\"0\" y1=\"0\" x2=\"800\" y2=\"0\"><stop offset=\"0\" class=\"nx-gi-a\"\/><stop offset=\"0.55\" class=\"nx-gi-b\"\/><stop offset=\"1\" class=\"nx-gi-c\"\/><\/linearGradient><linearGradient id=\"nx-gp\" x1=\"0\" y1=\"0\" x2=\"1\" y2=\"1\"><stop offset=\"0\" class=\"nx-gp-a\"\/><stop offset=\"1\" class=\"nx-gp-b\"\/><\/linearGradient><\/defs><\/svg><section class=\"nx-hero\" data-layout=\"console\" aria-labelledby=\"nx-title-1\"><div class=\"nx-container\"><div class=\"nx-theme-toggle\" role=\"group\" aria-label=\"Appearance of this page\" hidden><button type=\"button\" data-mode=\"light\" aria-pressed=\"false\">Light<\/button><button type=\"button\" data-mode=\"dark\" aria-pressed=\"false\">Dark<\/button><button type=\"button\" data-mode=\"auto\" aria-pressed=\"true\">Auto<\/button><\/div><div class=\"nx-folio\" aria-label=\"Document reference\"><strong>A-P09 \u00b7 TOPIC \u00b7 public-investment-efficiency<\/strong>GRA dossier \u00b7 service level R0<\/div><div class=\"nx-hero-grid\"><div class=\"nx-hero-text\"><div class=\"nx-eyebrow-row\"><span class=\"nx-eyebrow\">GRA<\/span><span class=\"nx-eyebrow\" aria-hidden=\"true\">\u00b7<\/span><span class=\"nx-eyebrow\">Public Finance and Sovereign Debt<\/span><span class=\"nx-eyebrow\" aria-hidden=\"true\">\u00b7<\/span><span class=\"nx-eyebrow\">In development<\/span><\/div><div class=\"nx-accent-row\"><span class=\"nx-accent-rule\" aria-hidden=\"true\"><\/span><span>Topic dossier \u00b7 Public Finance and Sovereign Debt<\/span><\/div><h1 id=\"nx-title-1\" class=\"nx-hero-title\">Public investment efficiency<\/h1><p class=\"nx-tagline\">Public investment builds roads, power, water, schools and hospitals, but money spent does not always become assets that work. Efficiency gaps arise from weak appraisal, project selection, procurement, implementation and maintenance. This page sets out how public investment efficiency is lost and measured, which institutions shape it, and who decides.<\/p><div class=\"nx-actions\"><a class=\"nx-btn\" data-variant=\"primary\" href=\"https:\/\/globalriskalliance.com\/public-finance-sovereign-debt\/contact\/\">Make an enquiry <svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><a class=\"nx-btn\" data-variant=\"secondary\" href=\"https:\/\/globalriskalliance.com\/public-finance-sovereign-debt\/topics\/\">Back to Topics<\/a><\/div><\/div><div class=\"nx-hero-panel\"><div class=\"nx-register\"><div class=\"nx-register-head\"><span class=\"nx-eyebrow\"><strong>Dossier<\/strong><\/span><span class=\"nx-eyebrow\">A-P09 \u00b7 topic<\/span><\/div><ol class=\"nx-register-rows\"><li><a href=\"#nx-sec-brief-answer\"><span class=\"nx-register-n\">01<\/span><span class=\"nx-register-k\">In brief<\/span><span class=\"nx-register-v\">Definition and scope<\/span><\/a><\/li><li><a href=\"#nx-sec-question\"><span class=\"nx-register-n\">02<\/span><span class=\"nx-register-k\">The question<\/span><span class=\"nx-register-v\">4 mechanisms<\/span><\/a><\/li><li><a href=\"#nx-sec-terms\"><span class=\"nx-register-n\">03<\/span><span class=\"nx-register-k\">Key terms<\/span><span class=\"nx-register-v\"><span class=\"nx-register-num\">3<\/span><\/span><\/a><\/li><li><a href=\"#nx-sec-field\"><span class=\"nx-register-n\">04<\/span><span class=\"nx-register-k\">Field<\/span><span class=\"nx-register-v\">H3 field plate<\/span><\/a><\/li><li><a href=\"#nx-sec-indicators\"><span class=\"nx-register-n\">05<\/span><span class=\"nx-register-k\">Indicators<\/span><span class=\"nx-register-v\"><span class=\"nx-register-num\">6<\/span><\/span><\/a><\/li><li><a href=\"#nx-sec-pipeline\"><span class=\"nx-register-n\">06<\/span><span class=\"nx-register-k\">Pipeline<\/span><span class=\"nx-register-v\">Run graph<\/span><\/a><\/li><li><a href=\"#nx-sec-sources\"><span class=\"nx-register-n\">07<\/span><span class=\"nx-register-k\">Sources<\/span><span class=\"nx-register-v\"><span class=\"nx-register-num\">5<\/span><\/span><\/a><\/li><li><a href=\"#nx-sec-decisions\"><span class=\"nx-register-n\">08<\/span><span class=\"nx-register-k\">Decision holders<\/span><span class=\"nx-register-v\"><span class=\"nx-register-num\">4<\/span><\/span><\/a><\/li><li><a href=\"#nx-sec-methods\"><span class=\"nx-register-n\">09<\/span><span class=\"nx-register-k\">Methods<\/span><span class=\"nx-register-v\"><span class=\"nx-register-num\">3<\/span><\/span><\/a><\/li><\/ol><p class=\"nx-register-foot\">GRA \u00b7 In development \u00b7 service level R0<\/p><\/div><\/div><\/div><\/div><\/section> <nav class=\"nx-index-strip\" data-nx-spy=\"true\" aria-label=\"On this page\"><div class=\"nx-container\"><a href=\"#nx-sec-brief-answer\"><span>01<\/span>The short answer<\/a><a href=\"#nx-sec-field\"><span>02<\/span>Where projects sit, and which layer\u2026<\/a><a href=\"#nx-sec-question\"><span>03<\/span>Public investment efficiency: how\u2026<\/a><a href=\"#nx-sec-terms\"><span>04<\/span>Terms used on this page<\/a><a href=\"#nx-sec-indicators\"><span>05<\/span>What is measured, and how well<\/a><a href=\"#nx-sec-pipeline\"><span>06<\/span>From sources to decisions<\/a><a href=\"#nx-sec-sources\"><span>07<\/span>Where the evidence comes from<\/a><a href=\"#nx-sec-decisions\"><span>08<\/span>Who decides, and what the evidence\u2026<\/a><\/div><\/nav> <section id=\"nx-sec-brief-answer\" class=\"nx-section\" data-hue=\"finance\" aria-labelledby=\"nx-s-2\"><div class=\"nx-container\"><div class=\"nx-section-head\"><div class=\"nx-eyebrow-row\"><span class=\"nx-eyebrow\">01<\/span><span class=\"nx-rule\" aria-hidden=\"true\"><\/span><span class=\"nx-eyebrow\">In brief<\/span><\/div><h2 id=\"nx-s-2\" class=\"nx-section-title\">The short answer.<\/h2><p class=\"nx-lede\">Public investment efficiency is how well public spending on infrastructure and capital turns into working assets and services. Gaps arise from weak appraisal, political selection, overruns, deferred maintenance and procurement failures. Finance and planning ministries, procurement authorities, audit institutions and lenders hold the decisions.<\/p><\/div><\/div><\/section><section id=\"nx-sec-field\" class=\"nx-section\" data-hue=\"systemic\" data-tone=\"alt\" aria-labelledby=\"nx-s-3\"><div class=\"nx-container\"><div class=\"nx-section-head\"><div class=\"nx-eyebrow-row\"><span class=\"nx-eyebrow\">02<\/span><span class=\"nx-rule\" aria-hidden=\"true\"><\/span><span class=\"nx-eyebrow\">Spatial finance<\/span><\/div><h2 id=\"nx-s-3\" class=\"nx-section-title\">Where projects sit, and which layer protects them.<\/h2><p class=\"nx-lede\">Where development projects meet hazard and poverty, and which financing layer protects them. Hypothetical projects and design values.<\/p><\/div><div class=\"nx-section-body\"><div class=\"nx-canvas-wrap\"><figure class=\"nx-fk nx-sf\" data-fk=\"dfi-siting\" data-gl=\"sf:dfi-siting\" data-sf=\"dfi-siting\" data-sx-credit=\"Natural Earth (public domain) | relief: Mapzen Terrain Tiles | hypothetical projects and design values\" data-sx-src=\"Natural Earth ~ public domain ~ https:\/\/www.naturalearthdata.com\/ | Mapzen Terrain Tiles relief (SRTM, GMTED2010, ETOPO1) ~ attribution as published by Mapzen ~ https:\/\/github.com\/tilezen\/joerd\/blob\/master\/docs\/attribution.md | Design scenario values by the Global Risks Alliance ~ illustrative, not data\" data-sf-learn-views=\"layers\" aria-label=\"Interactive map: ten hypothetical projects in Mozambique and Malawi over a design hazard and a poverty proxy, linked to a risk-layering diagram. The panel chooses a layer or a project.\" 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\"><figcaption class=\"nx-fk-cap\"><span>Development projects in Mozambique and Malawi against hazard and poverty, with the financing layer that would protect each.<\/span><span data-honesty=\"true\">Hypothetical projects and design values; no country's strategy is shown.<\/span><\/figcaption><\/figure><\/div><div class=\"nx-live-slot\" data-nxf-slot=\"map\" data-nxf-kind=\"map\" data-nxf-resource=\"nexus:\/\/gra\/A-P09\/topics\/public-investment-efficiency\/#map\" data-nxf-title=\"Public Finance and Sovereign Debt live map\" data-nxf-height=\"560\" hidden><\/div><\/div><\/div><\/section><section id=\"nx-sec-question\" class=\"nx-section\" data-hue=\"finance\" data-variant=\"split\" aria-labelledby=\"nx-s-4\"><div class=\"nx-container\"><div class=\"nx-section-head\"><div class=\"nx-eyebrow-row\"><span class=\"nx-eyebrow\">03<\/span><span class=\"nx-rule\" aria-hidden=\"true\"><\/span><span class=\"nx-eyebrow\">The question<\/span><\/div><h2 id=\"nx-s-4\" class=\"nx-section-title\">Public investment efficiency: how the risk develops.<\/h2><p class=\"nx-lede\">Evidence and capital planning. The dossier below sets out how the risk develops, what is measured, where the data come from, how it is modelled and who decides.<\/p><\/div><div class=\"nx-section-body\"><div class=\"nx-cells\" data-cols=\"2\"><div><div class=\"nx-glyph-row\"><span class=\"nx-glyph\" data-tone=\"accent\"><svg class=\"nx-i\" viewBox=\"0 0 24 24\" aria-hidden=\"true\" focusable=\"false\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M14 2v4a2 2 0 0 0 2 2h4\"\/><path d=\"M4.268 21a2 2 0 0 0 1.727 1H18a2 2 0 0 0 2-2V7l-5-5H6a2 2 0 0 0-2 2v3\"\/><path d=\"m9 18-1.5-1.5\"\/><circle cx=\"5\" cy=\"14\" r=\"3\"\/><\/svg><\/span><span class=\"nx-eyebrow\">Mechanism<\/span><\/div><h3 class=\"nx-h4 nx-mt-2\">Selection without appraisal<\/h3><p class=\"nx-p nx-mt-1\">Projects chosen for political reasons or without cost-benefit analysis may not deliver value. Strong appraisal and transparent selection reduce waste.<\/p><\/div><div><div class=\"nx-glyph-row\"><span class=\"nx-glyph\" data-tone=\"accent\"><svg class=\"nx-i\" viewBox=\"0 0 24 24\" aria-hidden=\"true\" focusable=\"false\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M5 22h14\"\/><path d=\"M5 2h14\"\/><path d=\"M17 22v-4.172a2 2 0 0 0-.586-1.414L12 12l-4.414 4.414A2 2 0 0 0 7 17.828V22\"\/><path d=\"M7 2v4.172a2 2 0 0 0 .586 1.414L12 12l4.414-4.414A2 2 0 0 0 17 6.172V2\"\/><\/svg><\/span><span class=\"nx-eyebrow\">Mechanism<\/span><\/div><h3 class=\"nx-h4 nx-mt-2\">Cost overruns and delays<\/h3><p class=\"nx-p nx-mt-1\">Optimistic estimates, scope changes and weak contract management raise costs and delay the benefits projects were meant to bring.<\/p><\/div><div><div class=\"nx-glyph-row\"><span class=\"nx-glyph\" data-tone=\"accent\"><svg class=\"nx-i\" viewBox=\"0 0 24 24\" aria-hidden=\"true\" focusable=\"false\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><circle cx=\"12\" cy=\"12\" r=\"3\"\/><circle cx=\"19\" cy=\"5\" r=\"2\"\/><circle cx=\"5\" cy=\"19\" r=\"2\"\/><path d=\"M10.4 21.9a10 10 0 0 0 9.941-15.416\"\/><path d=\"M13.5 2.1a10 10 0 0 0-9.841 15.416\"\/><\/svg><\/span><span class=\"nx-eyebrow\">Mechanism<\/span><\/div><h3 class=\"nx-h4 nx-mt-2\">Maintenance is deferred<\/h3><p class=\"nx-p nx-mt-1\">Budget pressure cuts maintenance first, which shortens asset life and raises the cost of replacing assets later.<\/p><\/div><div><div class=\"nx-glyph-row\"><span class=\"nx-glyph\" data-tone=\"accent\"><svg class=\"nx-i\" viewBox=\"0 0 24 24\" aria-hidden=\"true\" focusable=\"false\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M2 12s3-7 10-7 10 7 10 7-3 7-10 7-10-7-10-7Z\"\/><circle cx=\"12\" cy=\"12\" r=\"3\"\/><\/svg><\/span><span class=\"nx-eyebrow\">Mechanism<\/span><\/div><h3 class=\"nx-h4 nx-mt-2\">Procurement integrity<\/h3><p class=\"nx-p nx-mt-1\">Collusion and corruption in procurement raise prices and lower quality. Open contracting and audit reduce the risk.<\/p><\/div><\/div><\/div><\/div><\/section><section id=\"nx-sec-terms\" class=\"nx-section\" data-hue=\"systemic\" data-tone=\"alt\" data-variant=\"split\" aria-labelledby=\"nx-s-5\"><div class=\"nx-container\"><div class=\"nx-section-head\"><div class=\"nx-eyebrow-row\"><span class=\"nx-eyebrow\">04<\/span><span class=\"nx-rule\" aria-hidden=\"true\"><\/span><span class=\"nx-eyebrow\">Key terms<\/span><\/div><h2 id=\"nx-s-5\" class=\"nx-section-title\">Terms used on this page.<\/h2><p class=\"nx-lede\">Each term as this page uses it. Where a standard-setting body defines the term, the wording follows that body.<\/p><\/div><div class=\"nx-section-body\"><div class=\"nx-table-wrap\"><table class=\"nx-table\" data-stack=\"true\"><thead><tr><th scope=\"col\">Term<\/th><th scope=\"col\">Definition<\/th><\/tr><\/thead><tbody><tr><td data-label=\"Term\">Efficiency gap<\/td><td data-label=\"Definition\">The difference between actual infrastructure output and what the most efficient peers achieve with the same spending.<\/td><\/tr><tr><td data-label=\"Term\">Project appraisal<\/td><td data-label=\"Definition\">Assessment of a project's costs, benefits and risks before a decision to fund it.<\/td><\/tr><tr><td data-label=\"Term\">Cost overrun<\/td><td data-label=\"Definition\">The amount by which a project's final cost exceeds its approved budget.<\/td><\/tr><\/tbody><\/table><\/div><\/div><\/div><\/section><section id=\"nx-sec-indicators\" class=\"nx-section\" data-hue=\"finance\" aria-labelledby=\"nx-s-6\"><div class=\"nx-container\"><div class=\"nx-section-head\"><div class=\"nx-eyebrow-row\"><span class=\"nx-eyebrow\">05<\/span><span class=\"nx-rule\" aria-hidden=\"true\"><\/span><span class=\"nx-eyebrow\">Indicators<\/span><\/div><h2 id=\"nx-s-6\" class=\"nx-section-title\">What is measured, and how well.<\/h2><p class=\"nx-lede\">Each indicator carries its unit, its cadence, the kind of source behind it and the evidence label a value would carry. No values are shown: a programme supplies them under its own authority.<\/p><\/div><div class=\"nx-section-body\" data-lv=\"register\"><div class=\"nx-table-wrap\"><table class=\"nx-table\" data-stack=\"true\"><thead><tr><th scope=\"col\">Indicator<\/th><th scope=\"col\">Unit<\/th><th scope=\"col\">Cadence<\/th><th scope=\"col\">Source type<\/th><th scope=\"col\">Label<\/th><\/tr><\/thead><tbody><tr><td data-label=\"Indicator\">Public investment<\/td><td data-label=\"Unit\">percent of GDP<\/td><td data-label=\"Cadence\">annual<\/td><td data-label=\"Source type\">Government finance statistics<\/td><td data-label=\"Label\"><span class=\"nx-chip\">OFFICIAL<\/span><\/td><\/tr><tr><td data-label=\"Indicator\">Public investment efficiency gap<\/td><td data-label=\"Unit\">percent<\/td><td data-label=\"Cadence\">periodic<\/td><td data-label=\"Source type\">IMF estimates<\/td><td data-label=\"Label\"><span class=\"nx-chip\">ESTIMATED<\/span><\/td><\/tr><tr><td data-label=\"Indicator\">PIMA institutional strength scores<\/td><td data-label=\"Unit\">score by institution<\/td><td data-label=\"Cadence\">per assessment<\/td><td data-label=\"Source type\">IMF PIMA reports<\/td><td data-label=\"Label\"><span class=\"nx-chip\">OFFICIAL<\/span><\/td><\/tr><tr><td data-label=\"Indicator\">Projects with completed cost-benefit appraisal<\/td><td data-label=\"Unit\">share of approved projects<\/td><td data-label=\"Cadence\">annual<\/td><td data-label=\"Source type\">Government records<\/td><td data-label=\"Label\"><span class=\"nx-chip\">DECLARED<\/span><\/td><\/tr><tr><td data-label=\"Indicator\">Cost overrun on completed projects<\/td><td data-label=\"Unit\">percent of original budget<\/td><td data-label=\"Cadence\">per project<\/td><td data-label=\"Source type\">Project completion reports<\/td><td data-label=\"Label\"><span class=\"nx-chip\">REPORTED<\/span><\/td><\/tr><tr><td data-label=\"Indicator\">Contracts published under open contracting<\/td><td data-label=\"Unit\">share<\/td><td data-label=\"Cadence\">annual<\/td><td data-label=\"Source type\">Open contracting data<\/td><td data-label=\"Label\"><span class=\"nx-chip\">OBSERVED<\/span><\/td><\/tr><\/tbody><\/table><\/div><div class=\"nx-live-slot\" data-nxf-slot=\"indicators\" data-nxf-kind=\"indicator\" data-nxf-resource=\"nexus:\/\/gra\/A-P09\/topics\/public-investment-efficiency\/#indicators\" data-nxf-title=\"Indicators\" data-nxf-height=\"520\" hidden><\/div><\/div><\/div><\/section><section id=\"nx-sec-pipeline\" class=\"nx-section\" data-hue=\"systemic\" data-tone=\"alt\" aria-labelledby=\"nx-s-7\"><div class=\"nx-container\"><div class=\"nx-section-head\"><div class=\"nx-eyebrow-row\"><span class=\"nx-eyebrow\">06<\/span><span class=\"nx-rule\" aria-hidden=\"true\"><\/span><span class=\"nx-eyebrow\">Canvas<\/span><\/div><h2 id=\"nx-s-7\" class=\"nx-section-title\">From sources to decisions.<\/h2><p class=\"nx-lede\">The topic as a computational graph: named sources feed the methods, an evidence review gates the outputs, and the decisions stay with the authorities that hold them.<\/p><\/div><div class=\"nx-section-body\"><div class=\"nx-plate\" data-wide=\"true\"><div class=\"nx-plate-label\"><span class=\"nx-eyebrow\"><strong>Pipeline canvas<\/strong> \u00b7 Public investment efficiency as a run graph<\/span><span class=\"nx-eyebrow\">Design, not a record<\/span><\/div><div class=\"nx-figure-frame\" data-scene=\"true\"><svg class=\"nx-figure nx-ui nx-dag\" viewBox=\"0 0 1200 564\" data-nx-dag=\"true\" data-w=\"1200\" data-h=\"564\" role=\"img\" aria-labelledby=\"nx-dag-a-p09-topics-public-investment-efficiency-t nx-dag-a-p09-topics-public-investment-efficiency-d\" 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OBRkk809l31TGt0YOCewY5zD8vcqUv\/QhxFzJ43CPPl7Mv93W0H6ChZrthF2uqoPU\/tCL5cIkCQJo9R9tSj1KmCbcGBQ31\/twd3uip6At\/UpxM4S2zTjB0+hL1O8WrgaNh4T3+9vJjOPk47kNPnKKRlRaY6dKQ25tETBXnhPy1zkNEgzUIa9oROho35\/ezq+uMvXWO+SuI0+NZrzInSmG+c1v4f\"><title id=\"nx-dag-a-p09-topics-public-investment-efficiency-t\">Public investment efficiency: disaster risk finance by layers<\/title><desc id=\"nx-dag-a-p09-topics-public-investment-efficiency-d\">The risk profile is split into layers: frequent events from contingency budgets, less frequent from contingent credit, rare from insurance or risk transfer; pre-agreed plans and triggers make funds reach people fast. Design of the process, not a record of a run.<\/desc><\/svg><\/div><\/div><p class=\"nx-caption\"><strong>Fig. 02<\/strong><span>Nodes carry their type, two metric rows and a state; connectors show what feeds what; dashed frames name the owners; the timeline is the cadence. Design of the pipeline, not a record of a run.<\/span><\/p><\/div><\/div><\/section><section id=\"nx-sec-sources\" class=\"nx-section\" data-hue=\"finance\" data-variant=\"split\" aria-labelledby=\"nx-s-8\"><div class=\"nx-container\"><div class=\"nx-section-head\"><div class=\"nx-eyebrow-row\"><span class=\"nx-eyebrow\">07<\/span><span class=\"nx-rule\" aria-hidden=\"true\"><\/span><span class=\"nx-eyebrow\">Sources<\/span><\/div><h2 id=\"nx-s-8\" class=\"nx-section-title\">Where the evidence comes from.<\/h2><p class=\"nx-lede\">Named public datasets and institutional records, each with its licence class. Sources by agreement are used only under their terms and never republished.<\/p><\/div><div class=\"nx-section-body\" data-lv=\"register\"><div class=\"nx-table-wrap\"><table class=\"nx-table\" data-stack=\"true\"><thead><tr><th scope=\"col\">Source<\/th><th scope=\"col\">What it gives<\/th><th scope=\"col\">Licence class<\/th><\/tr><\/thead><tbody><tr><td data-label=\"Source\">IMF Public Investment Management Assessments<\/td><td data-label=\"What it gives\">Strength of public investment institutions<\/td><td data-label=\"Licence class\">Free, IMF terms<\/td><\/tr><tr><td data-label=\"Source\">IMF Investment and Capital Stock Dataset<\/td><td data-label=\"What it gives\">Public and private investment and capital stocks<\/td><td data-label=\"Licence class\">Free, IMF terms<\/td><\/tr><tr><td data-label=\"Source\">PEFA assessments<\/td><td data-label=\"What it gives\">Public financial management performance<\/td><td data-label=\"Licence class\">Free, PEFA terms<\/td><\/tr><tr><td data-label=\"Source\">Open Contracting Partnership data<\/td><td data-label=\"What it gives\">Published procurement data<\/td><td data-label=\"Licence class\">Licence per publisher<\/td><\/tr><tr><td data-label=\"Source\">Multilateral development bank project completion reports<\/td><td data-label=\"What it gives\">Outcomes of financed projects<\/td><td data-label=\"Licence class\">Free, terms per bank<\/td><\/tr><\/tbody><\/table><\/div><div class=\"nx-live-slot\" data-nxf-slot=\"evidence\" data-nxf-kind=\"evidence\" data-nxf-resource=\"nexus:\/\/gra\/A-P09\/topics\/public-investment-efficiency\/#evidence\" data-nxf-title=\"Sources\" data-nxf-height=\"520\" hidden><\/div><\/div><\/div><\/section><section id=\"nx-sec-decisions\" class=\"nx-section\" data-hue=\"systemic\" data-tone=\"alt\" data-variant=\"split\" aria-labelledby=\"nx-s-9\"><div class=\"nx-container\"><div class=\"nx-section-head\"><div class=\"nx-eyebrow-row\"><span class=\"nx-eyebrow\">08<\/span><span class=\"nx-rule\" aria-hidden=\"true\"><\/span><span class=\"nx-eyebrow\">Decisions<\/span><\/div><h2 id=\"nx-s-9\" class=\"nx-section-title\">Who decides, and what the evidence serves.<\/h2><p class=\"nx-lede\">Public Finance and Sovereign Debt prepares evidence. The decisions below are taken by the authorities named, under their own rules, and never by the platform.<\/p><\/div><div class=\"nx-section-body\"><div class=\"nx-table-wrap\"><table class=\"nx-table\" data-stack=\"true\"><thead><tr><th scope=\"col\">Who decides<\/th><th scope=\"col\">The question<\/th><th scope=\"col\">Evidence this page serves<\/th><\/tr><\/thead><tbody><tr><td data-label=\"Who decides\">Finance and planning ministries<\/td><td data-label=\"The question\">How projects are appraised, selected and funded<\/td><td data-label=\"Evidence this page serves\">PIMA findings and appraisal practice<\/td><\/tr><tr><td data-label=\"Who decides\">Procurement authorities<\/td><td data-label=\"The question\">How contracts are tendered and managed<\/td><td data-label=\"Evidence this page serves\">Procurement data and audit findings<\/td><\/tr><tr><td data-label=\"Who decides\">Audit institutions<\/td><td data-label=\"The question\">Whether investment delivered value<\/td><td data-label=\"Evidence this page serves\">Project and spending records<\/td><\/tr><tr><td data-label=\"Who decides\">Development lenders<\/td><td data-label=\"The question\">Which projects to finance and how to support institutions<\/td><td data-label=\"Evidence this page serves\">Completion reports and assessments<\/td><\/tr><\/tbody><\/table><\/div><h3 class=\"nx-h4 nx-mt-4\">Outputs this topic produces<\/h3><ul class=\"nx-list\"><li>Guide to the public investment management cycle<\/li><li>Method note on efficiency gap estimates<\/li><li>Brief on maintenance and asset life<\/li><li>Questions for planning ministries on project selection<\/li><\/ul><\/div><\/div><\/section><section id=\"nx-sec-core-questions\" class=\"nx-section\" data-hue=\"finance\" aria-labelledby=\"nx-s-10\"><div class=\"nx-container\"><div class=\"nx-section-head\"><div class=\"nx-eyebrow-row\"><span class=\"nx-eyebrow\">09<\/span><span class=\"nx-rule\" aria-hidden=\"true\"><\/span><span class=\"nx-eyebrow\">Core questions<\/span><\/div><h2 id=\"nx-s-10\" class=\"nx-section-title\">What specialists ask.<\/h2><\/div><div class=\"nx-section-body\"><ul class=\"nx-list\"><li>How much of the value of public investment is lost through inefficiency, and why?<\/li><li>How are projects appraised, selected and prioritized?<\/li><li>How do maintenance and operating costs affect the long-term value of public assets?<\/li><li>How should climate resilience be built into public investment planning?<\/li><li>How does fiscal consolidation affect public investment, and with what consequences?<\/li><\/ul><\/div><\/div><\/section><section id=\"nx-sec-mechanisms\" class=\"nx-section\" data-hue=\"systemic\" data-tone=\"alt\" aria-labelledby=\"nx-s-11\"><div class=\"nx-container\"><div class=\"nx-section-head\"><div class=\"nx-eyebrow-row\"><span class=\"nx-eyebrow\">10<\/span><span class=\"nx-rule\" aria-hidden=\"true\"><\/span><span class=\"nx-eyebrow\">Mechanisms<\/span><\/div><h2 id=\"nx-s-11\" class=\"nx-section-title\">Drivers and dynamics.<\/h2><\/div><div class=\"nx-section-body\"><p class=\"nx-p\">Public investment management covers planning, project appraisal, budgeting, procurement, implementation and maintenance. Weaknesses at any stage reduce the return on public capital. International assessments of public investment management have found substantial differences in efficiency between countries, and identified institutional practices that are associated with better outcomes, including strong appraisal, multi-year budgeting and transparent procurement.<\/p><p class=\"nx-p\">When governments consolidate their budgets, public investment is often cut first because it is easier to delay than current spending. This can protect short-term budgets at the cost of long-term growth and resilience. Underspending on maintenance allows assets to deteriorate, creating larger costs later and increasing vulnerability to hazards.<\/p><\/div><\/div><\/section><section id=\"nx-sec-methods-and-limits\" class=\"nx-section\" data-hue=\"finance\" data-variant=\"split\" aria-labelledby=\"nx-s-12\"><div class=\"nx-container\"><div class=\"nx-section-head\"><div class=\"nx-eyebrow-row\"><span class=\"nx-eyebrow\">11<\/span><span class=\"nx-rule\" aria-hidden=\"true\"><\/span><span class=\"nx-eyebrow\">Methods and limits<\/span><\/div><h2 id=\"nx-s-12\" class=\"nx-section-title\">How it is studied.<\/h2><\/div><div class=\"nx-section-body\"><ol class=\"nx-rows\"><li><span class=\"nx-eyebrow nx-index\">01<\/span><div><h3 class=\"nx-h4\">Institutional assessment<\/h3><p class=\"nx-p nx-mt-1\">Assessing public investment management practices against established frameworks.<\/p><\/div><\/li><li><span class=\"nx-eyebrow nx-index\">02<\/span><div><h3 class=\"nx-h4\">Project appraisal<\/h3><p class=\"nx-p nx-mt-1\">Cost-benefit and multi-criteria analysis, drawing on <a class=\"nx-link\" href=\"https:\/\/globalriskalliance.com\/public-finance-sovereign-debt\/stem\/economics\/\">economics and development economics<\/a> and decision analysis under uncertainty.<\/p><\/div><\/li><li><span class=\"nx-eyebrow nx-index\">03<\/span><div><h3 class=\"nx-h4\">Efficiency analysis<\/h3><p class=\"nx-p nx-mt-1\">Comparing public capital and outcomes across countries, using <a class=\"nx-link\" href=\"https:\/\/globalriskalliance.com\/public-finance-sovereign-debt\/stem\/econometrics\/\">econometrics<\/a>.<\/p><\/div><\/li><li><span class=\"nx-eyebrow nx-index\">04<\/span><div><h3 class=\"nx-h4\">Limits<\/h3><p class=\"nx-p nx-mt-1\">Project data is often incomplete, benefits are hard to measure, and efficiency comparisons depend on assumptions.<\/p><\/div><\/li><\/ol><\/div><\/div><\/section><section id=\"nx-sec-methods\" class=\"nx-section\" data-hue=\"systemic\" data-tone=\"alt\" aria-labelledby=\"nx-s-13\"><div class=\"nx-container\"><div class=\"nx-section-head\"><div class=\"nx-eyebrow-row\"><span class=\"nx-eyebrow\">12<\/span><span class=\"nx-rule\" aria-hidden=\"true\"><\/span><span class=\"nx-eyebrow\">Methods<\/span><\/div><h2 id=\"nx-s-13\" class=\"nx-section-title\">How it is studied, and what the methods cannot say.<\/h2><\/div><div class=\"nx-section-body\"><div class=\"nx-methods\" data-limits=\"true\"><ol class=\"nx-mledger\" aria-label=\"Methods\"><li><a class=\"nx-mledger-main\" href=\"https:\/\/globalriskalliance.com\/public-finance-sovereign-debt\/stem\/economics\/\"><span class=\"nx-mledger-n\" aria-hidden=\"true\">01<\/span><span class=\"nx-mledger-body\"><span class=\"nx-mledger-name\">Economics and development economics<\/span><span class=\"nx-mledger-role\">Debt dynamics \u00b7 Fiscal multipliers \u00b7 Fiscal federalism<\/span><\/span><span class=\"nx-mledger-go\"><span class=\"nx-mledger-go-label\">Applied here<\/span><svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/span><\/a><div class=\"nx-mledger-aside\"><a class=\"nx-mledger-canon\" href=\"https:\/\/therisk.global\/stem\/science\/economics\/\" aria-label=\"Economics and development economics: canonical page on the STEM Commons\">Canonical \u00b7 STEM Commons <span aria-hidden=\"true\">\u2197<\/span><\/a><\/div><\/li><li><a class=\"nx-mledger-main\" href=\"https:\/\/globalriskalliance.com\/public-finance-sovereign-debt\/stem\/econometrics\/\"><span class=\"nx-mledger-n\" aria-hidden=\"true\">02<\/span><span class=\"nx-mledger-body\"><span class=\"nx-mledger-name\">Econometrics<\/span><span class=\"nx-mledger-role\">Fiscal reaction functions \u00b7 Revenue volatility \u00b7 Disaster effects on public finance<\/span><\/span><span class=\"nx-mledger-go\"><span class=\"nx-mledger-go-label\">Applied here<\/span><svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/span><\/a><div class=\"nx-mledger-aside\"><a class=\"nx-mledger-canon\" href=\"https:\/\/therisk.global\/stem\/mathematics\/econometrics\/\" aria-label=\"Econometrics: canonical page on the STEM Commons\">Canonical \u00b7 STEM Commons <span aria-hidden=\"true\">\u2197<\/span><\/a><\/div><\/li><li><a class=\"nx-mledger-main\" href=\"https:\/\/globalriskalliance.com\/public-finance-sovereign-debt\/stem\/decision-analysis\/\"><span class=\"nx-mledger-n\" aria-hidden=\"true\">03<\/span><span class=\"nx-mledger-body\"><span class=\"nx-mledger-name\">Decision analysis under uncertainty<\/span><span class=\"nx-mledger-role\">Debt management strategy \u00b7 Fiscal rule design \u00b7 Guarantee approval<\/span><\/span><span class=\"nx-mledger-go\"><span class=\"nx-mledger-go-label\">Applied here<\/span><svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/span><\/a><div class=\"nx-mledger-aside\"><a class=\"nx-mledger-canon\" href=\"https:\/\/therisk.global\/stem\/mathematics\/decision-analysis\/\" aria-label=\"Decision analysis under uncertainty: canonical page on the STEM Commons\">Canonical \u00b7 STEM Commons <span aria-hidden=\"true\">\u2197<\/span><\/a><\/div><\/li><\/ol><aside class=\"nx-limits\" aria-label=\"What the methods cannot say\"><span class=\"nx-eyebrow\">What the methods cannot say<\/span><p class=\"nx-limits-text\">Efficiency gap estimates depend on models of inputs and outputs and are uncertain. Project-level data are often unpublished. Institutional scores describe processes, not outcomes. Public Finance and Sovereign Debt explains methods; it does not assess any project or government or give advice.<\/p><\/aside><\/div><\/div><\/div><\/section><section id=\"nx-s-14-sec\" class=\"nx-section\" data-hue=\"finance\" aria-labelledby=\"nx-s-14\"><div class=\"nx-container\"><div class=\"nx-section-head\"><div class=\"nx-eyebrow-row\"><span class=\"nx-eyebrow\">13<\/span><span class=\"nx-rule\" aria-hidden=\"true\"><\/span><span class=\"nx-eyebrow\">Questions<\/span><\/div><h2 id=\"nx-s-14\" class=\"nx-section-title\">Questions and answers.<\/h2><\/div><div class=\"nx-section-body\"><div class=\"nx-faq\"><details><summary>What is a public investment efficiency gap?<\/summary><div class=\"nx-answer\">An estimate of how much more infrastructure output a country could get for the same spending if it matched the most efficient peers.<\/div><\/details><details><summary>What is a PIMA?<\/summary><div class=\"nx-answer\">The IMF's Public Investment Management Assessment, which evaluates the institutions governments use to plan, allocate and implement public investment.<\/div><\/details><details><summary>Why does maintenance matter for debt?<\/summary><div class=\"nx-answer\">Because underfunded maintenance shortens asset life and forces earlier replacement, raising future borrowing for the same services.<\/div><\/details><details><summary>Why does public investment efficiency matter for debt?<\/summary><div class=\"nx-answer\">Because inefficient investment adds to debt without building assets that support growth and revenue.<\/div><\/details><details><summary>Why is maintenance often neglected?<\/summary><div class=\"nx-answer\">Because it is less visible than new projects and easier to defer, though deferral raises long-term costs.<\/div><\/details><details><summary>Does GRA appraise public projects?<\/summary><div class=\"nx-answer\">No. It studies practice at sector level.<\/div><\/details><details><summary>Does GRA give advice on this topic?<\/summary><div class=\"nx-answer\">No. GRA does not lend, underwrite, rate, invest, advise on or arrange transactions, including sovereign borrowing or debt restructuring, and it introduces no counterparties. Readiness work is not approval. Its analysis is shared, sector-level understanding.<\/div><\/details><\/div><\/div><\/div><\/section><section class=\"nx-section\" data-tone=\"alt\" aria-labelledby=\"nx-rel-15\"><div class=\"nx-container\"><span class=\"nx-eyebrow\">Related<\/span><h2 id=\"nx-rel-15\" class=\"nx-h3 nx-mt-2\">Around Public Finance and Sovereign Debt.<\/h2><nav class=\"nx-related nx-mt-3\" aria-label=\"Related\"><a href=\"https:\/\/globalriskalliance.com\/public-finance-sovereign-debt\/topics\/sovereign-debt-sustainability\/\">Sovereign debt sustainability <svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><a href=\"https:\/\/globalriskalliance.com\/public-finance-sovereign-debt\/topics\/fiscal-contingent-liabilities\/\">Fiscal contingent liabilities <svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><a href=\"https:\/\/globalriskalliance.com\/public-finance-sovereign-debt\/topics\/subnational-fiscal-risk\/\">Subnational fiscal risk <svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><a href=\"https:\/\/globalriskalliance.com\/public-finance-sovereign-debt\/topics\/commodity-and-revenue-risk\/\">Commodity and revenue risk <svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><a href=\"https:\/\/globalriskalliance.com\/public-finance-sovereign-debt\/topics\/social-and-health-expenditure\/\">Social and health expenditure <svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><a href=\"https:\/\/globalriskalliance.com\/public-finance-sovereign-debt\/topics\/climate-and-disaster-fiscal-risk\/\">Climate and disaster fiscal risk <svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><a href=\"https:\/\/globalriskalliance.com\/public-finance-sovereign-debt\/\">Public Finance and Sovereign Debt home <svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><a href=\"https:\/\/globalriskalliance.com\/public-finance-sovereign-debt\/counterparts\/\">Counterparts across the Consortium <svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><a href=\"https:\/\/globalriskalliance.com\/\">The Global Risks Alliance home <svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><a href=\"https:\/\/globalriskalliance.com\/trust\/\">GRA governance and trust <svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><\/nav><\/div><\/section><section class=\"nx-closing\" aria-labelledby=\"nx-close-16\"><div class=\"nx-container\"><span class=\"nx-eyebrow\">Public Finance and Sovereign Debt<\/span><h2 id=\"nx-close-16\" class=\"nx-section-title\">Bring your expertise to this field.<\/h2><p class=\"nx-lede\">The current service level is R0: information and enquiries. An enquiry receives a reference and names the next step; applications, payments, compute allocations and registrations open only when their team, terms and review capacity exist.<\/p><div class=\"nx-actions\"><a class=\"nx-btn\" data-variant=\"primary\" href=\"mailto:contact@globalriskalliance.com?subject=Public%20Finance%20and%20Sovereign%20Debt%3A%20Public%20investment%20efficiency\">Write to the team <svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><a class=\"nx-btn\" data-variant=\"secondary\" href=\"https:\/\/globalriskalliance.com\/public-finance-sovereign-debt\/contact\/\">See all contact routes<\/a><\/div><\/div><\/section><\/div><\/div><script class=\"_iub_cs_skip\">window.__nxMount ? window.__nxMount(document.currentScript) : null;<\/script>\n\n\n<script type=\"application\/ld+json\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"FAQPage\",\"@id\":\"https:\/\/globalriskalliance.com\/public-finance-sovereign-debt\/topics\/public-investment-efficiency\/#faq\",\"isPartOf\":{\"@id\":\"https:\/\/globalriskalliance.com\/public-finance-sovereign-debt\/topics\/public-investment-efficiency\/#webpage\"},\"inLanguage\":\"en\",\"mainEntity\":[{\"@type\":\"Question\",\"name\":\"What is a public investment efficiency gap?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"An estimate of how much more infrastructure output a country could get for the same spending if it matched the most efficient peers.\"}},{\"@type\":\"Question\",\"name\":\"What is a PIMA?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"The IMF's Public Investment Management Assessment, which evaluates the institutions governments use to plan, allocate and implement public investment.\"}},{\"@type\":\"Question\",\"name\":\"Why does maintenance matter for debt?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Because underfunded maintenance shortens asset life and forces earlier replacement, raising future borrowing for the same services.\"}},{\"@type\":\"Question\",\"name\":\"Why does public investment efficiency matter for debt?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Because inefficient investment adds to debt without building assets that support growth and revenue.\"}},{\"@type\":\"Question\",\"name\":\"Why is maintenance often neglected?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Because it is less visible than new projects and easier to defer, though deferral raises long-term costs.\"}},{\"@type\":\"Question\",\"name\":\"Does GRA appraise public projects?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"No. It studies practice at sector level.\"}},{\"@type\":\"Question\",\"name\":\"Does GRA give advice on this topic?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"No. GRA does not lend, underwrite, rate, invest, advise on or arrange transactions, including sovereign borrowing or debt restructuring, and it introduces no counterparties. 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