The Ministry of Finance, Planning and Economic Development has launched the Integrated Bank of Projects (IBP) system designed to store information (central repository) on all public projects from inception, execution monitoring and evaluation to closure.
Minister of State for General Duties Henry Musasizi, while speaking at the launch in Kampala on Monday, said the aim of IBP is to improve efficiency and effectiveness of managing public investments.
It is expected that public projects without feasibility studies and proper plans will eventually be phased out with the creation of the Integrated Bank of Projects (IBP) supported by the World Bank.
To date, less than half of projects are not established through criteria that ensure value for money of resources, some of which are borrowed.
Musasizi said with the roll out of IBP, the number of projects completing the appraisal process has increased from 10% to 37%.
“The system has not only supported my ministry in reducing time taken to prepare & appraise projects, but also enabled the sequencing & scheduling of project interventions in line with the strategic objectives of Govt in the medium to long term,” said the minister.
In his remarks read by Ag. Commissioner Economic Development Policy and Research Joseph Enyimu, Finance Permanent Secretary Ramathan Ggoobi said public investments support delivery of key public services and infrastructure that connect citizens and firms to economic opportunities whose exploitation serve as catalyst for economic growth.
He added that IBP has improved accountability, transparency in project preparation and management by reducing time spent in project preparation, submission and information loss.
An eight day roll out exercise has been programmed for 6th to 20th June 2023 to roll out the system to all the key MDAs, to create awareness, build capacity and train Public Investment Management Systems (PIMS) users on the upgraded system at the Ministry of Finance internal training facility at Crested Towers.
