A new World Bank working paper, Off the Books: Understanding and Mitigating the Fiscal Risks of Infrastructure, has been published.

According to the authors of the publication, in developing countries there is a shortage of public investment in the development of infrastructure projects. Among the main reasons for the reduction in government spending are the increase in the volume of public debt, the tightening of fiscal and monetary policies.

In the context of high fiscal risks, governments have limited budgetary capacity to implement planned programs. The authors of the publication offer a new approach to the analysis of fiscal risks, as well as recommendations for their reduction.

Key recommendations are the development of professional competencies, the introduction of an integrated approach to public investment management, increasing the transparency of the public procurement system and the quality of public administration in general.