Tanzanian authorities on Saturday launched a public investment management manual aimed at overseeing the implementation of all public investment projects in the east African nation.
Phillip Mpango, Minister for Finance and Planning, launched the manual in the political capital Dodoma, saying its formulation was motivated by the need to address the weaknesses that was plaguing the country's investment management framework.
"These are manifested in a critical shortage of adequately designed and praised bankable projects, inappropriate handling of projects, incomplete and/or severely delayed projects, procurement processes that are easily undermined by corrupt practices, and cost-over runs, to mention but a few," said Mpango.
The minister said the shortcomings have resulted into a significant number of wasteful "white elephant" projects, and more tragically, have led to the failure to provide the needed quality public services.
He said the manual was intended to address the shortcomings by providing guidance on methods and procedures involved in selecting, financing, implementing and evaluating of projects that were intended to be financed in whole or partially, from the government budget.
"It also outlines a set of important technical approaches and tools for economic, financial and social analyses of the projects," he said.
Mpango added that the manual also provided guidance on appropriate handling and management of various stages of the project cycle, and elaborated procedures for integration of projects in the national development plans and budgets.
The formulation of the manual could not have come at a more timely moment, he said, adding that the government under President John Magufuli has set aside 4.4 billion US dollars or 40 per cent of the 2016/2017 national budget for development projects.