The Government is in a process of setting up of the Public Investment Board which will be required to approve all Public Investment projects before their implementation.

The board will scrutinize the cost implications between the envisaged outcomes and financial input and also make recommendations on the most feasible financing modalities of such projects.

The work of the Public Investment Board under the Ministry of National Development Planning will be anchored on the Public Investment Management System.

The system will provide a data base to enable the Board understand the nature, focus and desired outcomes of the projects and determine whether the proposed public investment projects are aligned with national objectives and priorities and can be implemented in a cost effective manner.

National Development Planning Minister Alexander Chiteme says at the core of this austerity measure is to manage escalating costs on public investments and bring them to the most bearable levels that will guarantee value for money both on the Government and beneficiaries.

Mr. Chiteme says the ultimate objective for putting in place the Public Investment Board is to provide policy direction in the selection of the public projects that will ultimately have higher impacts.

“The terms of reference to guide the operations of the board have been developed and the composition in terms of institutional representation has also been determined,” he said.

He adds that once Cabinet approves the names of the persons to sit on the board, he will make known to the public the names of the office bearers.