葡萄牙：气候模块公共投资管理评估

PORTUGAL Public Investment Management Assessment withthe Climate Module May2026 Prepared By Prepared By Ed Hearne, Ian Hawkesworth, Yasemin Hurcan, Sylke Von Thadden-Kostopoulos,Eduardo Aldunate and Hana Huzjak. Fiscal Affairs Department High-Level Summary Technical Assistance ReportFiscal Affairs Department Portugal:Public Investment Management Assessment with the Climate ModulePrepared By Ed Hearne, Ian Hawkesworth, Yasemin Hurcan, Sylke Von Thadden-Kostopoulos, EduardoAldunate and Hana Huzjak TheHigh-Level Summary Technical Assistance Reportseries provides high-level summaries of theassistance provided to IMF capacity development recipients, describing the high-level objectives,findings, and recommendations. ABSTRACT: This report presents the findings of the Public Investment Management Assessment (PIMA)and the Climate PIMA (C-PIMA) conducted for Portugal at the request of the Ministry of Finance. Despitea variable level of public investment in recent decades, Portugal has developed a reasonable level ofpublic infrastructure,much of it delivered through PPPs.This assessment finds that Portugal’sinfrastructure governance framework is generally strong but identifies scope for improvement acrossthelifecycle, especially in strategic planning,multiyear budgeting,project appraisal,maintenanceandinvestment implementation.The complementary Climate PIMA shows progress in integratingclimate considerations with scope to further embed climate-sensitive project appraisal and budgetingpractices.The report recommends strengthening medium-term strategic planning and budgeting,reinforcing Ministry of Finance oversightin early project stages,enhancing project preparation andappraisalpractices,streamlining execution processes, continuing to embed climate considerations ininvestment management and building capacity across the public sector. The contents of this document constitute a high-level summary of technical advice provided by the staff ofthe International Monetary Fund (IMF) to the authorities of a member country or international agency (the"CD recipient") in response to their request for capacity development. Unless the CD recipient specificallyobjects within 30 business days of its transmittal, the IMF will publish this high-level summary on IMF.org(seeStaff Operational Guidance on the Dissemination of Capacity Development Information). Background The International Monetary Fund’s Fiscal Affairs Department (FAD) undertook a combined PublicPublicInvestment Management Assessment(PIMA) andClimate PIMA Module(C-PIMA) missiontoPortugalinNovember 2025, responding to a formal request from the Ministry of Finance. The mission’s objective wasto evaluate the institutional framework, processes, and effectiveness of Portugal’s public investmentmanagement system, including its integration of climate changeconsiderations. The assessment teamengaged extensively with a broad range of government ministries, agencies, subnational governments,state-owned enterprises, and other stakeholders involved in infrastructure planning, financing, andexecution. This technical assistance (TA) project is critical for Portugal as it faces the dual challenge of reversing theerosion of its public capital stock after years of fiscal consolidation and EU funding tapering, whilesimultaneously aligning its infrastructure investments with ambitious climate mitigation and adaptationgoals. The PIMA and C-PIMA frameworks provide a comprehensive diagnostic tool to identify strengthsand weaknesses in public investment management institutions and practices. The findings andrecommendations aim to support Portugal’s medium-term fiscal and investment strategies, ensuring thatscarce public resources are efficiently allocated and managed to foster sustainable growth, infrastructurequality, and climate resilience. The project also complements ongoing Fund surveillance and policydialogue focused on fiscal sustainability, growth-enhancing reforms, and green transition. Summary of Findings The assessment revealed that public investment in Portugal has been characterized by significantvolatility over the past three decades, with investment levels often failing to keep pace with assetdepreciation. This has led to a decline in the public capital stock relative to GDP and per capita levels thatlag peer countries. While recent years saw an increase in investment driven by European Union (EU)fundingthroughthe Recovery and Resilience Plan (RRP),there is now a need fora stronger focus onnationally funded investmentand related governance practices. Portugal has attained a considerable level and quality of infrastructure givenitscomparatively low level ofinvestment. The PIMA institutional assessment found that Portugal has sounddesignand effectivenessofmanypublic investment management institutions–includingthe fiscal framework for investment,alternative financing sources, budget comprehensiveness and unityand procurement. The mission alsofound scope for improveme