World Bank Report suggest LAC can boost infrastructure by prioritizing & improving spending efficiency

​A World Bank Report released today, suggests Latin America and the Caribbean (LAC) Countries, can dramatically improve their infrastructure, by better assessing priorities and improving spending efficiency.
 
The report says although the region trails others in infrastructure investment, it should focus on spending better, before thinking of spending more. While Latin America and the Caribbean spends 3% of their GDP on average – compared to 7.7% in East Asia and the Pacific, for instance, many countries spend more than 4%.
 
Jorge Familiar, World Bank Vice President for Latin America and the Caribbean said, “In today’s tight fiscal context, it is essential that investments are as efficient as possible, and that the full potential of the private sector be tapped.”
 
Rather than focusing on often poorly defined financing gaps, the report advocates for addressing “service gaps,” according to countries’ development priorities. This means putting in place efficient ways of addressing these needs, and developing clear rules for deciding when taxpayers should finance services, instead of users.