Mazzucato, Mariana; Coronado, Jose Alejandro; Mosquera, Leyner; Osorio, Andres; Steiner, Ana; (2024) A Public Value Framework for Directing Public Finance: Insights from the implementation of Colombia's National Development Plan. UCL Institute for Innovation and Public Purpose (IIPP): London, UK.

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Abstract

The Government of Colombia’s National Development Plan (NDP) for 2022– 2026 – “Colombia, potencia mundial de la vida” – brings human and planetary wellbeing to the centre of the country’s economic development agenda, but successful implementation will require fundamental changes to how the government operates. To set Colombia on a path of economic development that truly prioritises “life”, a new framework is needed to define, measure and maximise the public value of public resources, which goes beyond maximising revenue and minimising cost. This framework requires a mission-oriented, whole-of-government and cross-sectoral approach that coordinates the actions of a wide array of economic actors (Mazzucato, 2018b & 2021). This report explores the role of key institutions that manage assets and finance on behalf of the Colombian government: the Special Assets Society (SAE), the Bicentennial Group (BC), and Colombia Compra Eficiente (CCE), which manages public procurement. It focuses on how a new public value framework and a mission-oriented approach to coordinating investments across government and across sectors could be applied to these three institutions, to better position the country to realise the NDP’s vision for a more just, equitable and sustainable future.

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