In a significant move to modernize the state’s approach to infrastructure development, the Peruvian Ministry of Economy and Finance (MEF) has enacted a comprehensive new regulation for the National System of Multiannual Programming and Investment Management. Formally established through Supreme Decree No. 140-2026-EF, this regulatory framework marks a strategic shift from a focus on mere budget execution to an emphasis on long-term project viability, technical quality, and the tangible impact of public services on the citizenry.
By integrating international best practices and aligning with recommendations from the Organisation for Economic Co-operation and Development (OECD), the Peruvian government seeks to mitigate the chronic issues of budget overruns, project delays, and "white elephant" infrastructure that have historically plagued public administration across national, regional, and municipal levels.
The Core Mandate: Quality Over Quantity
At the heart of this reform is a philosophical shift in how the state views public expenditure. Minister of Economy and Finance, Rodolfo Acuña Namihas, has been unequivocal regarding the necessity of this change.
"It is not merely about executing more resources or initiating new projects for the sake of appearances," Minister Acuña Namihas stated. "The core objective is to ensure that every sol invested responds to a genuine need of the population, is technically sound in its formulation, and results in hospitals, schools, highways, and water systems that function optimally throughout their entire useful life."
The regulation introduces the National Public Investment Policy Guidelines, which mandate that project prioritization must be strictly governed by three pillars: closing social infrastructure gaps, ensuring fiscal sustainability, and fostering balanced territorial development. This ensures that resources are not dispersed across disconnected projects but are instead channeled into integrated portfolios that address regional specificities.
Chronology of Reform: A Path Toward OECD Alignment
The journey toward this regulatory overhaul is the culmination of years of scrutiny regarding Peru’s investment efficiency.
- 2023–2024 (Pre-planning Phase): The MEF identifies systemic weaknesses in project oversight, particularly the failure to plan for operation and maintenance (O&M) costs, leading to rapid infrastructure deterioration.
- 2025 (Consultation Period): During the formal accession process to the OECD, international experts highlight the need for digitalization and risk-mitigation tools within the Peruvian public investment cycle.
- Early 2026: Drafting of the new regulatory framework begins, focusing on cross-sectoral coordination and the inclusion of Building Information Modeling (BIM) methodologies.
- July 2026: The official publication of Supreme Decree No. 140-2026-EF in the official gazette El Peruano, signaling the immediate commencement of the new regulatory era.
Technological Integration: The Role of BIM and EGP
One of the most ambitious components of the new regulation is the mandatory incorporation of Building Information Modeling (BIM). By utilizing digital twin technology, project managers can now integrate information across the entire lifecycle of an asset—from conceptual design to construction and eventual decommissioning.
Mitigating Risk through Digitalization
BIM serves as a proactive tool to detect technical "interferences" before they become physical construction errors. In the past, site-level discrepancies often led to costly change orders and multi-year delays. Under the new guidelines, the digital synchronization of architectural, structural, and MEP (mechanical, electrical, and plumbing) systems will force a higher standard of design accuracy, effectively reducing the probability of unplanned overcosts.
Specialized Management Units
Complementing the technological shift is the introduction of Project Management Structures (EGP). These units are designated to lead high-complexity infrastructure projects. By centralizing technical oversight and professionalizing the management team, the state aims to isolate major projects from the volatility of political turnover and bureaucratic inertia. Furthermore, the regulation mandates independent evaluation for high-complexity initiatives, adding a layer of transparency and technical vetting that was previously inconsistently applied.
Professionalization: The Certification of Public Operators
The MEF has recognized that even the best regulations are ineffective without qualified personnel to execute them. For the first time in the history of the national investment system, the government is implementing a mandatory Certification System for Public Operators.
This system will apply to all officials involved in the programming, formulation, evaluation, and execution of investments across all three levels of government. By standardizing the technical requirements for these roles, the Ministry aims to:
- Reduce Skill Gaps: Ensure that municipal and regional managers possess the technical expertise required for complex public works.
- Ensure Continuity: Create a cadre of professionalized public servants whose careers are built on technical merit rather than political cycles.
- Elevate Standards: Guarantee that the quality of technical files (the "expediente técnico") meets a minimum national benchmark, reducing the number of projects rejected for poor design.
The "Life Cycle" Perspective: Beyond Construction
A recurring theme in the Minister’s commentary is the distinction between "finishing a building" and "providing a service." The new regulation mandates that project sponsors must prove not only that they can build a facility but also that they have the budgetary capacity to operate and maintain it.
"A public investment does not conclude when the ribbon is cut," Acuña Namihas emphasized. "The real success of an investment is measured by its performance years after construction. We are now legally requiring that sustainability and lifecycle costs be factored into the initial feasibility studies."
This shift is expected to significantly reduce the "maintenance gap," where buildings—particularly in the health and education sectors—fall into disrepair shortly after completion due to a lack of dedicated O&M funding.
Implications for Regional and Local Governments
For regional governments and municipalities, the new regulation presents both a challenge and an opportunity. The challenge lies in the increased rigor of project formulation and the requirement for certification. However, the opportunity is a more predictable, evidence-based funding stream.
The General Directorate of Multiannual Programming of Investments (DGPMI) will now play a more active role in "portfolio coordination." This means the central government will act more as a technical partner to regional entities, helping them align their specific local demands with national development priorities. This collaborative approach is designed to reduce the "bureaucratic friction" that often prevents funds from being efficiently spent at the local level.
Looking Ahead: Strengthening Fiscal Sustainability
The implementation of the new regulation is expected to yield dividends in terms of fiscal health. By preventing cost overruns and ensuring that investments are directed toward projects with high social returns, the state aims to maximize the impact of every sol in the national budget.
As Peru continues its path toward OECD membership, this regulation serves as a critical proof point that the nation is committed to institutional transparency and economic efficiency. The success of this reform will ultimately be measured by the speed at which it can be adopted by sub-national governments and the extent to which it reduces the country’s infrastructure gap.
In conclusion, the modernization of the National System of Multiannual Programming and Investment Management is more than a technical update; it is a foundational change designed to rebuild public trust. By prioritizing accountability, technical rigor, and long-term sustainability, the Ministry of Economy and Finance has set a new benchmark for public administration in Peru, paving the way for infrastructure that truly serves the needs of the next generation.
