This report reviews the state of public expenditure in Burundi, with a focus on public investment, and recommends specific actions that need to be taken to stimulate growth and reduce poverty. Overall, the analysis indicates that poor performance in public expenditure and investment management are due to a number of factors. First, there is a lack of coordination among national institutions, and between those institutions and the donor community, which weakens the project selection process, implementation, and the integrity of procurement. Second, monitoring capacity is constrained by the lack of information about execution rates, and by inadequate audit and reporting mechanisms. Third, project performance is affected by disbursement delays and the volatility of external aid. Finally, in recent years, the significant increase in development spending has been mostly channeled toward the social sectors, with very limited public investment related to productive economic sectors such as infrastructure.