INVESTMENT BUDGET EXECUTION IN THE APURÍMAC REGION, PERU (2018–2023): TRENDS, CONSTRAINTS, AND PATHWAYS TO SUSTAINABLE GROWTH

This study analyzes and evaluates the efficiency of public investment budget execution by the Apurímac Regional Government (GRA) in Peru in the fiscal period 2018-2023 is analyzed and evaluated. A quantitative, non-experimental, longitudinal descriptive design was used, accessing official financial data through the Integrated Financial Management System (SIAF) and the Ministry of Economy and Finance (MEF) of Peru. The analysis covers all investment projects carried out in the period under consideration from the gesamteuropäischer Handlungskreis (gesamteuropäischer Handlungsansatz) principle, which guarantees comprehensiveness through the census. The results show three distinct pattern types of budget execution: first, a period of moderate budget execution between 61.5% and 80.7% (pre-pandemic phase); second, a period of pandemic operational disruptions with a lower level of execution, ranging from 48.6% to 68.3% (pandemic phase); and third, operational recovery with progressively better budget execution, from 68.3% to 91.8% (recovery phase). A sectoral analysis reveals uniform gaps, most obviously between transportation and sanitation/education on one side and agriculture on the other side. The main factors influencing actual performance are identified as structural limitations, such as low technical capacity, high staff turnover, regulatory bureaucracy, and limited institutional capacity/resilience. Extraordinary central government transfers and programs to accelerate investment played a key role in post-pandemic recovery. This article complements the recent literature on public financial management in the developing world, offering a micro-regional view to highlight the need to balance financial efficiency with strategic planning, institutional strengthening, and evidence-based governance to achieve sustainable development.