The mid-term review of the National Development Plan (NDP) is a detailed and thought-provoking assessment of a central plank of the Government's economic programme. It is a document which deserves serious consideration as we try to plot a way to address the huge infrastructure deficits which still affect our economy.
Its central message is that the broad thrust of the NDP strategy is correct, but that changes are needed in terms of where money is allocated and how projects are evaluated and managed.
There are a number of key messages for the Government. The first - and most important - is that it is essential that high levels of investment in NDP projects are maintained over the coming years. The economy still suffers from a serious infrastructure "deficit" and investing to address this can deliver huge returns in the long term. In the haggling over next year's budgetary allocations, it is essential that this message is heeded.
Policymakers also need to consider the detailed recommendations. These cover the appropriate allocation of money across different project headings and the evaluation and management of projects. A central issue - as illustrated by the Luas experience - is to be particularly careful, when project specifications are changed in mid-stream, that proper evaluation of the revised plan is carried out.
Other areas need consideration if we are to maximise the return on the NDP investment. Too many resources in the construction sector, for example, are going towards building what are effectively holiday homes, pushing up regional house prices and the cost of delivering social housing. Investment is going into urban public transport but we still do not have integrated ticketing. And charges in areas such as water and waste remain politically sensitive.
The review has been a long time in preparation and puts forward detailed evaluations in all areas. The immediate Government response, however, has been disjointed and confused. It was a good report, the Taoiseach, Mr Ahern said, as several of his senior ministers came out with critical comments. The Government and individual ministers would "reflect" on its conclusions, according to the Minister for Finance, Mr McCreevy.
What is required now is a well thought out strategy from the Government for the delivery of the rest of the programme. This should cover issues such as spending allocations, funding, the approach to private sector involvement and some indication of how the programme will continue after 2006.
Much progress has been achieved since the NDP started in 2000, but - equally - mistakes have been made. The initial response from many Cabinet ministers does not inspire confidence that lessons have been learned and that a cohesive plan is in place for the future. Perhaps the spending estimates for next year will suggest otherwise.