Management of Fiscal and Financial Risks Generated by PPPs: Conceptual Issues and Country Experiences

This paper discusses the main issues concerning sovereign fiscal and financial risks from public–private partnerships (PPPs) with a focus on contingent liabilities (CLs). It is based on the presentations and discussions that took place during the XI Annual Meeting of the Group of Latin American and the Caribbean Debt Management Specialists (LAC Debt Group), held in Barbados in August 2015. The main issues discussed include PPP risks assessment, institutional framework for PPP risk management, and accounting and reporting of CLs generated by PPPs. Six country cases (Chile, Colombia, Costa Rica, Honduras, Suriname, and Turkey) are presented to illustrate experiences with different degrees of development regarding the management of risks and CLs related to PPPs. The document concludes that PPP risk management should encompass the whole lifecycle of a PPP project, risks need to be identified and CLs must be estimated and monitored, and the institutional capacity of governments to evaluate and manage PPP risks plays a central role in the successful development of PPP contracts. Although institutional capacities in this regard have improved in recent years, estimations of CLs involved in PPPs are not regularly performed, and there is still room for improvement on the assessment, measurement, registration, budgeting, and reporting of risks and CLs related to PPPs.

本文探讨了与公私合作伙伴关系（PPP）相关的国家财政和金融风险的主要问题，重点关注或有负债（CLs）。该研究基于2015年8月在巴巴多斯举行的拉丁美洲和加勒比债务管理专家小组（LAC债务小组）第XI届年度会议上的演讲和讨论。讨论的主要问题包括PPP风险评估、PPP风险管理制度框架，以及PPP产生的或有负债的会计和报告。文中介绍了六个国家案例（智利、哥伦比亚、哥斯达黎加、洪都拉斯、苏里南和土耳其），以展示在管理与PPP相关的风险和或有负债方面的不同发展阶段的经验。文档得出结论，PPP风险管理应涵盖PPP项目的整个生命周期，需要识别风险，并对或有负债进行估算和监控，政府在评估和管理PPP风险方面的制度能力在PPP合同的顺利发展中起着核心作用。尽管近年来在这方面制度能力有所提高，但涉及PPP的有负债的估算并未定期进行，并且在评估、测量、登记、预算和报告与PPP相关的风险和或有负债方面仍有改进空间。