Public Information Notice: IMF Executive Board Holds Informal Seminar on Public Investment and Fiscal Policy
April 24, 2004

Public Investment and Fiscal Policy
March 12, 2004

Public-Private Partnerships

Prepared by the Fiscal Affairs Department

(In consultation with other departments, the World Bank, and the Inter-American Development Bank)

Approved by Teresa Ter-Minassian

March 12, 2004

Use the free Adobe Acrobat Reader to view the full text (386 kb pdf file)


Executive Summary
I.   Introduction
II.   Experience with PPPs
III.   Characteristics of PPPs
  A. Basic Features
  B. Financing
IV.   The Economics of PPPs
  A. Ownership and Contracting
  B. Risk Analysis
  C. Competition, Regulation, and Efficiency
V.   Institutional Framework for PPPs
VI.   Risk Transfer, Leasing, and Ownership
  A. Risk Transfer and Leasing
  B. Assessing Risk Transfer and Ownership
VII.   Fiscal Accounting and Reporting
  A. The Current Treatment of PPP Operations
  B. Accounting for Limited Risk Transfer
  C. Contractual Obligations and Government Guarantees
  D. Summary of Disclosure Requirements for PPPs
1.  PPP Schemes and Modalities
2.  PPP Policy Framework in Victoria, Australia
3.  PPP Legislation in Brazil
4.  Factors Determining the Substance of a Lease
5.  Eurostat Decision on the Treatment of PPPs
I.  Country Experiences With PPPs
II.  Alternative Approaches to Accounting for Limited Risk Transfer
Appendix Table
1.  Accounting for Limited Risk Transfer