2010年-世界发展银行全球_Managing_Contingent_Liabilities_in_Public-Private_Partnerships___Practice_in_Australia_Chile_and_South_Africa_75页_1mb

Managing Contingent Liabilities in Public-Private Partnerships: Practice in Australia, Chile, and South Africa

Core Content

This report explores the management of contingent liabilities in Public-Private Partnerships (PPPs) in Australia, Chile, and South Africa, highlighting best practices and lessons for other countries. Contingent liabilities in PPPs refer to financial obligations that may arise depending on the occurrence of uncertain future events, such as early contract termination, revenue guarantees, or risk-related compensation. The report emphasizes the importance of transparent and systematic management of these liabilities to avoid fiscal mismanagement and ensure accountability.

Main Points

1. Contingent Liabilities in PPPs

• Contingent liabilities can include:
  • Compensation for early termination of contracts
  • Revenue guarantees
  • Risk-related financial obligations (e.g., traffic risk, environmental risk)
• These liabilities are often not immediately visible but can significantly impact government finances if not managed properly.
• In some cases, contingent liabilities are not recorded in official accounts, which can lead to underreporting of fiscal obligations.

2. Challenges in Managing Contingent Liabilities

• Governments may face difficulties in identifying, assessing, and limiting contingent liabilities.
• Uncertainty in future events can make it challenging to determine the cost or likelihood of these obligations.
• The illusion of fiscal savings from PPPs may arise from primitive accounting practices, which can misrepresent the true cost to the government.

3. Key Practices in Australia, Chile, and South Africa

• Australia:
  • PPPs have been used for over 150 years, with a significant increase since the 1980s.
  • The Victorian government has developed a comprehensive approval process that includes multiple stages of review to ensure transparency and control over contingent liabilities.
  • Governments typically bear only those risks they can control or influence, such as traffic risk during certain closures.
  • Modern accrual accounting is used to ensure financial transparency and reduce the temptation to use PPPs to disguise fiscal obligations.
• Chile:
  • Known for measuring and valuing contingent liabilities, particularly for toll-road and airport concessions.
  • The government publishes annual reports on the valuation of such liabilities.
  • The Ministry of Finance plays a central role in reviewing and approving PPPs.
• South Africa:
  • The Treasury must approve PPP proposals at four stages before a contract is signed.
  • Contingent liabilities are explicitly discussed in the approval process.
  • A PPP manual and standard contractual terms guide project development and help limit contingent liabilities.
  • The provincial government may bear financial risk for certain events, such as temporary toll plaza delays or unexpected rockslides.

4. Recommendations for Other Countries

• Governments should:
  • Implement multistage review processes involving specialized units in the Ministry of Finance.
  • Quantify contingent liabilities when they are likely to influence the decision to incur them.
  • Publish PPP contracts and financial summaries to enhance transparency.
  • Adopt modern accrual accounting standards to improve fiscal reporting.
  • Establish guarantee funds to manage and disclose the cost of guarantees.
  • Charge fees for guarantees to ensure accountability.

Key Information

• Chapman's Peak Drive in South Africa serves as a case study, illustrating how contingent liabilities can arise in PPPs.
• The government initially compensated the concessionaire for traffic risk, but this led to significant financial obligations.
• The total value of PPPs in Australia as of December 2006 was $35.7 billion, with 127 projects across different sectors.
• The Australian Loan Council historically set debt limits, prompting the use of PPPs to avoid reporting additional debt.
• Contingent liabilities can be influenced by accounting standards, which vary across jurisdictions.
• The report aims to provide practical insights for countries seeking to improve PPP management and fiscal transparency.

Structure of the Report

• Acknowledgments: Recognizes the contributions of various experts and institutions.
• Abbreviations and Acronyms: Provides definitions for key terms such as PPIAF, SEITA, and IFRS.
• Foreword: Highlights the importance of transparent risk management in PPPs.
• Summary: Offers an overview of the report’s purpose and findings.
• Introduction: Introduces the concept of contingent liabilities and their relevance in PPPs.
• Country Case Studies:
  • Australia: Focuses on the approval and management processes, with emphasis on risk control and accounting standards.
  • Chile: Highlights valuation and measurement of contingent liabilities and public disclosure.
  • South Africa: Discusses multi-stage approval, PPP manuals, and risk allocation.
• Practices for Other Countries: Proposes recommendations based on the experiences of the three countries.
• Appendices:
  • Appendix 1: Details Chile’s measurement and valuation of guarantees.
  • Appendix 2: Provides a table of South African PPPs with their financial implications.
• References: Cites academic and institutional sources for further reading.

Conclusion

The report underscores that effective management of contingent liabilities is essential for fiscal responsibility and public accountability in PPPs. While Australia, Chile, and South Africa have developed robust frameworks, other countries can learn from their experiences to improve transparency, risk assessment, and financial reporting in PPPs.