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12-21-2019, 12:20 PM
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Govt plans to launch Rs5tr PSDP-Plus for next 3 years
Keeping in view severe resource constraints at a time when Pakistan is currently under tight scrutiny of the IMF programme, top officials of the PM Office came up with the idea for launching Public Sector Development Program (PSDP) Plus for execution of 53 projects through public private partnership (PPP) mode in order to kick-start sluggish economic activities and achieving growth rate of 6 percent. One top official, who is involved in this whole process, confided to The News in background discussions that it was UK model as during the tenure of Margret Thatcher innovative idea of PPP was floated to execute development project at time of difficult economic situation. Keeping in view the same model for replication in Pakistan, there are certain pre-requisites for making this ambitious plan into a reality, otherwise, it will remain just a wish or reverie. The PPPA came into being in 2017 through act of Parliament but so far its rules are not framed. “Now the rules are in the process of finalisation for making the PPPA fully functional in weeks and months ahead. The PM also constituted a committee under chairmanship of Deputy Chairman Planning Commission (DCPC) Mohammad Jehanzeb Khan to identify viable projects that could be handed over to the PPPA for execution of Rs5 trillion projects over next three years,” top official sources told The News Friday. The PPPA has been currently working under Tanveer Butt as Chief Executive Officer (CEO) and Secretary of PPPA Board. The government is considering hiring permanent CEO of PPPA and making it fully functional through notifying its rules on the basis of which it will be operationalised. The deputy chairman Planning Commission, the sources said, has convened meeting of concerned ministries next week in order to hold consultations before handing over economically viable projects to PPPA. The official said that this PSDP Plus would be launched on the eve of coming budget for 2020-21. In the last 10 years during the tenures of the PPP and PML-N, the idea of public private partnership was visualised and even tried for implementation, but they failed to implement it in its true letter and spirit because the regulatory and procedural requirements did not extend support to execute innovative ideas rather it created stumbling blocks in the way for moving towards out of box solution. It is yet to be seen how the PTI will resolve all practical problems to make the PPPA fully functional to bridge massive infrastructure gap with the help of private sector. In the presence of existing structure of the NAB, it will be hardest task before the government to convince bureaucrats to undertake spadework that will be necessary to move towards implementing billions of dollars projects without fear of any draconian law. In 2006, the federal government had established Infrastructure Project Development Facility (IPDF) through the Ministry of Finance to provide advisory and facilitation services to ministries and other autonomous bodies to structure, develop and procure infrastructure projects through PPP. By virtue of PPPA Act (No. VIII), 2017 (the, “Act”), the IPDF was converted into PPPA (the, “Authority”). The Act mandated the Authority to establish a regulatory framework to attract domestic and foreign private investment in the development of public infrastructure through transparent and fair procurement process. The PPPA in Pakistan aims to promote domestic and foreign private investment in infrastructure, to increase availability of public infrastructure, reduce transaction costs, ensure appropriate regulatory control and provide legal and economic mechanism. Public Private Partnerships (PPP) involve the financing, development, operation and maintenance of infrastructure by the private sector which would otherwise have been provided by the public sector. Instead of the public sector procuring, a capital asset and providing a public service, the private sector creates the asset through a dedicated standalone business (usually designed, financed, built, maintained and operated by the private sector) and then delivers a service to the public sector entity/consumer in return for payment that is linked to performance. Therefore the public sector is able to redirect its efforts to serving other urgent social and economic needs. A PPP may include an equity joint venture between GOP and the private sector. The capital and operational expenses incurred by the private investor can be recovered under the PPP modality by charging users for the service provided or via fixed (or partially fixed) periodic payments (annuities) disbursed by the public sector over the concession period, or by a combination of both.A Viability Gap Fund (VGF) would be placed to finance those projects which were not economically viable for the private sector so the government would contribute financing up to such an extent that would turn such projects viable. It requires new set of skills for PPPA as lack of professional skills for project management can result into causing more losses to the national exchequer. أكثر... ??????? ??????: Govt plans to launch Rs5tr PSDP-Plus for next 3 years || ??????: ahlam1399 || ??????: اسم منتداك
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