Public-Private Partnership model drafted

– being reviewed by technical team

The Government has drafted a Public-Private Partnership framework, even as it prepares for infrastructural projects it plans to implement in the future.
This is according to Finance Minister Winston Jordan, who was at the time addressing business leaders at the Guyana Manufacturing and Services Association (GMSA) mid-year dinner.
According to Jordan, the draft framework incorporated input from the Private Sector, who had been consulted on the draft.
“A Public-Private Partnership framework has been drafted and I have assigned a technical team to review it.
“Once finalised, this policy framework will guide future engagements, including those envisaged from the new Demerara Harbour Bridge, which will be advertised by the third quarter of this year, and the Linden-Lethem road, for which first phase financing has been secured,” Jordan said.
Meanwhile, he also related that public debt management legislation is being formulated.
There has been much speculation that Government has failed to get a handle on public debt.
“Public debt management legislation is being drafted…and this legislation will replace the dated and ad hoc pieces of legislation.”
Since the Government took office, a critical assessment of Guyana’s debt status had pointed to the need for consolidated debt management legislation in conformity with international best practices.
The Finance Ministry, in its Public Debt Report for 2015, had documented that the Fiscal Management and Accountability Act (FMAA), promulgated by the previous Administration, did attempt to fill some of the gaps in the law.
That legislation identifies the Finance Ministry as being principally responsible for managing the public debt and cash flow as they pertain to the Treasury functions.
The Ministry did find in addition that the existing legislation does not require an approved medium-term debt strategy being linked to a high-level debt management objective, expressed in terms of the cost-risk borrowing preferences of the Government.
It was found too that currently the debt levels and ceilings catered for in the existing laws were not in fact linked to fiscal and macroeconomic conditions.