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EBRD Covid-19 Response: Financial Restructuring and Insolvency Discussion Paper

The Covid-19 crisis has had a major impact on economic activity around the globe. Unlike the 2008-9 financial crisis, which originated in excessive bank lending, countries are dealing with a global health pandemic that has caused a crisis in the economy and is expected to spread to banks and the financial markets. Economies in the regions covered by the European Bank for Reconstruction and Development (EBRD)2 have experienced numerous political and economic crises before, but there is widespread agreement that the scale of the Covid-19 crisis and its global effects are unique.

Using government guarantees carefully as the private sector redefines bankability

Using government guarantees carefully as the private sector redefines bankability cover

The COVID-19 pandemic has placed risk allocation of public-private-partnerships (PPPs) under a stress test: risks that seemed reasonable for the private sector to take mere months ago may no longer be acceptable today. As PPP projects suffer from supply chain disruptions and lower demand, the private sector will start to redefine bankability and seek to transfer more risks to the government. To that end, there is likely increased demand for government guarantees.

Financements

Financements: Lesotho - Ha Makhoathi Bridge Africa
La possibilité de recourir à de nouvelles sources de financement pour développer les infrastructures publiques et les besoins en service est l’une des principales motivations des gouvernements qui envisagent des partenariats public-privé (PPP). Cette section propose une introduction au financement de projets. Elle n'est aucunement destinée à servir de guide exhaustif. Vous trouverez de plus amples informations dans les documents de la section Ressources complémentaires. Le financement de projets suit les tendances et la volatilité du marché; il est possible que certaines de ces tendances n’apparaissent dans cette rubrique.

Financiamiento de las Asociaciones Público-Privadas

Financiamiento de las Asociaciones Público-Privadas: Auditores Fiscais Skyscraper
Esta sección le dará una introducción a cómo financiar esta clase de proyectos, y encontrará la explicación de los términos y conceptos clave. No pretendemos ser una guía exhaustiva sobre el tema y para información más detallada, le sugerimos una serie de Lectura Avanzada. Cabe señalar que la financiación de proyectos va a corde con las tendencias del mercado y la volatilidad; variables que no son reflejadas en esta sección.

Government Risk Management

Government Risk Management: Government Office

Valuing Liabilities

Governments need to assess the type of support provided to a project. Direct liabilities can be easily assessed and budgeted as and when the relevant liabilities fall due. For example, the government may undertake to make regular payments to providers of road, hospital, school or prison facilities. As long as the facilities are properly constructed and made “available” to the grantor, the actual use of the facilities has only limited relevance for the availability payment.

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