Interview: Douglas Sutherland

Video Tabs

(00:00)
There’s two sorts of risks that you’ve got to be aware of.
有两类风险需要引起注意。
 
(00:04)
The first one is that you’re going to crowd out other spending priorities, and the second one associated with that is that you may be choosing public-private partnerships for the wrong reasons.
其一是其它需要资金优先支持的项目将因此被拒之门外,其二是选择PPP这种形式可能是出于错误的原因。
 
(00:15)
In the long run they may be a more expensive option that traditional forms of procurement.
从长期来看,PPP较之传统的采购方式成本可能更高。
 
(00:21)
The second sort of risks that arises is through fiscal shocks.
造成第二种风险的原因是财政冲击。
 
(00:24)
If you have a contract structure which is ill defined, you as the government may be faced in picking up the pieces of a failed contract and and this can lead to very large increase in public debt if you’re not careful.
如果你的合同结构存在问题,那么作为政府,你将不得不承担一份错误合同所造成的后果,如果处理不当,可能导致公共债务的大幅上涨。
 
(00:37)
So the ways to try and address these sorts of problems, the fiscal risks associated with public private partnerships, is to be involved in all the stages of the contracting, from the very initial decisions of why you should be using a public-private partnership, making sure that you have the appropriate and robust decision-making to select the appropriate projects and the appropriate financing needs. 
因此,针对与PPP相关的财政风险问题,可采取的尝试解决途径即参与合同签订的整个过程,从为何应选择PPP形式的最初决定开始,到确保你有合适的理由及强有力的决策来选择合适的项目以及合适的融资需求。
 
(01:05)
And then follow the project through to make sure that as the project is ongoing that there’s no slippage and risks emerging so that you can react quickly to emerging problems.
随后,全程跟进项目过程,确保随着项目进行未出现延误或风险,如此一来,即便出现问题,你也能迅速采取措施。
 
(01:20)
The key message there is the decision-making process, that you really have to concentrate on this.
其中的关键问题是决策过程,对这一点你必须给予高度重视。
 
(01:25)
Public-private partnerships are typically an expensive option in comparison with traditional procurement and that is necessary.
通常情况下,PPP较之传统的采购方式成本要高,这也是无法避免的。
 
(01:34)
You need to invest heavily up front to make sure you’re doing the right thing but over the life of the program it will reap returns if you make that initial investment.
你必须事先投入大笔资金,以确保进行投资是正确的决定,但随着项目的不断推进,它将为你最初的投资带来丰厚的回报。
 
(01:44)
More specifically for the budget, you need to make sure that all the costs are as transparent as possible.
至于更具体的预算问题,你必须确保所有的支出在最大程度上公开透明。
 
(01:50)
There are lots of accounting difficulties associated with bringing a project which is typically multi-annual, or can last up to 30, 40 years in some cases, with an annual budget process.
对于一个通常需要持续很多年,有的甚至长达三、四十年的项目来说,你会在年度预算过程中面临很多会计难题。
 
(02:04)
So the importance here is to make sure you have supplementary documents to the budget to say that these projects are being approved and spelling out the fiscal implications in the short term, medium term and the long term so that you can see transparently what the real costs associated with these projects are, and whether it will make your budget sustainable or unsustainable in the longer term.
因此,一个非常重要的问题便是,你必须准备预算的补充文件,用以说明这些项目正在进行审批,并明确这些项目在短期、中期及长期内可能需要的资金数额,这样你才能清楚地了解与项目相关的实际成本,以及你所作的预算长期来看是否可行。
 
(02:28)
That’s a very important framework for putting in place to guard against the associated fiscal risks.
这一重要制度框架必须落实到位,以防出现财政风险。
 
(02:41)
A supplementary issue has to do with the risks of renegotiation.
另外一个问题是关于重新谈判的风险。
 
(02:45)
The contracts are very expensive to set up in the first place and often once the public sector has engaged in the project, the private partner may come back and say the conditions have changed and we want to renegotiate the terms of the agreement.
最初合同的签订需要很高的成本,而政府一旦参与到项目当中,作为合作伙伴的社会资本方可能会回过头来说情况已经发生变化,我们希望就协议的内容重新进行谈判。
 
(03:00)
Again, this is a risk the government should recognize exists so when it’s looking at the longer term fiscal consequences you can already start say that we know there is a risk of renegotiation which will change the terms of the project — have various scenarios to show what would happen given the different sorts of risks whether they materialize or not. 
这也是政府应该认识到的一个潜在风险,那么在考虑长期财政影响时就可以表明:我们知道可能需要重新谈判、对项目协议作出调整,我们已经根据不同类型的风险——无论其是否真的会产生——对可能出现的情况做出了各种假设。
 
(03:26)
I think finally, also, on that subject, the final thing is to recognize that there are going to be problems for renegotiation so build them into the beginning of your contract.
最后,对于这一问题,我认为,政府应该意识到将来重新谈判时可能遇到问题,因此在最初签订合同时就将这些问题纳入考量。
 
(03:38)
Try to specify the terms that you will allow renegotiation to occur so that it can only be on certain defined topics that you and the private sector both agree in advance. And that will help the government manage some of these sorts of risk associated with PPPs.
在合同中明确进行重新谈判需要满足的条件,这样一来,重新谈判的内容就只能针对你与社会资本方事先达成一致的特定问题。这将有助于政府管理与PPP相关的一些风险。