PUBLIC-PRIVATE PARTNERSHIP AS AN ANTI-RECESSIONAL SERVICE
Keywords:
public-private partnership, recession, public wealth, public sector, private sector, risks, project finance, public debtAbstract
Because of the budgetary limitations the Republic of Srpska is faced with, there ought to be an approach to practicing innovative management of public finances, such as public-private partnership as a non-fiscal instrument in the financing of public needs. Anti-recessional actions are pointed towards short tearm and long term activities whose goal is economical growth, infrastructural development, reaching social objectives and giving better public service to the citizens. A restricted budget cannot provide with these means, despite the reduction it pays for government administrations and material proceedings. In the aim of overcoming the differences between public resources at hand and the necessary capital for investments, the government is approaching partnership between public and private sectors more often. The model in which the public and private sectors act together and in harmony has a contract or institutional form, which offers an innovative and dinamic approach to managing risks and uncertainities that follow long-term investments. Public - private partnership is a common name for different types of partnership in the realisation of projects, defined by complex contracts. This way of including the private sector in financing, projecting, constructing and managing public sector projects is a complex process that lasts longer than the traditional. The initial expenses of preparation and planning are much greater for all involved. On the other hand, the pros offered by the lightening of the operating budget of the state and the decrease of risk to the public sector, make public - private partnership an acceptable instrument for financing projects of public value.
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