The Public-Private Partnerships and the Fiscal Soundness of Local Governments in Korea

Lee, HoJun

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This paper studies the risks associated with local finance in Korea by

identifying the financial status of each local government, including

the financial burdens of PPP projects, and examined governmental

future burdens related to PPP projects. We reviewed all fiscal burdens

associated with projects, such as, for BTL (Build-Transfer-Lease)

types of projects, facility lease and operating expenses, and, for

the BTO (Build-Transfer-Operate) types of projects, construction

subsidies that are paid at the construction stage, MRG (Minimum

Revenue Guarantee) payments and the government’s share of

payment. Furthermore, we compared the annual expenditures of local

governments on PPP projects against their annual budgets and

checked if the 2% ceiling rule could be applied.

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