This final report is the fourth andfinal deliverable in Castalia's assignment, funded bythe World Bank, to improve how contingent liabilities aremanaged in Pakistan. The report presents recommendations onhow Pakistan should improve its policies and processes forissuing and managing contingent liabilities associated withpublic private partnerships (PPPs) in infrastructure. Thecontents of this report are organized as follows: sectiontwo explains why it is important for Pakistan to establishsound policies for managing contingent liabilities, based onthe Government's existing exposure and gaps in thepolicies and processes that are currently in place. TheStatus Quo Report presented in appendix A provides anassessment of the Government's exposure to contingentliabilities and the existing policies and processes that arein place. Section three explains how Pakistan can bettermanage contingent liabilities by presenting recommendationsto eight specific functions that will strengthen existingPPP policies. Section four analyzes options for who shouldperform the functions for managing contingent liabilities,and explains why we recommend empowering existinginstitutions in the preferred institutional framework.Section five presents the steps we suggest that theGovernment follows to implement these recommendations andoperationalize an effective contingent liabilitiesmanagement framework. Finally, section six presentsassessment of international experience and good practice inmanaging contingent liabilities to provide additionalcontext for recommendations in Pakistan. Appendix A includesthe Status Quo Report from the first stage of thisassignment. Appendix B includes a summary of the stakeholderconsultation workshop conducted in Islamabad on July 21 toreceive feedback on the draft recommendations for this assignment.
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