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Public-Private Partnership: The Basis for Economic Renaissance
Economic 10/14/2024
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The government relies on partnership with the private sector to achieve an economic shift, as this partnership enables it to implement its public projects and operate them efficiently and effectively, by taking advantage of the capabilities and expertise of the private sector in providing the best services or supplying goods at the lowest costs, and it also reduces the financial burdens on the general budget.
Dr. Wafaa Al-Mahdawi, an economic affairs specialist, stated that "the accumulation of public debt during the late seventies and eighties of the last century prompted many governments to benefit from the private sector in financing infrastructure projects," indicating that "giving the private sector the opportunity to carry out many tasks in providing services for a specific project leads to a better allocation of risks while maintaining the governmental or public responsibility for providing basic services."
Al-Mahdawi added, in an interview with “Al-Sabah”, that “the justifications for resorting to partnership can be limited to the inability of governments to achieve sustainable development on their own,” noting that “the rapid technical and economic change has provided an opportunity to reduce the cost of projects and provide multiple partners with integrated solutions required by the nature of the related problems.”
Prime Minister Mohammed Shia Al-Sudani had previously stressed that the government has no intention of privatizing government companies, but rather achieving a productive partnership with the private sector, indicating that the success of any ministry in these partnerships will be an incentive for other ministries.
For her part, Dr. Salima Hashem, an economic affairs specialist, said: “The partnership between the public and private sectors achieves a set of gains more than traditional insurance and purchasing methods.”
Hashem added to Al-Sabah that “these gains distribute risks to the party most capable of managing them at the lowest cost while ensuring the speed of project implementation, especially infrastructure projects in a short period,” indicating that “the partnership allows for the activation of economic decentralization, and thus state agencies can benefit from the expertise of a central unit specializing in partnership contracts to develop projects that they do not have the efficiency and experience to develop.”
She explained that the partnership between the public and private sectors allows for obtaining financing outside the general budget, which is borne by the private sector,” noting that “the increasing entry of government agencies into partnerships helps stimulate the private sector and contribute to greater employment.”
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