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Public investments/Big projects are no longer financed without a feasibility study

2024-02-23 14:05:09Biznes SHKRUAR NGA REDAKSIA VOX

Public investments/Big projects are no longer financed without a feasibility

These days, a new legal framework has entered into force that aims to strengthen the rules for the management of public investments and especially large projects.

The amendments set funding quotas for projects that take several years to complete and are usually large infrastructure facilities.

The decision of the government that was published in the official notebook determines that, for multi-year budget commitments, related to new public investment projects, during their implementation, it is not allowed to distribute less than 20% in the budget of the relevant unit of the central government unit of the full value of the relevant project during the first year.

With the new rules during the implementation of public investment projects, it is not allowed to distribute less than 30% of the full value of the relevant project in the budget of the relevant unit of the central government unit during the second year and not less than 30% of the full value of the relevant project during the third year, unless otherwise specified in the feasibility study document and new projects approved in the mid-term budget 2023-2025.

For public investment projects with foreign financing, the rules defined in the relevant agreements with the financial institution are followed.

For public investment projects, which are included in the "Unique List of Projects of National Importance" before maturity, the proposing institution presents the feasibility study.

Then the ministry responsible for finance evaluates the budget affordability of the project and the fiscal risks related to the budget deficit and public debt. Then the institution responsible for strategic programming gives an opinion on completing the documentation according to the criteria of this decision and re-evaluating the compatibility with national, sectoral and cross-sectoral strategies.

So the Concessions Handling Agency (ATRAKO) provides an opinion on the fulfillment of the elements of the feasibility study of the project, only for projects that are Public-Private Partnership (PPP) type contracts.

The government decision has classified a new item in public investments of "Administrative capital expenditure" which defines the replacement of obsolete equipment during the exercise of functions by the central government unit or the purchase of new equipment related to the current level of personnel or increasing the number of staff.


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