Now , it has been announced even prior to relevant maturity that Treasury will provide for the repayment of EUR 200 million by Metro do Porto to PNB Paribas in mid-August.
See Iceberg of Government contingent liabilities
This would imply that ALL public investment should again be included in the Budget (OE) law and subject to prior Parliamentary approval. The list of central Government investment project, PIDDAC, should be transformed into PIDDAPA, the "Programa de Investimentos e Despesas de Desenvolvimento da Administração Pública Alargada, including all the State-owned and municipal companies and PPP concession contracts, with liabilities up-dated annually. This would ensure transparency and would force all PPP liabilities, including REF rebalancings and other add-ons, to be subject to the same overall budget restriction regardless of the contractual form used.
For the time being, it would be important to confirm whether the loans now being repaid with the aid of the Treasury ( empréstimos agora vencidos) had been previously acquired, prior to maturity, in the secondary markets at discount, by local public or private investors, thus allowing Portugal to at least capture some of the benefit of the sacrifices suffered by the more risk-averse external creditors.
Mariana Abrantes de Sousa
PPP Lusofonia, PORTUGAL
REFER - 434 milhões de euros
CP - 250 milhões de euros
Metro do Porto - 175 milhões de euros
Metro de Lisboa - 167 milhões de euros
RTP- 150 milhões de euros
EDIA - ... milhões de euros
EVC - ... milhões de euros
Frente Tejo - 3,6 milhões de euros, empresa a extinguir
See: Off-budget liabilities of SOE/SEE and PPP
Sources; DGTF EFE