Financing Cities: Fiscal Responsibility and Urban Infrastructure in Brazil, China, India, Poland and South Africa


Edited by: George E. Peterson & Patricia Clarke Annez

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    List of Tables

    • I.1: Average Annual Growth Rates in India and China, 1990–2004 28
    • 1.1: Public Sector Fiscal Outcomes, 1995–2004 Budget Balance 42
    • 1.2: Composition of Public Social Spending, 2002 57
    • 1.3: Composition of Municipal Revenue, 2002 64
    • 2.1: Sub-National Expenditure Responsibilities 77
    • 2.2: Revenue Assignment between Central and Sub-National Governments, 1994 78
    • 2.3: Transfer Payments from Central to Sub-National Level, 1995–2004 87
    • 2.4: Fiscal Disparity among Provinces 88
    • 2.5: Structure of Beijing's Municipal Revenue 91
    • 2.6: Basic Statistics on Urban Infrastructure Coverage 94
    • 2.7: Urban Infrastructure Investment Ratios 96
    • 3.1: Growth Rates of the Indian Economy 116
    • 3.2: Public and Private Savings and Investment in India 118
    • 3.3: Central Government Expenditure on Schemes for Urban Infrastructure in the Central Sector 129
    • 3.4: HUDCO's Financing for Infrastructure Projects 131
    • 4.1: Basic Indicators 2003 159
    • 4.2: Expected Annual Investments for Operation and Maintenance Needs, 2005–10 162
    • 4.3: Urban Population Living in Polish Cities 163
    • 4.4: Distribution of Public Debt between the Central and Local Governments, 31 December 2003 167
    • 4.5: Investment Expenditures (IE) in Central and Local Governments' Budgets 169
    • 4.6: Structure and Dynamics of Local Government Revenues, 2000–04 171
    • 4.7: Structure of Revenue in Cities with Powiat Status, 2000–04 172
    • 4.8: Structure of Own Resources in Cities with Powiat Status, 2002–04 172
    • 4.9: Deficits of Local Government, 2002–04 173
    • 4.10: Level of Indebtedness of Local Governments in 2002 and 2004 173
    • 4.11: Structure of Local Government Expenditure, 2002–04 176
    • 4.12: Structure of Local Governments' Investment Expenditure by Sectors, 2003–04 176
    • 4.13: Financial Sources for Local Governments' Investment Expenditure, 2003–04 176
    • 4.14: Share of Central Budget Transfers in Financing Investment by Sector, 2003–04 177
    • 4.15: Sectoral Distribution of Central Government Transfers to Finance Local Government's Investment Expenditure 177
    • 5.1: Proportion of Revenues Raised by Each Key Tax Source for All Spheres of Government, 2003–04 189
    • 5.2: Own Revenue versus Grant Revenue for the Three Different Spheres of Government, 2003–04 189
    • 5.3: Conditional and Unconditional Transfers from National to Local Governments, 2000–05 190
    • 5.4: Municipal Governments' Borrowing 194
    • 5.5: Cape Town Metropolitan Municipality 195
    • 5.6: Share of Various Sources of Capital Financing for the City of Johannesburg 196
    • 5.7: Share of Bonds Issued by Category of Public Sector Institution 197
    • II.1: Potential Sources of Local Capital Financing 208
    • II.2: Potential Sources of O&M Financing 208
    • 6.1: Comparison of Urban Infrastructure Development, 1990–2004 221
    • 8.1: Urban Investment Requirements as per the Second State Finance Commission 243
    • 8.2: TNUDF Estimates of Local Financing Capacity for Urban Investment Needs: Five-year Period Starting 2004–05 245
    • 8.3: TNUDF Loan Disbursements and Approvals 250
    • 8.4: Key Financial Ratios for the TNUDF 255
    • 9.1: Capital Requirement Matrix 270
    • 9.2: Budgeted Sources of Finance for Municipal Capital Expenditure 273
    • 10.1: Revenue from Land Leasing in Selected Cities 288
    • 10.2: Revenue from Land Leasing, Hong Kong 293
    • 10.3: Revenue from Land Leasing for Ethiopian Municipalities in Amhara and Tigray, 2003–04 295
    • 10.4: Land Sale Revenues and Infrastructure Spending in Mumbai, India 297
    • 11.1: Regional Breakdown of Total PPI and Urban PPI, 1984–2003 311
    • 11.2: Problem Projects in Urban PPI, 1984–2003 311
    • 11.3: Overview of Average Residential Water Tariffs 317

    List of Figures

    • I.1: Municipal Government Expenditure 37
    • 1.1: Brazil's Fiscal Performance, 1990–2003 43
    • 1.2: Trends in Municipal Expenditure, 1998–2003 59
    • 1.3: Municipal Indebtedness and Primary Budget Balance, 1998–2004 65
    • 2.1: China's Fiscal Revenue and its Structure 81
    • 2.2: National Fiscal Expenditure and its Structure 82
    • 2.3: Sub-National Fiscal Revenue and Expenditure 83
    • 2.4: The Sub-National Governments' Self-Support Rate 84
    • 2.5: Share of Urban Infrastructure Investment Financed from the Budget 97
    • 2.6: Share of Urban Infrastructure Investment Financed by Fees and Charges 98
    • 2.7: Share of Urban Infrastructure Investment Financed by Loans 99
    • 4.1: GDP Growth in Poland, 1993–2004 164
    • 4.2: Cyclically Adjusted Deficit, 1995–2004 165
    • 4.3: Gross Fixed Capital Formation, 2000–03 165
    • 4.4: Gross Public Debt, 1999–2004 166
    • 4.5: General Government Spending, 1999–2004 168
    • 6.1: GDP Growth Rate of Shanghai 222
    • 6.2: Foreign Direct Investment and Fiscal Revenue in Shanghai 222
    • 7.1: Urban and Rural Population, 1940–2000 230
    • 9.1: INCA's Capital Structure 266
    • 11.1: Total PPI and Urban PPI 310

    List of Abbreviations

    ANCAfrican National Congress
    APHDCAndhra Pradesh Housing Development Corporation
    APUIFDCAndhra Pradesh Urban Infrastructure and Finance Development Corporation
    AROAnticipação de Receita Orçamentária (Revenue Anticipation Operations)
    ATMAutomated Teller Machine
    AUWSPAccelerated Urban Water Supply Programme
    BEABudget Enforcement Act
    BESABond Exchange of South Africa
    BESTBrihan-Mumbai Electric Supply and Transport Undertaking
    BISBank of International Settlements
    BMCBrihan-Mumbai Municipal Corporation
    BOTBuild, Operate, Transfer
    CDBChina Development Bank
    CEC 4‘Major’ Central European Countries (i.e., Czech Republic, Hungary, Poland and Slovakia)
    CEECentral and Eastern Europe
    CESifoCenter for Economic Studies Information and Forschung
    CFCCentral Finance Commission
    CIDCOCity and Industrial Development Corporation
    CIDE-CombustíveisContribuição de Intervenção no Domínio Econômico (Revenue from Federal Excise on Petroleum Derivatives)
    CITCorporate Income Tax
    CLIFFCommunity Led Infrastructure Finance Facility
    CMWAChennai Metropolitan Water Authority
    CNGCompressed Natural Gas
    CRISILCredit Rating Information Services of India Ltd
    CSOCentral Statistical Organisation
    DBSADevelopment Bank of Southern Africa
    DDADelhi Development Authority
    DFIDDepartment for International Development (United Kingdom)
    DFVDistrict Financing Vehicle
    DJNDelhi Jal Nigam
    DRUDesvinculação das Receitas da União (a mechanism which frees from earmarking 20 per cent of federal tax revenue)
    EAPEast Asia and Pacific
    EBRDEuropean Bank for Reconstruction and Development
    ECAEurope and Central Asia
    ECLACEconomic Commission for Latin America and the Caribbean
    EFCEleventh Finance Commission
    EUEuropean Union
    FCLFiscal Crimes Law
    FDIForeign Direct Investment
    FIRE(D) Financial Institutions Reform and Expansion (Debt)
    FPExFundo de Compensação pela Desoneração das Exportações (Fund for the Compensation of Exports)
    FPMFundo de Participação dos Municípos (Municipal Participation Fund)
    FRAFiscal Risks Annex
    FRLFiscal Responsibility Law
    FSIFloor Space Index
    FUNDEFFundo de Manutenção e Desenvolvimento do Ensino Fundamental e de Valorização do Magistério (National Fund for Primary Education Development and the Improvement of the Teaching Profession)
    GCISGovernment Communications and Information System
    GDPGross Domestic Product
    GNIGross National Income
    GOIGovernment of India
    GSDPGross State Domestic Product
    HDFCHousing Development Finance Corporation Ltd
    HICHigh Income Countries
    HUDAHaryana Urban Development Authority
    HUDCOHousing and Urban Development Corporation
    IADFInternational Association of Development Funds
    IBAMInstituto Brasileiro de Administração Municipal (Brazilian Institute of Municipal Administration)
    IBGEInstituto Brasileiro de Geografia e Estatística (National Statistics Bureau)
    ICMSImposto Sobre a Circulação de Mercadorias e Prestação de Serviços (State-Level Value Added Tax)
    IDAInternational Development Association
    IDASAInstitute for a Democratic Alternative in South Africa
    IDFCInfrastructure Development Finance Corporation
    IDSMTIntegrated Development of Small and Medium Towns
    IEInvestment Expenditure
    IFCInternational Finance Corporation
    ILFSInfrastructure Leasing and Financial Services Ltd
    ILPESInstituto Latinaméricano de Planificacion Económica y Social
    IMFInternational Monetary Fund
    INCAInfrastructure Finance Corporation
    IOF-OuroFinancial Transactions Tax on Gold
    IPIImposto Sobre Produtos Industrializados (Federal Tax on Industrialised Products)
    IPlexpFederal Value Added Tax Levied on Exports
    IPTUImposto Sobre Propriedade Territorial Urbana (Municipal Urban Property Tax)
    IPVAImposto Sobre a Propriedade de Veículos Automotores (Vehicle Registration Tax)
    IRImposto de Renda (Income Tax)
    IRPFImposto de Renda de Pessoa Física (Personal Income Tax)
    IRRFIncome Tax at Source
    ISPAInstrument for Structural Policies for Pre-Accession
    ISSImposto Sobre Serviços (Municipal Services Tax)
    ITInformation Technology
    ITBITransfers Tax
    ITRImposto sobre a Propriedade Territorial Rural (Federal Rural-Property Tax)
    IWKIndah Water Konsortium
    JBICJapanese Bank for International Cooperation
    KMCKolkata Municipal Corporation
    KMDAKolkata Metropolitan Development Authority
    KUIDFCKarnataka Urban Infrastructure Development Finance Corporation
    LACLatin America and the Caribbean
    LDCLess Developed Country
    LDOLei de Diretrizes Orçamentárias (Budget Guidelines Law)
    LICLow-Income Countries
    LMICLower-Middle Income Countries
    LOALei Orçamentária Anual (Annual Budget Law)
    MENAMiddle East and North Africa
    MDFMunicipal Development Fund
    MHADAMumbai Housing and Area Development Authority
    MIGMunicipal Infrastructure Grant
    MMCMumbai Municipal Coropration
    MMRDAMumbai Metropolitan Regional Development Authority
    MOUMemorandum of Understanding
    MRDCMumbai Roads Development Corporation
    MSWMMunicipal Solid Waste Management
    MUDFMunicipal Urban Development Fund
    MVRCMumbai Rail Vikas Corporation
    NATONorth Atlantic Treaty Organization
    NBERNational Bureau of Economic Research
    NCMPNational Common Minimum Programme
    NDMCNew Delhi Municipal Corporation
    NSSFNational Small Savings Fund
    O&MOperating and Maintenance
    OCCOther Current and Capital Spending
    OECDOrganisation for Economic Co-operation and Development
    PITPersonal Income Tax
    PLANASAPlano Nacional de Saneamento (National Water Supply and Sanitation Plan)
    PNADPesquisa Nacional por Amostragem de Domicílios (National Household Survey)
    PNSBPesquisa Nacional de Saneamento Básico (National Survey of Basic Sanitation)
    PPAPlano Pluriannual (Multi-year Budget-Framework Law)
    PPIPrivate Participation in Infrastructure
    PPIAFPrivate Participation in Infrastructure Advisory Facility
    PPPPublic-Private Partnership
    PSIRUPublic Services International Research Unit
    PWDPublic Works Department
    RERevised Estimate
    RMBRenminbi (Chinese Local Currency, a.k.a. Yuan)
    RSC/JSBRegional Services Council/Joint Services Board
    SABESPCompanhia de Saneamento Básico do Estado de São Paulo (Sao Paulo State water utility)
    SARSouth Asia Region
    SFCState Finance Commission
    SIDASwedish International Development Agency
    SOEState-Owned Enterprise
    SPVSpecial Purpose Vehicles
    SUSSistema Único de Saúde (National Health System)
    TDRsTransferable Development Rights
    TFCTwelfth Finance Commission
    TNUDFTamil Nadu Urban Development Fund
    TNUIFSLTamil Nadu Urban Infrastructure and Financial Services Ltd
    TUFIDCOTamil Nadu Urban Finance and Infrastructure Development Corporation
    URIFUrban Reforms Initiatives Fund
    UDAUrban Development Authority
    UDICUrban Development and Investment Company
    UDFUnited Democratic Front
    ULBUrban Local Body
    UMICUpper-Middle Income Countries
    USUnited States (of America)
    USAIDUnited States Agency for International Development
    VATValue Added Tax
    WSSWater Supply and Sanitation
    WTOWorld Trade Organization


    Cities are the engines that drive national economic growth. By clustering complementary economic activities, intellectual and financial capital, and entrepreneurial energy, they raise labour productivity and create the potential for sustainable growth through urbanization as low-productivity rural labourers move to the cities. The backbone of a well-functioning city is its urban infrastructure—the network of roads, distribution of electricity, water supply and waste removal—which allows residents and firms to work productively under high-density conditions. We in India have come to appreciate the critical nature of urban infrastructure. The floods in Mumbai reminded us that even as we frame fundamental economic reforms, the biggest gap in India's infrastructure remains urban infrastructure. The whole world envies the congregation of brilliant, entrepreneurial people in Bangalore, but the city is dying a slow death owing to a congested and dysfunctional infrastructural system. This growing ‘urban infrastructure deficit’ needs to be corrected as quickly as possible, because growing cities are India's future.

    From one perspective, the urban infrastructure challenge is a challenge for public finance; in a federal system, it's a challenge also for intergovernmental finance. As this volume makes clear, large sums will be required in all countries to invest adequately in urban infrastructure and to operate and maintain systems once they are built. For some advocates of fiscal federalism, the only solution lies in transferring greater revenue-raising powers to local governments. However, what are needed are reliable revenue streams that can be dedicated to infrastructure support. Much of the financing for electricity distribution, water supply, sanitation and waste removal can appropriately come from user fees, shared federal tax revenues and well-designed property taxes.

    More than a revenue challenge alone, urban infrastructure is a challenge in terms of institutional arrangements and management authorities. In India, no management team, no institution is clearly responsible for urban infrastructure and none can be held accountable when the system fails. A user-fee system for urban infrastructure finance may be easy to design in principle, but local governments may not have adequate incentives to implement such a system in practice. Accountability for results is perhaps the most essential element in an intergovernmental framework. Fiscal frameworks often have been erected in the shadow of a fear that local governments will irresponsibly overreach themselves through excessive borrowing or spendthrift operations. They are therefore filled with restrictions or prohibitions on local behaviour. However, local governments, like other economic agents, also respond to positive incentives and act most effectively (just as other agents do) when they have clearly assigned responsibilities for which they have management discretion and clear accountability for results. At all levels, governments are the agents of the people. We need to reach clarity on the infrastructure outcomes that are priorities and clarity as to how local governments will be rewarded for infrastructural success and how they will be held accountable for failure.

    This book brings out how accountability for urban infrastructure outcomes and financing has been built into different countries' institutions, and assesses from each country's own perspective how well this aspect of the intergovernmental system is working within the overall fiscal framework. The chapters lay out an impressive range of successes and failures, with valuable lessons to be gleaned from these experiences. No country will want to blindly adopt institutions or intergovernmental frameworks from elsewhere. Each nation has the responsibility to design its own particular approach to urban infrastructure, consistent with its intergovernmental fiscal structure, institutional frameworks and the roles of local governments. It is here that this volume makes an important contribution by providing a much better menu of experience-tested institutional arrangements and financing strategies, and thus offering a much better-informed basis for making policy choices. This is knowledge-based policy making at its best.

    One of the most important lessons from the outstanding essays of this volume is that capital markets are quite responsive. If institutional arrangements are clear, with transparent rules for accountability, and authorities are fiscally responsible, capital markets will provide adequate resources for overcoming the infrastructure deficit of the urban economy.

    VijayKelkar Chairman, IDFC Private Equity Co. Ltd Mumbai


    This book is based on a conference, the ‘Practitioners' Conference on Mobilizing Urban Infrastructure Finance in a Responsible Fiscal Framework: Lessons from Brazil, China, India, Poland and South Africa’.1 The conference sought to examine two potentially conflicting policy goals: the first, maintaining fiscal discipline, and the second, mobilizing adequate finance for infrastructure, needed both to support economic growth and to improve the quality of life in cities in developing countries. The participants in the conference were experienced in managing either or both objectives. Recognizing that both were worthy of attention, we sought to encourage a dialogue between different viewpoints. We emphasized case studies on different topics to look at the interactions of a range of variables and factors and to see how they fit together. Rather than require each case to follow the same format, the authors have structured their papers around the issues that matter most from their perspective in addressing the topic in hand.

    The first part of this book presents case studies describing the framework established at the national level to promote urban infrastructure finance while ensuring fiscal discipline and reviewing recent experience as well as future challenges. The subjects covered include the impact of political and fiscal decentralization, limitations on borrowing, managing moral hazard, the role of the financial sector, the achieving of the right balance between stringent controls and encouragement of local governments taking responsibility for fiscal discipline coupled with market discipline. The cases featured include three of the world's largest decentralized nations; together the five countries featured in the conference account for nearly a third of the world's urban population. Part I includes case studies for each of the five countries featured in the conference: Brazil (Chapter 1), China (Chapter 2), India (Chapter 3), Poland (Chapter 4) and South Africa (Chapter 5).

    Part II then shifts from the frameworks for fiscal discipline to urban infrastructure investments and the strategies used to mobilize investment funding. Chapters 6 and 7 examine the financing strategies for urban infrastructure in Shanghai and Brazil respectively. These two case studies, written from the perspective of practitioners, examine how different potential elements of a financing strategy were brought together in very different circumstances, including the national development priorities, fiscal rules and options offered by financial intermediaries. The next two chapters focus on specialized intermediaries offering urban infrastructure finance in cities. One is a fully private venture in South Africa (Chapter 9) while the other, in Tamil Nadu, India (Chapter 8), is a spin-off of a government fund with minority private ownership. The final two chapters examine experiences with two other mechanisms for mobilizing funding for infrastructure investments from the private sector, land leasing and sales (Chapter 10) and private participation in infrastructure operations (Chapter 11).


    1. Held on 6–8 January 2005 in Jaipur, India, and sponsored by the UK Department for International Development, the Caixa Econômica Federal of Brazil, the Council of Europe Development Bank, the Infrastructure Development Finance Corporation of India, the National Institute of Urban Affairs, the Private Public Participation in Infrastructure Advisory Facility, the United States Agency for International Development, and the World Bank. In addition, the Ministry of Finance, Government of India, and the Government of the state of Rajasthan supported and hosted the conference.


    The editors are most grateful for the strong support, both financial and substantive, provided by the sponsors of the conference and this book: Aser Cortines and Rosane Maia of the Caixa Econômica Federal of Brasil, Krzsystof Ners of the Council of Europe Development Bank, Ian Curtis of the Department for International Development of the United Kingdom, Deepak Parekh of the Infrastructure Development Finance Company Limited of India, Usha Ragupathi of the National Institute of Urban Affairs of India, Jyoti Shukla and Bhavna Bhatia of the Private Public Participation in Infrastructure Advisory Facility, Rebecca Black and Nabaroon Bhattacharjee of the United States Agency for International Development, and Elio Codato, Vincent Gouarne, Sonia Hammam, Lili Liu and Maryvonne Plessis-Fraissard of the World Bank. We are much obliged to the Honourable Vasundhara Raje, Chief Minister of the Government of Rajasthan, for hosting the conference in Jaipur, and to Subhash Garg, then Joint Secretary of the Government of India and now Secretary of Finance of the Government of Rajasthan, who provided considerable support to the organization of the event and helpful advice regarding its content. We would also like to thank all the participants in the conference for their insights and engaging discussion at the conference and in subsequent interactions. A number of colleagues, in addition to those mentioned above, were particularly helpful in helping to conceive the project and offering advice and encouragement for the conference and this book. We thank especially Jan Brzeski, Robert Buckley, Sandra Cointreau, Mila Freire, Hu Jing, Barjor Mehta, Jack Stein and Roberto Zagha. Oscar Apodaca, Mamata Baruah, Margaret d'Costa, Laura De Brular, Constance Hope, Christianna Johnnides and Norma Silvera provided able administrative and logistical support to our efforts. Herschel Pant of the London School of Economics provided expert research assistance in preparing the book for publication.

    We would like to pay a special tribute to the late Messrs S.P. Gupta and Krzysztof Ners. Mr Gupta, Principal Secretary of Finance of the Government of Rajasthan, at the time of the conference played an invaluable role in ensuring a warm welcome to all the participants in Jaipur and for his very efficient arrangements for the conference. Mr Ners, Vice-Governor of the Council of Europe Development Bank, at the time of his death, supported and participated in the conference, and offered a valuable contribution to this volume. Their untimely demise was a great loss to their respective governments as well as family and friends. This volume is dedicated to their memory.

  • About the Editors and Contributors


    George E. Peterson is Senior Fellow at the Urban Institute, Washington, D.C., working on international public finance and intergovernmental relations. Previously he has been Director of Public Finance Center at the Urban Institute, where he directed the institute's programme in intergovernmental finance in the United States. He is also the recipient of the Donald C. Stone Award for intergovernmental management and research from the American Society for Public Management. He has published Decentralisation in Asia and Latin America: A Political and Economic Comparison (co-edited, 2006).

    Patricia Clarke Annez is Urban Advisor at the World Bank, responsible for strategy development, policy analysis, review of performance and new product development Bank-wide. She has extensive operational experience in South Asia, Europe, the Middle East and Latin America. She has also worked as an economic and financial advisor for ABB in Canada and for US corporate clients in PricewaterhouseCoopers in New York.


    Sandra Bondarovsky was an economist with CAIXA ECONÔMICA FEDERAL in Brazil.

    Aser Cortines Peixoto Filho was Vice-President of Caixa Econômica Federal, Urban Development and Government Affairs, in Brazil at the time of the conference. He has also been Caixa representative and Director of the BIAPE International Bank Ltd; Director of Urban Development and Government; Superintendent of Institutional Businesses in the state of Rio de Janeiro; Advisor, Staff of the Presidency and Coordinator in Chief of Research Advisory of the Banco Nacional da Habitaçao (BNH). Mr Cortines is currently deputy professor in the School of Economics and Business Management and Professor in the Center for Research and Post-Graduation at the Rio de Janeiro Federal University.

    Luiz de Mello is Head of the Brazil/South America Desk of the Economics Department of the OECD. Prior to joining the OECD, he held a lectureship at the Economics Department of the University of Kent, UK, and was a Senior Economist at the Fiscal Affairs Department of the International Monetary Fund. His main interests are public finances and international finance, with emphasis on emerging market economies.

    Gao Guo Fu is the President of the Shanghai Chengtou Corporation (Urban Development and Investment Company—UDIC). The Shanghai Chengtou Corporation was established in 1992 as a governmental investment corporation. It mainly invests in major urban infrastructure projects in Shanghai, such as highways, urban water supply and sewage system, and gas supply.

    Subhash Chandra Garg is currently serving as Secretary of Finance, Government of Rajashtan. Previously, he was Joint Secretary (State Finances) in the Ministry of Finance, Government of India. Mr Garg has had extensive experience working with governments in India at the local, state and national levels in various capacities. In these positions, he has become deeply involved with state governments and finances. In particular, he has focused on infrastructure development, intergovernmental transfers and the restructuring of state finances.

    Vijay Kelkar is Chairman, India Development Foundation and Chairman of IDFC Private Equity Co. Ltd. Dr Kelkar has held a number of high level positions in the government of India. Most recently, he was advisor to the Minister of Finance of India, and Executive Director for India, Sri Lanka, Bangladesh and Bhutan at the International Monetary Fund. Prior to that, Dr Kelkar was Finance Secretary; Chairman of the Tariff Commission; Secretary, Ministry of Petroleum and Natural Gas and Chairman, Bureau of Industrial Costs and Prices. He has also served as the Chairman of the Task Force for Implementation of the Fiscal Responsibility and Budget Management Act in the Ministry of Finance.

    L. Krishnan has worked for the Government of India for many years, most recently as Special Secretary to the Government of Tamil Nadu, India. He is currently working as an advisor to the Infrastructure Leasing and Finance Services Company of India.

    Johan Kruger is Founder and former Chief Executive Officer of the Infrastructure Finance Corporation Ltd (INCA). Under his leadership, INCA grew to a more than $1 billion company in eight years. INCA, which won an award for the best non-listed company in 2001 after being a finalist in 1999 and 2000, has been described as proof that development can be bankable in emerging economies. Mr Kruger has also worked at the Development Bank of Southern Africa (DBSA) with varying responsibilities including human resources, infrastructure, urban and southern region. He was responsible for starting the urban section in DBSA.

    Su Ming is a teacher and researcher at the Research Institute for Fiscal Science (RIFS) under the Ministry of Finance of China. He is also Vice Chancellor and member of the Standing Council, China's Institute for Agricultural Finance; Chancellor and member of the Standing Council, China's Institute for Urban Finance; member of the Standing Committee, China's Academy for Public Finance; member of the Standing Council, China's Investment Institute; and Vice Editor-in-Chief for the magazines, Finance Research and China Financial and Economic Data. He has also published extensively on Chinese fiscal issues.

    Krzysztof Ners was Vice-Governor, Council of Europe Development Bank at the time of the conference. From 1990 to 1998, he was a member of various teams of experts at the Institute for Eastern and Western Studies (New York), UN, OECD and World Bank. From 1998 to 2001, he was Alternate Governor of the IMF and the World Bank. As Deputy Minister of Finance, Government Plenipotentiary for EU Funds, he was responsible for public debt management, management of European Union funds to Poland, including domestic co-financing, as well as bilateral cooperation in the field of finance, in particular with the central and eastern European countries.

    Philip van Ryneveld is an independent consultant and the South African National Treasury is one of his main clients. His work has included local budget reform; an ongoing assessment of city strategies in the context of the National Treasury's Local Government Restructuring Grant programme, which was established after the Johannesburg financial crisis of 1999; and a project to further develop the Local Government Fiscal Framework. He has been Chief Financial Officer of the Cape Town Municipality from 1997 to 2001. Mr van Ryneveld was Commissioner of South Africa's Financial and Fiscal Commission from 1997 to 2002, and has recently been appointed as a non-executive director to the first board of Johannesburg's newly created Revenue Shared Services Centre.

    Zhao Quanhou is a researcher at the Research Institute for Fiscal Science (RIFS) under the Ministry of Finance of China. He has published in the areas of China's fiscal policy, agricultural and infrastructure pricing frameworks, and public sector resource management.

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