A long-term arrangement between a government and private sector institutions, e.g. for private firms to provide public services like health and infrastructure in return for the state shouldering risks and/or guaranteeing payments. Beyond the problematic human rights and inequality implications of privatizing essential services, IMF research has warned of the hidden costs of PPPs (which are 'socialising risks', meaning the state is liable for potentially large costs if the projects are delayed or derailed by external factors) but they continue to be promoted by the RST and (more strongly) the World Bank.
