Khan, Ahmed Abdullah (2017) A critical review of sovereign guarantees and it’s adequacy as a risk mitigation instrument in a limited recourse context : Pakistan’s energy sector case study. PhD thesis, University of Warwick.

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Abstract

This study provides a holistic outline of the investment security measures provided by host states, especially in developing countries normative to a limited recourse context. In order to provide a thorough, discursive analysis, this thesis refers to Pakistan’s energy sector as a case study example. Rising electricity shortfall and continued rise of circular debt have inhibited Pakistan’s continued efforts to address electricity challenges. These pose serious questions insofar as sovereign guarantee measures provided by the state. Moreover, in view of the acute shortage of capital for infrastructure development in developing economies, especially in the energy sector, there is an omnipresent question around the adequacy of these security measures. This thesis canvasses the use of sovereign guarantee measures normative to Pakistan’s energy sector, adopting a three-tier approach. First, this thesis attempts to discuss the highly leveraged nature and structure of project finance transactions. These measures are explained as an area of immense importance, especially from an energy sector standpoint. This form of finance is especially important for infrastructure projects in volatile, risky jurisdictions. The second tier focuses on risk-mitigation strategies adopted by host states especially in an unregulated or poor investment regime. It examines sovereign guarantees offered by host states, with a specific focus on legal structures under a suretyship arrangement from a Common law perspective. Whilst undertaking a thorough, discursive analysis this thesis reviews the existing frameworks of the organisations engaged within Pakistan’s energy cycle to determine the adequacy of any guarantees. In an interesting twist, this study adopts the structural and functional tests laid out in various cases to determine the adequacy of sovereign guarantee frameworks. Last, this thesis reviews third-party risk-mitigation instruments with a specific focus on MIGA’s risk insurance as a measure of either an additional or replacement form of security.

Item Type:	Thesis (PhD)
Subjects:	H Social Sciences > HD Industries. Land use. Labor > HD28 Management. Industrial Management H Social Sciences > HG Finance
Library of Congress Subject Headings (LCSH):	Electric utilities -- Law and legislation -- Pakistan -- Case studies, Default (Finance) -- Law and legislation -- Pakistan -- Case studies, Risk (Insurance) -- Law and legislation -- Pakistan -- Case studies, Developing countries -- Economic aspects -- Law and legislation -- Case studies
Official Date:	October 2017
Dates:	Date Event October 2017 UNSPECIFIED
Institution:	University of Warwick
Theses Department:	School of Law
Thesis Type:	PhD
Publication Status:	Unpublished
Supervisor(s)/Advisor:	Singh, Dalvinder, 1970-
Sponsors:	Economic and Social Research Council (Great Britain)
Extent:	299 leaves : illustrations.
Language:	eng

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