Abstract
Abstract A major problem affecting public projects in many developing countries is that of inadequate standards of operation and maintenance (O and M). There are various reasons but the overriding one is the shortage of public funds and foreign exchange. Despite the efforts now being made to alleviate the problem it is likely to continue to be a major constraint which should be taken fully into account in the planning and analysis of public projects. In the planning of irrigation, water supply, power and other projects a choice often exists between technical alternatives with high capital costs and low recurrent costs and others with the opposite pattern of expenditure. Apart from technical factors the final selection is usually based on least‐cost economic analysis, using the conventional discounting methodology whereby all costs, both capital and recurrent, are discounted at what is taken to be the opportunity cost of capital (usually 8 to 15%). These relatively high discount rates favour low capital — ...
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