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World Bank Document Document of The World Bank FOR OFFICIAL USE ONLY Public Disclosure Authorized Report No. 6532 Public Disclosure Authorized PROJECT PERFORMANCE AUDIT REPORT PAKISTAN THIRD AND FOURTH KARACHI PORT PROJECTS (CREDITS 422-PAK AND 492-PAK) Public Disclosure Authorized December 9, 1986 Public Disclosure Authorized Operations Evaluation Department This document has a restricted distribution and may be used by recipients only in the performance of their official duties. Its contents may not otherwise be disclosed without World Bank authorization. Country Exchange Rates (Yearly Average) Rupee (Rs) Name of Currency (Abbreviation) Year Rs per US$ 1972 (Appraisal Third Pjct) 9.90 1973 (Appraisal Fourth Pjct) 9.90 9.90 1974-1980 1981 (Accounts Closed) 9.90 1982 (Fourth Pjct Completed) 10.50 1983 (Third Pjct Completed) 12.75 ONLY THE WORLD BANK FOR OFFICIAL USE Washington, DC 20433 US A Office of O,recto-Cenral Opelations Nvaluation December 9, 1986 MEMORANDUM TO THE EXECUTIVE DIRECTORS AND THE PRESIDENT SUBJECT: Project Performance Audit Report on Pakistan Third and Fourth Karachi Port Projects (Credits 422-PAK and 492-PAK) Attached, for information, is a copy of a report entitled "Project Performance Audit Report on Pakistan Karachi Third and Fourth Port Projects (Credits 422-PAN and 492-PAN)" prepared by the Operations Evaluation Department. Attachment This document has a restricted distributioa and may be used by recipients only in the performance of their official duties, Its contents may not otherwise be disclosed without World Bank authorization. FOR OFFICIAL USE ONLY PROJECT PERFORMANCE AUDIT REPORT PAKISTAN THIRD AND FOURTH KARACHI PORT PROJECTS (CREDITS 422-PAK AND 492-PAK) TABLE o CONTENTS Preface * *. ***.. * * * ** * * * ** * * * ** * * * ** * * * Basic Data Sheet ............................ .****** ii Evaluation Sumary .. ................. ............ v PROJECT PERFORMANCE AUDIT MEMORANDUM I. BACKGROUND.. .. ......................... 1 II. PROJECT IMPLEMENTATION .......................... 4 III. PROJECT RESULTS........... ................. ..... .. 10 TABLES 1. Average Load per Tanker.............................. 14 2. Forecasts vs. Actual Traffic......................... 15 3. Karachi ContainerTraffic............................ 16 ANNEX Borrower Comments ................................ 17 PROJECT COMPLETION REPORT I. Introduction............................ 31 II. Project Preparation and Appraisal................... 32 III. Project Implementation and Costs..................... 34 IV. Traffic and Operations... .................... 48 V. Financial Performance of the Karachi Port Trust...... 49 VI. Institutional Development........................... 52 VII. Economic Re-evaluation............... .............. 54 VIII. The Role of the Association.......................... 57 IX. Conclusions.......................................... 58 ANNEXES 1. Summary of Covenants and Actions Taken............... 60 2. Railway Yard Materials Ccntracts................... 64 3. Disbursements, Credit 422-FAK..............o*..... 65 4. Disbursements, Credit 492-PAK........................ 66 5. Appraisal and Final Disbursements.................... 68 TABLES 1. Actual and Expected Implementation................... 70 2. Actual and ExpectedCosts............................ 71 3. Actual and Expected Traffic.,....................... 72 This document has a restricted distribution and may be used by recipients only in the performance of their official duties. Its contents may not otherwise be disclosed without World Bank authorization. Table of Contents (cont'd.) 4. Actual and Forecast Income Statement................. 73 5. Actual and Forecast Balance Sheet.................... 74 6. Costs and Benefits, Third Project, Berths and Rail Yard .............................. 75 7. Costs and Benefits, Third Project, Bri... ge. ...... ... ... ... ... ... .,....... 76 8. Costs and Benefits, Fourth Project, Oil Jetty.. ................ 77 MAPS IBRD 10170 Karachi Port IBRD 10171 Karachi Port and Approach Channel PROJECT PERFORMANCE AUDIT REPORT PAKISTAN THIRD AND FOURTH KARACHI PORT PROJECTS (CREDITS 422-PAK AND 492-PAK) PREFACE The following is a Project Performance Audit Report (PPAR) on the Third and Fourth port projects the Bank assisted in financing in Pakistan under two IDA Credits approved in 1973 (Credit 422-PAK, US$18.0 m1n) and 1974 (Credit 492-PAK, US$16.0 m1n)(Bank is used throughout this report to refer without distinction to the International Development Association, IDA, and the International Bank for Reconstruction and Development, IBRD). Both projects were aimed at improving and expanding the port of Karachi, which they did; however, the projects suffered long delays that adversely affected their economic impact. The credit accounts were closed in 1981, but work continued and the main project items were finally completed between 1982 and 1983, 2-4 years late. This report consists of a Project Performance Audit Memorandum (PPAM) prep:red by the Operations Evaluation Department (OED), and a Project Completion Report (PCR) prepared by the South Asia Regional Office. The PPAM is based on a review of the Mir-ites of the Executive Directors Meetings at which the projects were approved, the President's and Staff Appraisal Reports for the projects (PR and SAR), the legal documents on the Frojects, Bank Supervision Reports and other documents contained in Bank files, and the PCR. The PCR is based on a Completion Report and other data prepared by the Executing Agency (the Karachi Port Trust, KPT) in 1983, and field discussions during August 1985. The draft PPAR was sent to the Borrower and its agencies for comment; the Karachi Port Trust's (KPT) views are reproduced in full as an annex to the PPAM. As KPT has somewhat different views of the projects than OED, the three documents in this report: the PPAM, KPT's comments and the PCR are complementary to one another. i. PROJECT PERFORMANCE AUDIT BASIC DATA SHEET PAKISTAN THIRD AND FOURTH KARACHI PORT PROJECTS (CREDITS 422-PAK AND 492-PAK) Key Project Data Appraisal Actual or Item Expectation Reestimate Third Fourth Third Fourth Pict Pict Pict Pict Total Project Cost (US$ min) 34.2 23.9 79.1 39.3 Cost Overrun (%) 0 0 131 64 Loan Amount (US$ m1n) 18.0 16.0 18.0 16.0 Disbursed (US$ m1n) 18.0 16.0 18.0 16.0 Cancelled (US$ m1n) 0 0 0 0 Repaid (US$ mln)(02.28.86) - - 6.3 0.3 Outstanding (US$ mln)(02.28.86) - - 11.7 15.7 Project Completion Date 6/78 6/79 9/82 6/82 Proportion Completed On Time (%) 100 1,0 30 40 Proportion of Time Overrun (1) 0 0 85 60 Economic Rate of Return (%) 32.7 23.0 10.5 21.7 11 Joint Estimated and Actual Cumulative Disbursements (US$ million) FY74 FY75 FY76 FY77 FY78 FY79 FY80 FY81 FY82 Estimated 2.5 10.0 23.3 30.8 33.6 34.0 - - - Actual 0 0.9 10.6 15.5 21.8 24.5 29.6 33.6 34.0 Act/Est (%) 0 9 46 50 65 72 87 99 100 11 Actual rates as reestimated in the PCR. Based on a review of the assump- tions used to arrive at these rates the Audit concluded that they over- estimate probable results (PPAM, paras. 41 and 46); however, the Audit did not estimate alternative rates of return. iii, Other Project Data Original Actual or Item Plan Reestimated Third Fourth Third Fourth PJct Pict PJct Pct First Mention in Files - - 6/70 5/73 Government's Application - - 7/72 5/73 Appraisal 6/72 6/73 6/72 8/73 Negotiations 5/73 4/74 5/73 4/74 Board Approval 6/73 5/74 6/73 5/74 Loan Agreement Date 7/73 6/74 7/73 7/74 Effectiveness Date 10/73 9/74 12/73 10/74 Closing Date 6/79 12/79 6/81 12/81 Borrower Islamic Republic of Pakistan Executing Agency Karachi Port Trust (KPT) Fiscal Year of Borrower July 1 to June 30 Follow-on Projects None Staff Input (Staff-Weeks) FY72 FY73 FY74 FY75 FY76 FY77 FY78 FY79 Preparation 14.5 1.3 8.5 - - - - - Appraisal .5 45.0 40.6 - - - - - Negotiations 14.8 10.9 - - - - - Supervision 9.6 24.4 36.6 15.4 29.3 32.2 FY80 FY81 FY82 FY83 FY84 FY85 TOTAL Preparation - - - - - - 24.3 Appraisal - - - - - - 86.1 Negotiations - - - - - - 25.7 Supervision 9.1 10.9 6.1 1.4 2.7 6.6 184.3 iv Mission Data Month/ No.of No.of Staff Report Year Weeks Persons Weeks Date Appraisal 6/72 4.0 3 12.0 6/73 8/73 2.0 4 8.0 4/74 Supervision I 2/74 0.5 2 1.0 3/74 Supervision II 4/74 1.0 3 3.0 6/74 Supervision III 11/74 0.5 3 3.5 12/74 Supervision IV 3/75 1.0 1 1.0 4/75 Supervision V 5/75 2.0 2 4.0 6/75 Supervision VI 10/75 2.0 1 2.0 11/75 Supervision VII 11/75 1.0 3 3.0 1/76 Supervision VIII 6/76 2.0 2 4.0 676 Supervision IX 3/77 2.0 2 2.0 5/77 Supervision X 6/77 0.5 1 0.5 7/77 Supervision XI 12/77 3.0 4 12.0 1/78 Supervision XII 3/78 0.5 2 1.0 3/78 Supervision XIII 5/78 0.5 3 1.5 6/78 Supervision XIV 9/78 2.5 3 7.5 11/78 Supervision XV 2/79 2.0 1 2.0 n.r. Supervision XVI 6/79 1.0 2 2.0 6/79 Supervision XVII 10/79 1.0 1 1.0 12/79 Supervision XVIII 11/79 1.0 1 1.0 12/79 Supervision XIX 5/80 1.0 1 1.0 6/80 Supervision XX 2/81 1.0 1 1.0 3/81 Supervision XXI 4/81 1.0 2 2.0 5/81 Supervision XXII 5/81 1.0 1 1.0 6/81 Supervision XXIII 11/81 0.7 2 1.4 2/82 Supervision XXIV 10183 0.5 3 1.5 n.r. Completion 6/85 1.0 1 1.0 n.r. Completion 8/85 2.0 1 2.0 5/86 v iROJECT PERFORMANCE AUDIT REPORT PAKISTAN THIRD AND FOURTH KAR4CHI PORT PROJECTS (CREDITS 422-PAK AND 492-PAK) EVALUATION SUMMARY Objectives The Third Project (Credit 422-PAK, 1973) intend .
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