The Public-Private Partnerships Fiscal Risk Assessment Model (PFRAM) is an analytical tool to assist governments and country analysts in assessing potential fiscal costs and risks arising from a PPP project. PFRAM supports the dialogue of the IMF and the World Bank Group with their client countries on macroeconomic stability, debt sustainability, fiscal risk management, governance, public finance management and public investment management. PFRAM follows a five step decision-tree, automatically generating a set of outcomes: the expected cash flow for the private partner; the government’s income statement, balance sheet and cash statement; a series of charts comparing fiscal balance and DSA with/without the specific PPP project; a project risk matrix; and a sensitivity analysis of macro variables. PFRAM requires project-specific data and country specific macroeconomic data, allowing the user to work under different assumptions. Thus, the fiscal outcomes are indicative and sensitive to these assumptions. PFRAM is still in a pilot stage. As a work-in-progress, the PFRAM is expected to be improved and refined in the future based on comments and suggestions from user experience.