Country Partnership Framework for the Republic of Seychelles for the Period of FY18-FY23
This Country Partnership Framework (CPF) for Seychelles covers the period FY18-FY23. Seychelles has achieved impressive gains in prosperity and stability in the past decade since confronting a major economic crisis in 2008. The government responded...
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| Format: | Report |
| Language: | English |
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World Bank, Washington, DC
2018
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| Online Access: | http://documents.worldbank.org/curated/en/300111532057432476/Seychelles-Country-partnership-framework-for-the-period-of-FY18-FY23 http://hdl.handle.net/10986/30225 |
| Summary: | This Country Partnership Framework (CPF)
for Seychelles covers the period FY18-FY23. Seychelles has
achieved impressive gains in prosperity and stability in the
past decade since confronting a major economic crisis in
2008. The government responded to the crisis with a
wide-ranging reform program supported by generous debt
relief that focused on liberalization of the trade and
exchange regimes, significant and sustained fiscal
consolidation underpinned by reductions in public employment
and subsidies, and a reduction in the state’s role in the
economy to boost private sector development. Along with the
International Monetary Fund (IMF), the World Bank Group
(WBG) supported Seychelles in managing the crisis and
regaining stability. The CPF is grounded in the findings of
a WBG Systematic Country Diagnostic1 (SCD) that was
finalized in July 2017. The SCD assesses the remaining
institutional constraints and priorities to bolster
inclusion in a sustainable manner. The SCD shows that
progress during the last decade has mostly benefitted the
more skilled population, and that enhancing inclusion
requires greater attention to the quality of education and
social assistance The CPF is consistent with the principles
for international Bank for Reconstruction and Development
(IBRD) engagement in countries above the Graduation
Discussion Income (GDI) and the Forward Look on small
states. The CPF puts forward a flexible approach for the
WBG’s program that is appropriate for addressing key
institutional gaps and buttressing the resilience of the
economy. The CPF focuses on strengthening institutions to
foster inclusive and sustainable prosperity through a highly
selective framework centered on two focus areas. The first
focus area, Sustainable Growth for Shared Prosperity, seeks
the retooling of tourism and fisheries, the core sectors of
the economy, to open opportunities for local business to
generate higher value-added and better paying employment
opportunities, especially, among the bottom 40 percent of
the income distribution. The second focus area, Fostering
Inclusion and Public Sector Performance, supports the
government’s efforts to reorient its significant investment
in social assistance towards investment in human capital,
especially the bottom 40 percent |
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