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Seychelles - Public Expenditure Review

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World Bank (WB)

Abstract: In 2008, after many years of unsustainable fiscal policy and a distorted and overvalued foreign exchange regime, the Government of Seychelles embarked upon a bold economic reform program. This program aims to put the economy on a path toward macroeconomic stability, liberalize the economy and to allow the private sector to take over from the state as the driving force in the economy. Seychelles, a small open, middle-income island state with relatively low incidence of poverty and near full employment, faced acute economic difficulties in 2008 as a result of past economic management exacerbated by the rising global oil and food prices and the downturn in the global economy. This resulted in missed debt-service payments and the subsequent downgrading of its credit rating by standard and poor's. Faced with current debt service difficulties and a historically poor credit track record, the authorities responded quickly by adopting a comprehensive reform program supported by a second year stand by arrangement with the International Monetary Fund (IMF) and commencing negotiations with Paris club and other private and official creditors for debt restructuring. The government has embarked upon a comprehensive reform strategy aimed at restoring internal and external balances with the assistance of the international financial institutions and development partners. The reform program includes: (i) the complete liberalization of the exchange rate regime and float of the currency (which was introduced in November 2008); and (ii) tightened fiscal policy, including improved targeting of the comprehensive social safety net and a privatization program to deal with the many state-owned enterprises. The focus of the public expenditure review (PER) reflects the fact that revisiting the role and functions of government lie at the heart of the economic reforms that need to take place in the next two years. This chapter provides a survey of recent developments, medium-term macroeconomic developments and their fiscal policy implications. Chapter two examines public expenditure trends and budget management issues. Chapters three, four, and five examine civil service reform, health care, and education issues respectively.
Type: Economic & Sector Work :: Public Expenditure Review
Link: http://hdl.handle.net/10986/3089
Subject: ACCOUNTABILITY
ADMINISTRATIVE COSTS
AGGREGATE FISCAL
ANNUAL REVENUE
BEST PRACTICE
BUDGET CREDIBILITY
BUDGET DEFICITS
BUDGET DEPARTMENT
BUDGET EXECUTION
BUDGET FRAMEWORK
BUDGET MANAGEMENT
BUDGET OUTCOME
BUDGET PRACTICES
BUDGET PREPARATION
BUDGET PROCESS
BUDGET SURPLUS
BUDGET TRANSFERS
BUSINESS COMMUNITY
CAPITAL EXPENDITURES
CAPITAL SPENDING
CASH BASIS
CENTRAL BUDGET
CENTRAL GOVERNMENT
CENTRAL GOVERNMENT SPENDING
CIVIL SERVICE
CIVIL SERVICE REFORM
CIVIL SERVICE REFORMS
COMMODITIES
COMMODITY PRICES
COMMUNITY DEVELOPMENT
COMPETITIVE ENVIRONMENT
CONTINGENCY
CONTINGENT LIABILITIES
COST-RECOVERY
CREDIT RATING
CREDITORS
DEBT CRISIS
DEBT INTEREST
DEBT RELIEF
DEBT SERVICE
DEBT SERVICE PAYMENTS
DEBT SERVICING
DOMESTIC DEBT
DOMESTIC INTEREST RATES
DOMESTIC REVENUE
ECONOMIC CLASSIFICATION
ECONOMIC DEVELOPMENTS
ECONOMIC DOWNTURN
ECONOMIC GROWTH
ECONOMIC MANAGEMENT
EDUCATION SERVICES
EDUCATION SPENDING
EFFICIENCY GAINS
EFFICIENCY IMPROVEMENTS
EXCHANGE RATE
EXCHANGE RESERVES
EXPENDITURE MANAGEMENT
EXTERNAL DEBT
EXTERNAL IMBALANCES
EXTERNAL SHOCKS
FINANCIAL INSTITUTIONS
FINANCIAL SECTOR
FINANCIAL SECTORS
FINANCIAL SUPPORT
FINANCIAL TRANSFERS
FISCAL ADJUSTMENT
FISCAL BALANCE
FISCAL CONSOLIDATION
FISCAL COST
FISCAL COSTS
FISCAL DISCIPLINE
FISCAL FRAMEWORK
FISCAL IMBALANCES
FISCAL IMPACT
FISCAL IMPLICATIONS
FISCAL OUTTURN
FISCAL POLICY
FISCAL REFORMS
FISCAL SAVINGS
FISCAL SCENARIOS
FISCAL SIDE
FISCAL SUSTAINABILITY
FISCAL TARGET
FISCAL TARGETS
FOREIGN CURRENCY
FOREIGN EXCHANGE
FOREIGN RESERVES
FULL EMPLOYMENT
GOVERNMENT BUDGET
GOVERNMENT CONSUMPTION
GOVERNMENT EMPLOYMENT
GOVERNMENT EXPENDITURES
GOVERNMENT FINANCE
GOVERNMENT FINANCE STATISTICS
GOVERNMENT REVENUES
HEALTH CARE
HEALTH EXPENDITURES
HEALTH INSURANCE
HEALTH INSURANCE FUNDS
HEALTH OUTCOMES
HEALTH SECTOR
HEALTH SERVICES
HEALTH SPENDING
HIGHER INFLATION
IMPORT DUTIES
INFLATION
INTEREST INCOME
INTEREST PAYMENTS
INTEREST RATE
INVESTMENT CLIMATE
INVESTMENT CLIMATE ASSESSMENT
LABOR MARKETS
LEVEL OF EDUCATION
LIQUIDITY
MACROECONOMIC ENVIRONMENT
MACROECONOMIC FORECASTS
MACROECONOMIC INDICATORS
MACROECONOMIC MODEL
MACROECONOMIC SITUATION
MACROECONOMIC STABILITY
MACROECONOMIC STABILIZATION
MEDIUM-TERM EXPENDITURE
MEDIUM-TERM OUTLOOK
MONETARY POLICY
NATIONAL DEVELOPMENT
NATIONAL INCOME
NATIONAL SAVINGS
NATIONAL STATISTICS
NET LENDING
PAYROLL TAXES
POOR CREDIT
POVERTY PROFILE
POVERTY REDUCTION
PRIMARY EDUCATION
PRIVATE ENTERPRISES
PRIVATE GOODS
PRIVATE INSURANCE
PRIVATE SECTOR
PRODUCTIVITY
PROGRAMS
PUBLIC ADMINISTRATION
PUBLIC DEBT
PUBLIC EDUCATION
PUBLIC EMPLOYMENT
PUBLIC ENTERPRISE
PUBLIC ENTERPRISE REFORM
PUBLIC ENTERPRISES
PUBLIC ENTITIES
PUBLIC EXPENDITURE
PUBLIC EXPENDITURE REVIEW
PUBLIC EXPENDITURES
PUBLIC FINANCE
PUBLIC FINANCES
PUBLIC FINANCIAL MANAGEMENT
PUBLIC HEALTH
PUBLIC HEALTH SERVICES
PUBLIC HOSPITALS
PUBLIC PROVISION
PUBLIC SECTOR
PUBLIC SECTOR EMPLOYMENT
PUBLIC SECTOR REFORM
PUBLIC SECTOR SERVICE DELIVERY
PUBLIC SECTOR SPECIALIST
PUBLIC SERVICE
PUBLIC SPENDING
PUBLIC TRANSPORT
PUBLIC TRANSPORTATION
PUBLIC UTILITIES
RECESSION
REFORM EFFORTS
REFORM PROCESS
REFORM PROGRAM
REFORM STRATEGY
RESPONSIBILITIES
SAFETY NET
SALARIES
SALES TAX
SECONDARY SCHOOL
SECTOR BUDGET
SENIOR
SERVICE EMPLOYMENT
SERVICE PROVIDER
SERVICE PROVISION
SICK LEAVE
SOCIAL PROGRAMS
SOCIAL SECURITY
SOCIAL SECURITY BENEFITS
SOCIAL SECURITY CONTRIBUTIONS
SOCIAL SECURITY REFORM
SOCIAL SECURITY SYSTEM
SOCIAL WELFARE
STATE ENTERPRISES
STRUCTURAL REFORMS
TAX ADMINISTRATION
TAX BASE
TAX COLLECTION
TAX COLLECTIONS
TAX POLICY
TAX RATES
TAX REVENUE
TAX REVENUES
TOTAL EXPENDITURE
TRANSPARENCY
UNEMPLOYMENT
WAGE
WAGES




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