The Country Opinion Survey in Seychelles assists the World Bank Group (WBG) in better understanding how stakeholders in Seychelles perceive the WBG. It provides the WBG with systematic feedback from national and local governments, multilateral and bilateral agencies, media, academia, the private...

The Technical Assistance (TA) mission, conducted in Victoria, Seychelles, from May 2 to 17, 2023, assisted authorities with macroprudential stress testing and climate risk analysis. The stress testing focused on strengthening the solvency and liquidity frameworks: (i) for solvency, considering...

The PER analysis highlights priority policy actions to increase fiscal space and improve resilience to economic shocks and climate risks through human and physical capital investments. Chapter 1 focuses on Seychelles' recent fiscal performance and examines trends in its public finances. Chapter...

The primary objective of the mission was to assess the concepts and methods used to compile the consumer price index (CPI) for Seychelles. The report identifies and discusses recommendations for improvement to ensure the CPI more broadly reflects the standards and best practices described in the...

The IMF conducted a technical assistance to Central Bank of Seychelles (CBS) and provided policy and legal guidance to the CBS on the drafting of legal amendments that will provide an adequate institutional framework and effective powers for bank resolution, and thus contribute to financial...

They Seychellois economy continues to recover from the effects of the pandemic but at a slowing pace. While tourist arrivals were about 91 percent of prepandemic highs and activity in the IT, construction, and fishing sectors was robust, real GDP growth slowed to about 3.2 percent in 2023. This...

Economic growth in Seychelles appears to have slowed relative to earlier forecasts. Real GDP growth is projected at 3 percent in 2024 compared to an earlier projection of 3.7 percent. This reflects lower tourist arrivals in the wake of a temporary reduction in the number of direct flights and a...

The Government of Seychelles is committed to promoting environmental sustainability and climate resilience, as demonstrated by its decision to prioritize climate as one of the six key areas in the National Development Strategy for 2024-2028 and through the agreements made under the IMF's...

A diagnostic technical assistance mission from the IMF's Statistics Department (STA) visited Seychelles during April 8-19, 2024, to support the authorities in improving the compilation and dissemination of government finance statistics (GFS) and public sector debt statistics (PSDS). The mission...

This report provides an overview of the assistance provided by the IMF to the Central Bank of the Seychelles in reviewing and updating its strategic plan, in line with international best practices for central banks

The world is witnessing a rise in the number of international tourists travelling which is mainly caused by the fall in travelling costs and higher living standards. However, this has caused numerous negative impacts on the economy, the environment and the society. In the context of Mauritius,...

The African continent needs $68-108 billion in new financing each year to bridge its critical infrastructure gaps, according to President Adesina of the African Development Bank. Meanwhile, the International Monetary Fund (IMF) calculates that climate change adaptation alone will cost Africa up...

“Trade Policy Reviews" analyse the trade policies and practices of each member of the WTO. The reviews consist of three parts: an independent report by the WTO Secretariat, a report by the government, and the concluding remarks by the Chair of the WTO’s Trade Policy Review Body. The opening...

Designated as a protected area (PA) in 1979, the Morne Seychellois National Park (MSNP) hosts one of the three Ramsar sites in Seychelles - the Mare Aux Cochon (MAC). The park occurs partly in an area with private land ownership suffering from development pressure. Understanding community...

This paper presents Seychelles' First Reviews under the Extended Arrangement under the Extended Fund Facility (EFF) and the Arrangement under the Resilience and Sustainability Facility (RSF). The completion of the reviews allows for an immediate disbursement of funds to help strengthen...

This Technical Assistance Report on Seychelles focuses on public investment management assessment (PIMA) and Climate PIMA. Across the PIMA, Seychelles is particularly strong in budget comprehensiveness and in ensuring the availability of funding for projects, but substantial capital budget...

This Technical Assistance Report on the Seychelles discusses Stress Testing the Central Bank Balance Sheet (CBS). The CBS balance sheet is weak, due to the cost of carrying foreign exchange (FX) reserves. The conditions of CBS lending in Seychellois rupees (SCR) also contributed to weakening the...

This paper presents Seychelles' Requests for an Extended Arrangement under the Extended Fund Facility (EFF) and an Arrangement under the Resilience and Sustainability Facility (RSF) and Cancellation of the Current Arrangement under the EFF. Under the previous EFF approved in 2021, Seychelles has...

This study assesses climate-related risks, vulnerabilities and adaptation measures of 140 randomly selected farm households across four agricultural zones on Mahe, the largest of the Seychelles islands. Applying the composite index approach, which is based on twenty-five indicators, this study...

Small island developing states (SIDS) are particularly vulnerable to climate change and ought to pay attention to their own contribution in the form of carbon dioxide (CO2) emissions resulting from domestic production and consumption levels. Although barely responsible for worldwide carbon...

Tourism is driving a strong economic recovery in Seychelles. Real GDP growth is expected to accelerate to 10.6 percent in 2022, up from 7.9 percent in 2021. However, the recovery is uneven across sectors of the economy. The authorities have already begun to rebuild policy buffers and have taken...

The Central Bank of Seychelles (CBS) sets a high benchmark for transparency, given the economic, and financial development and literacy circumstances of Seychelles, which is recognized by the stakeholders, thus maintaining a high level of trust and accountability. Despite constrained human...

This Selected Issues paper considers the containment and closure policies implemented in Seychelles-a Small Island Developing State (SID) highly dependent on tourism-and the resultant impact on Gross Domestic Product (GDP) in 2020-21. The assessment compares the economic performance of...

This paper presents Seychelles' 2022 Article IV Consultation, Second Review under the Extended Fund Facility Arrangement, and Request for Modification of Performance Criteria and Indicative Targets. Seychelles' economic recovery in 2021 vastly outperformed projections, fueled by a...

A remote external sector statistics (ESS) technical assistance (TA) was provided to the Central Bank of Seychelles (CBS) during October 4-13, 2021. The main objectives of the mission were to (i) assist the authorities in improving the quality of ESS by focusing on actions undertaken by the CBS...

The expected macroeconomic recovery has materialized. Seychelles remains a leader in vaccine coverage at home, and the widespread availability of vaccines in Seychelles' key tourist markets, particularly Europe, is contributing to a strong rebound in tourism. The economic outlook, while...

Under BEPS Action 14, members of the OECD/G20 Inclusive Framework on BEPS have committed to implement a minimum standard to strengthen the effectiveness and efficiency of the mutual agreement procedure (MAP). The MAP is included in Article 25 of the OECD Model Tax Convention and commits...

In this seminal primer re the Seychelles blue bond, Karin Kemper, Global Director for Environment, Natural Resources and Blue Economy, World Bank, looks at the crossroads where fixed income issuance, long-term investment and development finance intersect.With help from the World Bank and HRH The...

The Seychelles is a beautiful island country in Africa, located in the Indian Ocean. Well known for its rich natural resources and beautiful landscapes, this country has been a private playground for the rich and famous. While it has the coastal paradise appeal, there is an undercurrent that...

Seychelles was hit hard by the COVID-19 crisis. The authorities reacted swiftly, by locking down the economy, thereby keeping infection and fatality rates low. However, the travel restrictions and global economic downturn triggered unprecedented economic contraction. The authorities responded...

This paper aims to research whether there is link between FDI inflows and Economic growth in the Republic of Seychelles Island. The ordinary least square results obtained shows that in the impact of FDI inflows on economic growth is low. Small Island Developing States attracts less FDI inflow...

COVID-19 has had a severe economic impact on Seychelles through the implementation of strict domestic measures to contain the spread of the virus and the related global spillovers. The authorities have responded with measures to mitigate the economic fallout on businesses and households. To help...

This paper refers to Seychelles' Request for Purchase Under the Rapid Financing Instrument (RFI). The near-term economic fallout of the coronavirus disease 2019 pandemic is expected to be severe. Restriction in travel will hinder tourism and weaken fiscal and external positions, creating large...

This Technical Assistance (TA) mission focused on scoping the prospects of developing a secondary market for government securities in Seychelles. The Central Bank of Seychelles (CBS) has a leading role in developing the financial markets and thus acted as the primary counterpart for this...

The Country Opinion Survey in Seychelles assists the World Bank Group (WBG) in gaining a better understanding of how stakeholders in Seychelles perceive the WBG. It provides the WBG with systematic feedback from national and local governments, multilateral/bilateral agencies, media, academia,...

Economic developments since the completion of the first review under the Policy Coordination Instrument (PCI) in June 2018 have been broadly in line with expectations. The program is largely on track. Staff received renewed assurance from President Faure that the large infrastructure projects...

The subject of this evaluation is Fisheries Partnership Agreement (FPA) between the EU and the Seychelles and its implementing Protocol. The Agreement was concluded for a period of 6 years from 2 November 2007 and was automatically renewed in 2013 until 1 November 2019. The Protocol provides...

Seychelles has made noticeable progress toward economic stability and sustainability under successive Fund programs through prudent macroeconomic policies and bold reforms since the crisis in 2008. Despite significant headway, the country remains vulnerable to external shocks as a small, open,...

This paper discusses Seychelles' Fourth Review Under the Policy Coordination Instrument (PCI) and Request for Modification of Targets. Economic developments since the completion of the 2019 Article IV consultation and the third review under the PCI in June 2019 have been broadly in line with...