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Business and Economics > Budgeting

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Cover Technical Assistance Reports
Seychelles: Technical Assistance Report-Developing a Framework for Climate Budget Tagging
International Monetary Fund. Fiscal Affairs Dept.
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 Resilience and Sustainability Facility, established in May 2023. A central component of these efforts is the identification of climate-related expenditures. This report outlines the development and phased implementation of a Climate Budget Tagging (CBT) framework in Seychelles. CBT is a tailored process that involves identifying, measuring, and monitoring climate-relevant spending across government, serving as a powerful tool to integrate climate change considerations into the budget cycle. By emphasizing the importance of climate change in resource allocation and execution, CBT enhances the government's ability to prioritize climate action, with the ultimate goal of ensuring alignment with Seychelles' climate commitments and Nationally Determined Contributions.
Keywords:
Green PFM; Green budgeting; Climate Budget Tagging; Climate expenditure; RSF Reform Measures; Climate change; Seychelles.; IMF expert; national Planning; Climate Budget statement; Budget planning and preparation; Global
Cover High-Level Summary Technical Assistance Reports
Seychelles: Government Finance Statistics and Public Sector Debt Statistics Mission
International Monetary Fund. Statistics Dept.
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 assisted the Ministry of Finance, National Planning and Trade, and the National Bureau of Statistics to broaden the institutional coverage of fiscal statistics through hands-on training and methodological guidance in deriving a draft public sector institutional table. The mission also supported the authorities in reviewing data sources, compilation, and dissemination practices for GFS and PSDS, as well as in streamlining working files for high frequency and annual fiscal statistics. This effort will help the authorities reduce statistical discrepancies and resume the submission of GFS data to STA.
Keywords:
Chart of accounts; central government; general government; government finance statistics; integrated financial management information system; public debt; public sector debt statistics; mission to Seychelles; International Monetary Fund's mission; compilation tool; GFS statement; compilation issue
Cover Technical Assistance Reports
Seychelles: Technical Assistance Report-Central Bank Strategic Planning
International Monetary Fund. Monetary and Capital Markets Department
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.
Keywords:
CBS management team; CBS strategy; MCM Department; mission from the Monetary and Capital Markets; CBS risk appetite; Budget planning and preparation; Central bank balance sheet; Central Bank digital currencies; Financial inclusion; Development strategy
Cover IMF Staff Country Reports
Seychelles: Technical Assistance Report–Public Investment Management Assessment–PIMA and Climate PIMA
International Monetary Fund. Fiscal Affairs Dept.
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 under-execution reveals gaps in several public investment management institutions. Seychelles budget processes are well formulated; are supported by a medium-term fiscal framework; and budget documentation provides comprehensive coverage and details of the public sector investment program. Many institutions across the PIMA and C-PIMA would improve with changes that address the underlying causes of capital budget under-execution. The PIMA and C-PIMA comes at a timely moment for Seychelles, with a range of reforms underway, including the preparation of the new National Development Strategy, the implementation of a new Public Investment Management Policy with new institutions, and revisions and updates of the legal and regulatory framework.
Keywords:
Public investment management; climate; fiscal risk; small island states; Seychelles.; investment plan; management framework; efficiency gap; Seychelles budget processes; management institution; climate PIMA; Seychelles government; Climate PIMA; authorities of Seychelles; Budget planning and preparation; Public investment spending; Climate change; Fiscal risks; Global
Cover Policy Papers
FY 2022 - FY 2024 Medium-Term Budget
International Monetary Fund. Office of Budget and Planning
Amidst the unfolding COVID-19 crisis, the Fund faces twin challenges. Signs of early crisis recovery are uneven across countries, and many face daunting crisis legacies. At the same time, longer term challenges from climate change, digitalization and increasing divergence within and between countries demand stepped up effort by the Fund within its areas of expertise and in partnership with others. FY 22-24 budget framework. Considering these challenges and following a decade of flat real budgets, staff will propose a structural augmentation for consideration by fall 2021 to be implemented over two to three years beginning in FY 23. Recognizing the importance of ongoing fiscal prudence, the budget would remain stable thereafter on a real basis at a new, higher level. FY 22 administrative budget. The proposed FY 22 budget sustains crisis response and provides incremental resources for long-term priorities within the flat real budget envelope. The budget is built on extensive reprioritization; savings, including from modernization; and a proposed temporary increase in the carry forward ceiling to address crisis needs during the FY 22 to FY 24 period. Capital budget. Large-scale business modernization programs continue to be rolled out, strengthening the agility and efficiency of the Fund’s operations. In response to the shift towards cloud-based IT solutions, staff propose a change in the budgetary treatment of these expenses. Investment in facilities will focus on timely updates, repairs, and modernization, preparing for the post-crisis Fund where virtual engagement and a new hybrid office environment play a larger role. Budget sustainability. The FY 22–24 medium-term budget framework, including assumptions for a material augmentation, is consistent with a projected surplus in the Fund’s medium-term income position and with continued progress towards the precautionary balance target for coming years. Budget risks. In the midst of a global crisis, risks to the budget remain elevated and above risk acceptance levels, including from uncertainty around the level of demand for Fund programs and ensuing staffing needs, as well as future donor funding for CD. Enterprise risk management continues to be strengthened with this budget.
Keywords:
budget framework; risk matrix; budget summary; IMF's budget deflator; Medium-Term capital budget; capital budget envelope; approved FY; Budget planning and preparation; Climate change; COVID-19; Financial Sector Assessment Program; Global
Cover IMF Staff Country Reports
Seychelles: Request for Purchase Under the Rapid Financing Instrument-Press Release; Staff Report; and Statement by the Executive Director for Seychelles
International Monetary Fund. African Dept.
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 additional financing needs. The authorities reacted swiftly by taking immediate measures of containment, including border closures, strengthening health policy responses and supporting households and firms. The emergency IMF support under the RFI provides timely resources to the authorities to address the urgent balance of payments and budgetary needs. The assistance of other international financial institutions and development partners is crucial to close the remaining financing gaps, ease the adjustment burden, and preserve economic growth. The authorities are committed to transparency and good governance in the use of emergency financing by providing monthly reports of pandemic-related expenditure to the National Assembly and undertaking an independent audit of such spending and procurement and publishing the results.
Keywords:
ISCR; CR; monetary policy; financing; balance of payments financing need; Seychelles economy; Seychellois authorities; Executive Board discussion; prudent monetary policy stance; Emergency assistance; Fiscal stance; Budget planning and preparation; Global; Sub-Saharan Africa; COVID-19
Cover IMF Staff Country Reports
Seychelles: Fourth and Fifth Reviews Under the Extended Arrangement and Request for Modification and Waiver of Applicability of Performance Criteria-Press Release; Staff Report; and Statement by the Executive Director for Seychelles
International Monetary Fund. African Dept.
This paper discusses Seychelles’ Fourth and Fifth Reviews under the Extended Arrangement and Request for Modification and Waiver of Applicability of Performance Criteria. All performance criteria as of December 31, 2015, and June 30, 2016, were met, and the macroeconomic program remains broadly on track for the second half of the year. The structural agenda is proceeding, albeit with some technical delays. The IMF staff welcomes the authorities’ commitment to the goal of a steady reduction in public debt over the medium term reflected in the draft 2017 budget.
Keywords:
ISCR; CR; SONA initiative; program performance criteria; US$; year-on-year inflation; SONA; reserve money target; debt service payment; Monetary base; Credit; Global
Cover Policy Papers
The Fund's Capacity Development Strategy--Better Policies Through Stronger Institutions
International Monetary Fund
This paper outlines reforms to increase the effectiveness of the Fund’s capacity development (CD) program. It builds on the 2008 and 2011 reviews of technical assistance (TA) and the 2008 review of training, which set in motion important changes to make CD more valuable to member countries. Reforms will involve Board endorsement in a few areas and implementation by staff of related next steps.
Keywords:
PP; TA review; TA evaluation program; donor financing; TA department; assessment report; Cd activity; member country; monetary policy; TA advice; TA strategy paper; policy statement; planning process; employment growth; donor-financed CD activity; policy advice; program context; area department; IT RBM platform; Budget planning and preparation; Strategic planning for revenue administration; Employment; Monetary policy frameworks; Global; Sub-Saharan Africa
Cover IMF Staff Country Reports
St. Kitts and Nevis: Second Review Under the Stand-By Arrangement and the Financing Assurances Review, and Request for Waivers of Applicability: Staff Report and Press Release
International Monetary Fund
The Second Review Under the Stand-By Arrangement with St. Kitts and Nevis highlights that economic activity continued to contract in 2011 while the current account balance improved and banks remained sound. All quantitative performance criteria for end-December 2011 were met, and the structural benchmarks were completed. The authorities have made progress in a comprehensive debt restructuring, including a successful completion of the restructuring of bonds and external commercial debt on April 18, 2012, and agreement on a debt-land swap.
Keywords:
ISCR; CR; debt; expenditure arrears; St. Kitts and Nevis' IMF quota; GDP; net; debt exchange offer; GDP deflator; SSMC debt; par bond; ECCU debt target; short-term debt; period debt stock; St. Kitts and Nevis authorities; Debt restructuring; Debt service; Caribbean; Global
Cover IMF Staff Country Reports
Seychelles: Extended Arrangement-Financing Assurances Review-Staff Report.
International Monetary Fund
The Executive Board approved a three-year Extended Fund Facility with Seychelles. This report briefly outlines performance under the program, including compliance with the end-December targets, before addressing the issue of financing assurances. Macroeconomic performance through end-2009 continued to be encouraging. Prudent fiscal and monetary policies have been key to the strong macroeconomic stabilization. A review of financing assurance has been outlined. Significant progress has also been achieved with remaining non-Paris Club official bilaterals and external commercial banks.
Keywords:
ISCR; CR; US$; debt; financing; SDR; Introduce budget submissions protocol; program financing assumption; debt restructuring negotiations; goodwill cash payment; payment arrears; reserve money; Eurobond debt; Commercial banks; Arrears; Budget planning and preparation