Seychelles - Selected Issues : Social Protection, Labor Market and Public Enterprise Reforms - Public Expenditure Review 2

Until 2008, Seychelles pursued a state-led economic model of self sufficiency which ultimately proved unsustainable. In 2008, precipitated by rising global commodity prices, Seychelles entered a balance of payments and debt crisis, as international reserves were virtually depleted and external debt service payments were missed. The Government of Seychelles responded quickly by floating the rupee and liberalizing the foreign exchange regime, and agreeing a program with the International Monetary Fund under a 2 year stand-by agreement in November 2008. Although the liberalization of the exchange rate in November 2008 led to initial inflation rates in excess of 60 percent, the relative prices shock was quickly absorbed. Annual inflation fell from a high of positive 63.3 percent in December 2008 to negative 1.0 in August 2010. As the price and foreign exchange controls were lifted, the informal market in foreign currency quickly disappeared. This Public Expenditure Review (PER) also provided the Bank with an analytical basis to inform development policy lending in 2010. The specific objectives of the review are to: (i) provide an update on the macroeconomic stabilization efforts and changes to the fiscal policy for medium term debt sustainability and a more efficient and affordable public sector; (ii) analyze key public enterprise reform issues, including a review of the recently introduced legal and institutional changes to improve governance and oversight of the sector; and (iii) review the performance of the social security and labor market and an assessment of the ability of the private sector to absorb employees being retrenched as a result of the civil service reforms.

Bibliographic Details

Main Author:	World Bank
Language:	English
Published:	World Bank 2011-03-01
Subjects:	ACCOUNTABILITY, ACCOUNTING, ADMINISTRATIVE COSTS, ANNUAL BUDGET, ANNUAL BUDGET CYCLE, ANNUAL BUDGET PREPARATION, ANNUAL REPORT, ANNUAL REPORTS, APPROPRIATION, ARTICLE, AUDITOR GENERAL, AUDITORS, BALANCE OF PAYMENTS, BENEFICIARIES, BUDGET CIRCULAR, BUDGET CONSTRAINTS, BUDGET COVERAGE, BUDGET CREDIBILITY, BUDGET EXECUTION, BUDGET EXPENDITURE, BUDGET FRAMEWORK, BUDGET POLICY, BUDGET PREPARATION, BUDGET PROCESS, BUDGET STRATEGY, BUDGET SUBMISSION, BUDGET SUPPORT, BUDGET TRANSFERS, CAPACITY BUILDING, CAPITAL EXPENDITURE, CAPITAL EXPENDITURES, CAPITAL GRANTS, CAPITAL INVESTMENTS, CAPITAL SPENDING, CAPITAL STOCK, CASH BALANCES, CASH MANAGEMENT, CASH TRANSFERS, CENTRAL BANK, CENTRAL BUDGET, CENTRAL GOVERNMENT, CENTRAL GOVERNMENT BUDGET, CHART OF ACCOUNTS, CIVIL SERVICE, CIVIL SERVICE REFORMS, COMMODITY PRICES, COMPOSITION OF EXPENDITURES, CONSUMPTION SMOOTHING, CONTINGENT LIABILITIES, COST-BENEFIT ANALYSIS, COSTS OF GOVERNMENT, CREDIT RATINGS, DATA COLLECTION, DEBT, DEBT CRISIS, DEBT MANAGEMENT, DEBT SERVICE, DEBT SERVICE PAYMENTS, DEBT SUSTAINABILITY, EARLY RETIREMENTS, ECONOMIC DOWNTURN, ECONOMIC GROWTH, ECONOMIC GROWTH RATE, ECONOMIC RECOVERY, EDUCATION SYSTEM, EDUCATIONAL ATTAINMENT, ENTITLEMENT PROGRAMS, ENTITLEMENTS, EXCHANGE RATE, EXCHANGE RATES, EXPENDITURE CONTROLS, EXPENDITURE OUTCOMES, EXPENDITURES, EXTERNAL ARREARS, EXTERNAL AUDIT, EXTERNAL DEBT, EXTERNAL SHOCKS, FINANCIAL AUDITS, FINANCIAL CRISIS, FINANCIAL PERFORMANCE, FINANCIAL POSITION, FINANCIAL STATEMENTS, FINANCIAL SUPPORT, FISCAL ADJUSTMENT, FISCAL ANALYSIS, FISCAL BALANCE, FISCAL CRISIS, FISCAL FRAMEWORK, FISCAL IMPACT, FISCAL IMPLICATIONS, FISCAL OUTTURN, FISCAL PERFORMANCE, FISCAL POLICY, FISCAL PRESSURE, FISCAL PRESSURES, FISCAL PROBLEMS, FISCAL REFORM, FISCAL RISK, FISCAL RISKS, FISCAL SUSTAINABILITY, FOREIGN CURRENCY, FOREIGN EXCHANGE, GOVERNMENT FINANCE, GOVERNMENT FINANCE STATISTICS, GOVERNMENT GUARANTEE, GOVERNMENT REVENUE, GOVERNMENT REVENUES, GOVERNMENT SPENDING, GROSS DOMESTIC PRODUCT, GROWTH RATE, HARD BUDGET CONSTRAINT, HEALTH CARE, HEALTH CARE SYSTEM, INFLATION, INFLATION RATE, INFLATION RATES, INTEREST PAYMENTS, INTEREST RATE, MACROECONOMIC FRAMEWORK, MACROECONOMIC INDICATORS, MACROECONOMIC MODEL, MACROECONOMIC PROJECTIONS, MACROECONOMIC SITUATION, MACROECONOMIC STABILIZATION, MINISTRY OF FINANCE, MONETARY DATA, MONETARY POLICY, MONITOR COMPLIANCE, MONTHLY RELEASE SYSTEM, NATIONAL ACCOUNTING, NATIONAL INCOME, NATIONAL SAVINGS, NET LENDING, PENSION FUND, PERFORMANCE AUDITS, PERFORMANCE MONITORING, PERFORMANCE MONITORING SYSTEM, PERSONAL INCOME, PERSONAL INCOME TAX, POVERTY IMPACT, POVERTY REDUCTION, PRIVATE FIRMS, PRIVATE PROVIDERS, PRIVATE SECTOR, PUBLIC ACCOUNTS, PUBLIC ADMINISTRATION, PUBLIC AGENCIES, PUBLIC DEBT, PUBLIC ENTERPRISE, PUBLIC ENTERPRISE REFORM, PUBLIC ENTERPRISES, PUBLIC ENTITIES, PUBLIC EXPENDITURE, PUBLIC EXPENDITURE REVIEW, PUBLIC EXPENDITURES, PUBLIC FINANCIAL MANAGEMENT, PUBLIC PROCUREMENT, PUBLIC SECTOR, PUBLIC SECTOR ACCOUNTING, PUBLIC SECTOR EMPLOYMENT, PUBLIC SECTOR ENTITIES, PUBLIC SPENDING, PUBLIC TRANSPORT, PUBLIC TRANSPORTATION, PUBLIC UTILITIES, QUALITY ASSURANCE, QUALITY OF SERVICES, RED TAPE, REFORM AGENDA, REFORM PROCESS, REFORM PROGRAM, REVENUE FORECASTING, REVENUE PROJECTIONS, SALES TAX, SERVICE DELIVERY, SHORT-TERM INTEREST RATES, SIZE OF GOVERNMENT, SOCIAL ASSISTANCE, SOCIAL PROGRAMS, SOCIAL PROTECTION, SOCIAL SECURITY, SOCIAL SECURITY CONTRIBUTIONS, SOCIAL SECURITY SYSTEM, SOCIAL WELFARE, STRUCTURAL REFORM, STRUCTURAL REFORMS, SUSTAINABILITY ANALYSIS, TAX ADMINISTRATION, TAX BASE, TAX BURDEN, TAX INCENTIVES, TAX POLICY, TAX RATE, TAX REFORM, TAX REVENUES, TAX SYSTEM, TAXABLE INCOME, TOTAL EXPENDITURE, TOTAL EXPENDITURES, TOTAL SPENDING, TRANSFER PAYMENT, TRANSPARENCY, VOUCHER SYSTEM, WELFARE PROGRAM,
Online Access:	http://www-wds.worldbank.org/external/default/main?menuPK=64187510&pagePK=64193027&piPK=64187937&theSitePK=523679&menuPK=64187510&searchMenuPK=64187283&siteName=WDS&entityID=000333037_20110321000841 https://hdl.handle.net/10986/2740
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