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.

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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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record_format koha
institution Banco Mundial
collection DSpace
country Estados Unidos
countrycode US
component Bibliográfico
access En linea
databasecode dig-okr
tag biblioteca
region America del Norte
libraryname Biblioteca del Banco Mundial
language English
topic 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
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
spellingShingle 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
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
World Bank
Seychelles - Selected Issues : Social Protection, Labor Market and Public Enterprise Reforms - Public Expenditure Review 2
description 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.
topic_facet 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
author World Bank
author_facet World Bank
author_sort World Bank
title Seychelles - Selected Issues : Social Protection, Labor Market and Public Enterprise Reforms - Public Expenditure Review 2
title_short Seychelles - Selected Issues : Social Protection, Labor Market and Public Enterprise Reforms - Public Expenditure Review 2
title_full Seychelles - Selected Issues : Social Protection, Labor Market and Public Enterprise Reforms - Public Expenditure Review 2
title_fullStr Seychelles - Selected Issues : Social Protection, Labor Market and Public Enterprise Reforms - Public Expenditure Review 2
title_full_unstemmed Seychelles - Selected Issues : Social Protection, Labor Market and Public Enterprise Reforms - Public Expenditure Review 2
title_sort seychelles - selected issues : social protection, labor market and public enterprise reforms - public expenditure review 2
publisher World Bank
publishDate 2011-03-01
url 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
work_keys_str_mv AT worldbank seychellesselectedissuessocialprotectionlabormarketandpublicenterprisereformspublicexpenditurereview2
_version_ 1807155053115473920
spelling dig-okr-1098627402024-08-08T15:46:15Z Seychelles - Selected Issues : Social Protection, Labor Market and Public Enterprise Reforms - Public Expenditure Review 2 World Bank 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 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. 2012-03-19T10:12:19Z 2012-03-19T10:12:19Z 2011-03-01 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 English CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank application/pdf text/plain World Bank