Seychelles - The Economic Governance Reforms Programme

The Economic Governance Reforms Program (EGRP) is the Bank’s first general budget support operation in Seychelles. It aims to support the Government’s efforts to promote macroeconomic stability and sustainable growth in order to rebalance the economy, by improving economic and financial governance. The EGRP supports the Government’s macroeconomic and financial reform program for 2009-2010 and in particular reforms related to Public Finance Management (PFM) and increasing the role of the private sector as a driver of growth. The reform program has four main thrusts: (i) achieving full convertibility of the Seychelles Rupee and introducing a market determined floating exchange rate; (ii) adopting a comprehensive sustainable debt restructuring strategy; (iii) reducing the role of the State in economic activity, through a public sector reform program and promoting private sector development, and (iv) reinforcing Public Finance Management reforms and strengthening economic and financial governance. The programme comprises two principal components, namely: (i) strengthening PFM, and (ii) enhancing private sector development.