Seychelles: Technical Assistance Report–Public Investment Management Assessment–PIMA and Climate PIMA

IMF Staff Country Reports, November 20, 2023

Source details

Canonical URL: Seychelles: Technical Assistance Report–Public Investment Management Assessment–PIMA and Climate PIMA

Seychelles is particularly strong in budget comprehensiveness.
Seychelles is particularly strong in ensuring the availability of funding for projects.
There is substantial capital budget under-execution, which reveals gaps in several public investment management institutions.
Budget processes are well formulated.
Budget processes are supported by a medium-term fiscal framework.
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.

Capital budget under-execution is a central weakness, indicating institutional and implementation shortfalls despite strong budgeting frameworks.
Strengths in budget comprehensiveness and funding availability have not translated into full capital project implementation.
The presence of a medium-term fiscal framework supports planning, but execution bottlenecks limit the effectiveness of public investment spending.
Comprehensive budget documentation increases transparency and planning quality but does not by itself resolve execution gaps.

Address the underlying causes of capital budget under-execution through institutional reforms across PIMA and C-PIMA areas.
Leverage the timely opportunity presented by ongoing national reforms, including:
- Preparation of the new National Development Strategy.
- Implementation of a new Public Investment Management Policy with new institutions.
- Revisions and updates of the legal and regulatory framework.