IMF Staff Country Reports

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.