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Seychelles - Economic and Governance Reforms Program (EGRP) - Project Completion Report (PCR)


Until 2008, Seychelles’ social policy coupled with the incentives for investment in the tourism and fishing sectors, enabled the country to achieve high growth rates (annual growth rate during 2005-2007 averaged over 7%) and meet most of the Millennium Development Goals (MDGs). However, these achievements masked the serious underlying macroeconomic imbalances that were threatening the longer-term sustainability of the gains made in the past. By October 2008, Seychelles’ economy was weakened such that the country defaulted on its foreign debt. Thereafter, the GoS launched a comprehensive macroeconomic and financial reform program. However, in spite of the strong resolve by the Government to implement its reform program, it was evident that its own funds would not be sufficient to close its budgetary financing gap. Hence, access to quick-disbursing finance was of critical importance for Seychelles to support its reform agenda and debt re-profiling efforts

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