Seychelles and World Bank in new partnership


11-April-2012

The new three-year strategy focuses on reducing vulnerability to economic shocks and giving the basis for long term sustainable development, as outlined in the Seychelles Medium-Term National Development Strategy 2013-2017.

“The strategy will focus on competitiveness, job creation, and protecting the poor from external shocks.  It will also help strengthening public sector management,” said a statement from the bank.

Finance, Trade and Investment Minister Pierre Laporte welcomed the new strategy indicating that it is a key tool that will help the country to achieve its medium- and long-term development goals.

"Whilst the fundamentals of the Seychelles economy are strong, the country remains vulnerable to the external economic uncertainties. Innovative financial instruments provided by the World Bank Group will help the Ministry of Finance, Trade and Investment to address longer term development challenges," said Mr Laporte.

The bank lauded the government for making commendable progress towards achieving macro-economic stability, and successfully weathering the shocks of the 2008-09 global financial crises. The economy rebounded remarkably well and grew at 6.7% in 2010 and 5% in 2011.

The bank’s economic outlook is broadly positive but Seychelles remains vulnerable to external shocks, particularly in the tourism sector which is tied closely to the health and stability of the global economy.

In light of the uncertainties in the global economic environment, the Government of Seychelles requested the bank’s support to help accelerate reforms designed to improve public sector effectiveness, enhance competitiveness and restructure its extensive social protection programmes to better cushion the poor and vulnerable.

“Seychelles has managed a remarkable turnaround since 2008.  The challenge now is to build on this success by strengthening the foundations for sustained growth,” said Haleh Bridi, the World Bank country director for Seychelles.

Nation hopes to publish further details about the partnership tomorrow.

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