$7 million World Bank loan to boost reforms |26 September 2012

The loan will assist the country in its implementation of its economic reform programme to improve the business climate and public financial management as well as help the government to better target social assistance.

“(The Seychelles) authorities should be commended for implementing a far-reaching reform agenda since the 2008 crisis,” said Haleh Bridi, the World Bank country director for Seychelles.

“To reap the long-lasting benefits of these reforms, it is key to further pursue policies which support the development of a vibrant private sector. The need for such reforms is even more urgent in light of uncertainties in the global economy, especially in Europe, given the predominance of tourism,” he added.

This programmatic operation is aligned with the World Bank strategy for Africa: It aims to improve governance in two key economic sectors, namely petroleum and fisheries, and enhance public financial management.
It also aims to improve Seychelles’ business environment.