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             SEYCHELLES: COUNTRY PARTNERSHIP STRATEGY FY 2012-2015

                                         CHAIR’S SUMMING UP


                                       Meeting of Executive Directors

                                               April 03, 2012



       Executive Directors discussed the joint IBRD/IFC Seychelles Country Partnership
Strategy (CPS) for FY12-15 (R2012-0051[IFC/R2012-0059]).
        Directors commended the Seychelles authorities on the progress made since re-
engagement with the Bank in 2008, particularly by prudently managing the macroeconomic
situation despite the global economic crisis, improving governance with respect to public
enterprises, and enhancing transparency in public financial management.
        Directors noted that the economic outlook for the medium term is broadly positive,
although Seychelles remains vulnerable to external shocks. In this context, Directors encouraged
the authorities to accelerate structural reforms to create conditions for sustainable, private sector-
led growth. Directors emphasized the importance of measures to improve the business
environment and enhance public sector efficiency.
       Directors expressed broad support for the CPS and noted that it responded well to
Seychelles’ development challenges. They welcomed its alignment with the two objectives of the
Seychelles Medium Term National Development Strategy, namely to reduce Seychelles’
vulnerability, and to provide the basis for long-term sustainable development. Directors
commended the strong government ownership of the reform program which underpins the Bank
Group’s increased engagement in the Seychelles. Directors also noted that the CPS takes into
account lessons learned from the implementation of the previous Interim Strategy Note.
         Directors welcomed the selectivity of the Bank Group in its engagement, the emphasis on
partnership with national stakeholders and development partners, and the strong focus on
analytical work underpinning planned lending activities. Directors also emphasized the
importance of knowledge services for long term sustainable development, and asked the Bank to
assist the Government in advancing structural reforms.




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    This Summary is not an approved record.