A whooping USD 33 million loan has been approved by the Board of Directors of the African Development Bank Group to Seychelles on 17 November 2023 to implement Phase III of the Governance and Economic Reforms Support Program.
Following Phases I and II, the results of which were considered satisfactory, the third phase will focus on consolidating and deepening the reforms to strengthen the country’s economic resilience and help it tackle climate change. Among other things, it will strengthen budget sustainability by improving tax revenue collection and governance in the public sector, including state-owned enterprises (SOEs), and strengthening the anti-money laundering and counter terrorism (AML/CFT) financing framework.
The program will help to create greater and better quality opportunities for the population of Seychelles by supporting budgetary consolidation efforts and contributing to reducing debt vulnerability. This will translate into reforms aimed at removing constraints associated with the business environment and allow local microbusinesses and SMEs to participate more effectively in international trade, while encouraging renewable energy production and better waste management practices.
The program plans to upgrade of the Automated System for Customs Data (ASYCUDA) which involves Express Courier; e-Manifest (for Express Courier); and Excise Tax Modules. It will also enable staff training to help them use the new modules.
In addition, the program will support measures aimed at strengthening Seychelles’ response to climate change and the transition to clean energy. This will include cabinet approval of the regulations on decentralized energy production systems and independent energy producers to encourage the development of renewable energy installations by using standalone generator units.
The population of Seychelles will be the program’s primary beneficiary based on the scale of the reform program and its impact across public administration, economic growth and environmental and climate resilience.
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