The European Union assists Seychelles in conducting its public finance management assessment
December 01, 2016
European Union – Republic of Seychelles
Joint press release -01 December 2016
Victoria –. The findings of the latest public finance management assessment were presented to the representatives of the Ministry of Finance, Trade and Economic Planning and to key stakeholders today. This assessment has been undertaken with the financial support of the European Union, who has been assisting Government in this exercise since 2008.
Ms Marjaana Sall, Ambassador of the European Union to the Republic of Seychelles stated:
'The EU and the Government of Seychelles have a long term and broad partnership. Today the EU is pleased to be associated with an important assessment of public finance management in Seychelles. This assessment shows Government of Seychelles’ determination to use public financial management as a tool to increase economic growth. I commend the Government's efforts to maintaining strict discipline in the management of public funds.’
According to the Minister of Finance, Trade and Economic Planning, Dr. Peter Larose, ‘The government remains committed to ensure that it has a sound and efficient Public finance management system in place that safeguards the use of public funds. We are therefore once again pleased that the EU continues to play a vital role, as one of our main development partner, in supporting us to achieve this objective. The PEFA assessment will notably allow us to identify current gaps in our operating framework which would then be addressed as we develop our PFM action plan so as to address these challenges.'
The presentation was made by two EU-fielded experts, who started their assignment in Seychelles in September 2016. They have analysed the public finance situation of the country using the PEFA (Public Expenditure and Financial Accountability) programme which is an international methodology developed and used by seven international development partners (the European Commission, the International Monetary Fund, the World Bank and the governments of France, Norway, Switzerland and the United Kingdom). The analysis also allowed to identify training needs, which were addressed by customised training of concerned officers dealing with public finance issues in Seychelles.
The PEFA is a tool for assessing the status of public finance management and reporting on the strengths and weaknesses in the system. Based on 31 performance indicators, themselves disaggregated into 94 dimensions, it provides a concise and methodological assessment of the public finance system, addressing issues such as how well is the budget prepared and executed, how transparent is the public finance management to the general public, etc.
The two previous missions were fielded by the European Union in 2008 and in 2011. For the European Union, these two previous assessments have been fundamental for the successful budget support operations made to assist Government in the macroeconomic reform process and in the educational sector reform. Indeed, since 2008, the Government of Seychelles has successfully undertaken major reforms to secure macroeconomic stability and create conditions for sustainable growth. The continuous strengthening of Seychelles public financial management system continues to play a central role in facilitating fiscal consolidation and improving the delivery of Government services. Government continues to lay emphasis on improving public finance management as a precursor to macroeconomic stability.
About EU-Seychelles cooperation:
Seychelles have received nearly €50 million in development aid from the European Union under successive European Development Funds, covering various sectors, from Environment to Economic reform programme and Education. Seychelles also benefits from several other EU instruments including regional programmes, the Instrument contributing to Stability and Peace, the Common Security and Defence Policy, and thematic budget lines for Environment and Non State Actors. The European Union-Seychelles partnership not only covers Development, Investment or Trade, but also an increasingly close cooperation in the areas of Maritime Security, Climate Change and Sustainable Development Goals. It continues to be based on the shared principles of democracy, the rule of law and respect for human rights, as well as fostering international peace and security.
About the European Union:
The European Union is a unique economic and political union between 28 European countries that together cover much of the continent. Today, the EU has a total population of more than 500 million. Within the EU market, people, goods, services and capital move without any barriers. Euro, which is the single currency adopted by 19 Member States, is used each day by over 300 million people. Main institutions include the European Parliament, the Council of Ministers, and the European Commission. Since the adoption of the Lisbon Treaty in 2009, the EU has a high representative for foreign affairs and security who heads the European External Action Service. With 139 delegations and offices, the European External Action Service is one of the world's largest diplomatic services.
For more information please contact
Delegation of the European Union to the Republic of Seychelles
Political, Press and Information Section
Telephone: (+230) 207.15.15
Fax: (+230) 211.66.24
Ministry of Finance, Trade and Economic Planning
Republic of Seychelles
Telephone: (+248) 438 20 00
Fax: (+248) 432 27 82