Economic Transformation Strategy

MESSAGE FROM THE MINISTER OF FINANCE, TRADE, INVESTMENT AND ECONOMIC PLANNING The Ministry of Finance, Trade, Investment and Economic Planning is mandated, among other deliverables, to co- ordinate the formulation, implementation and monitoring of the national economic development planning process. Following the successful economic reforms that averted a financial and socioeconomic catastrophe in 2008-2009, the Republic of Seychelles found itself at a crossroads. The important task to coordinate the consultations as well as seek the views and aspirations of the people was en- trusted to the Department of Economic Planning. After taking stock of the political, social and economic situation of the Republic of Seychelles in 2017-2018 and receiving counsel from credible partners, the option for a 15-year Vision exercise buttressed by a sequence of three consecutive five-year National Development Strategies was adopted and approved as a way forward by the Cabinet of Ministers. The Visioning exercise took somewhat longer than initially planned. This is because the consultations and dialogue were intense and characterised by a desire to be as inclusive as possible. While a National Working Group, made up of experienced and eminent Seychellois, guided the process and the drafting of feedback from the consultations, a team of young economists in the Department also provided technical assistance and experts from organisations such as the United Nations Development Programme (UNDP) and the World Bank's Advisory Services and Analytics assisted with capacity building. Together, their joint efforts filtered the dreams and aspirations of Vision 2033 into a prioritised and implementable National Development Strategy focused on affordability, results-delivery and robust monitoring of Key Performance Indicators (KPIs). Further, following successful pilot phases, the rollout and application of Programme Performance Based Budgeting (PPBB) across all ministries is particularly timely. It sets the stage and provides the basis and incen- tives for future public sector institutions that are focused on efficient service delivery, and judicious management and use of allocated budgets. This National Development Strategy (NDS) 2019-2023 comes at a crucial juncture in our determined efforts to realise sustainable, accountable and transparent economic development objectives within a framework of good governance practices. It seeks to consolidate the gains of the past decades, take stock and mitigate the adverse effects of emerg- ing challenges while fortifying resilience and inclusion. It is also cognisant of, and encourages stakeholders to seize, emerging opportunities, for example, through entrepreneurship opportunities in connection with the blue economy and the many other lucrative sectors that are viable for our economy. The strategy supports a shift in focus towards strategically building our human capital in general and improving op- portunities for the poorest 40 percent of the population to enable them to participate in new and expanding economic sectors. It also seeks to further increase efficiency in public finance allocation and management as well as improve existing regulatory capacities to improve the ease of doing business, fortify our border security and create the enabling en- vironment for the proliferation of the private sector. In this light, no effort will be spared in the establishment of solid foundations and frameworks for greater transparency, accountability and good governance. The judicious implementation of the National Development Strategy 2019-2023 will also further leverage Seychelles' strong record of economic reform and leadership among small island nations. Of late, many of these nations, including the Seychelles, have come to realise the importance of judicious and sustainable custodianship of the vast ocean ter- ritories within our respective Exclusive Economic Zones (EEZ). In the case of Seychelles, our EEZ is 1.4 million square kilometres, which is almost three times the land mass of France. 12

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