IMF’s recent engagements on infrastructure governance

Public Investment Management Assessment (PIMA) January 2023
Climate PIMA (C-PIMA) January 2023



Summary of PIMA report

(Published in November 2023)


Seychelles’ significant investments in public infrastructure in the 1990s contributed to the development of the economy and built a relatively large stock of public capital. However, this was largely debt-financed, pushing Seychelles debt-to-gross domestic product (GDP) to 200 percent by the early 2000s. During the period of rapid fiscal consolidation following the global financial crisis, investment as a share of total expenditure fell from an average of around 23 percent in the 1990s to 13 percent in the 2000s. Although this picked up in the mid-2010s when the government increased investment, it subsequently fell away by the end of the 2010s to be below 10 percent of expenditure for the first time in 20 years.


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