IMF mission reviews Medium-Term Budget Framework |15 February 2024
An International Monetary Fund mission was recently in the country to carry out a review of the Medium-Term Budget Framework and Medium-Term Fiscal Framework, with the objective of strengthening the frameworks.
During their two weeks’ mission, the three-member mission had discussions with mainly the Ministry of Finance, National Planning and Trade, where they met with, share and analyse information with staff of the financial planning and control division, macroeconomic forecasting and analysis division, debt management division and national planning department.
They also had meetings with representatives of various other entities, such as Seychelles Infrastructure Agency, ministries of education, lands and housing, internal affairs, Health Care Agency, Seychelles Revenue Commission, Central Bank of Seychelles, and the National Bureau of Statistics.
Discussions primarily focused on a review of the following:
- Medium Term Fiscal Framework
- Medium Term Budget Framework
- Expenditure Costing and
- Program Performance Base Budgeting
In line with the mission’s objective, the team analysed the current organisational structure, staffing levels, capital and recurrent expenditure, budget planning and ceilings, macro-fiscal forecasting models / tools and economic performance monitoring, process of critiquing forecasts, data availability and management, budget calendar, review of forecasts, communication and reporting, and fiscal objectives, among others.
They have identified areas of best practices, where there are challenges, and duplication and have made recommendations based on their findings on how best to strengthen and revamp the budget process.
The mission presented their preliminary findings and recommendations to Minister Naadir Hassan, at the end of last week.
Press release from the Ministry of Finance, National Planning and Trade