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The World Bank Seychelles COVID-19 Crisis Response Emergency Development Policy Financing (P174198)

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The World Bank Seychelles COVID-19 Crisis Response Emergency Development Policy Financing (P174198) The World Bank Seychelles COVID-19 Crisis Response Emergency Development Policy Financing (P174198) Document of The World Bank Public Disclosure Authorized FOR OFFICIAL USE ONLY Report No: PGD212 INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT PROGRAM DOCUMENT FOR A PROPOSED LOAN IN THE AMOUNT OF US$15 MILLION Public Disclosure Authorized TO THE REPUBLIC OF SEYCHELLES FOR A COVID-19 CRISIS RESPONSE EMERGENCY DEVELOPMENT POLICY FINANCING JUNE 11, 2020 Macroeconomics, Trade And Investment Global Practice Public Disclosure Authorized Africa Region This document has a restricted distribution and may be used by recipients only in the performance of their official duties. Its contents may not otherwise be disclosed without World Bank authorization. Public Disclosure Authorized The World Bank Seychelles COVID-19 Crisis Response Emergency Development Policy Financing (P174198) Republic of Seychelles GOVERNMENT FISCAL YEAR January 1 – December 31 CURRENCY EQUIVALENTS (Exchange Rate Effective as May 31, 2020) Currency Unit =Seychellois Rupee (SCR) US$1.00 = SCR 17.59 ABBREVIATIONS AND ACRONYMS AML Anti-money Laundering NDS National Development Strategy ASA Analytical and Advisory Services NGO Non-governmental Organizations AfDB African Development Bank PA Prior Actions ASP Agency for Social Protection PA Prior Action BO Beneficial Ownership PCI Policy Coordination Instrument Cat DDO Catastrophe-Deferred Drawdown PEFA Public Expenditure and Financial Accountability CBS Central Bank of Seychelles PforR Program for Results CFT Combatting the Financing of Terrorism PFM Public Financial Management COVID-19 Corona Virus Disease 2019 PIM Public Investment Management CPF Country Partnership Framework PPBB Program Performance Based Budgeting DPF Development Policy Financing PPE Personal Protective Equipment DSA Debt Sustainability Analysis RAS Reimbursable Advisory Services ESAAMLG Eastern and Southern Africa Anti-Money RFI Rapid Financing Instrument Laundering Group FDI Foreign Direct Investment SCD Systematic Country Diagnostic FIU Financial Intelligence Unit SEYPEC Seychelles Petroleum Company Limited FSDIP Financial Sector Development SOE State Owned Enterprises Implementation Plan GDP Gross Domestic Product SWA Social Welfare Assistance GFN Gross Financing Need SRC Seychelles Revenue Commission GoS Government of Seychelles SWIOFish South West Indian Ocean Fisheries GRS Grievance Redress Services TSA Treasury Single Account IBRD International Bank for Reconstruction and US$ United States Dollars Development IDA International Development Association UN United Nations IMF International Monetary Fund VAT Value-added Tax JEE Joint External Evaluation WBG World Bank Group MoFTIEP Ministry of Finance, Trade Investment and WHO World Health Organization Economic Planning MSME Micro, Small and Medium Enterprises WB World Bank . Regional Vice President: Hafez M. H. Ghanem Country Director: Mark R. Lundell Regional Director: Asad Alam Practice Manager: Mathew A. Verghis Task Team Leaders: Sashana Whyte, Brenden Jongman The World Bank Seychelles COVID-19 Crisis Response Emergency Development Policy Financing (P174198) REPUBLIC OF SEYCHELLES COVID-19 CRISIS RESPONSE EMERGENCY DEVELOPMENT POLICY FINANCING TABLE OF CONTENTS SUMMARY OF PROPOSED FINANCING AND PROGRAM .......................................................................... 3 1. INTRODUCTION AND COUNTRY CONTEXT ...................................................................................... 5 2. MACROECONOMIC POLICY FRAMEWORK ....................................................................................... 6 2.1 RECENT ECONOMIC DEVELOPMENTS ............................................................................ 6 2.2 MACROECONOMIC OUTLOOK AND DEBT SUSTAINABILITY.......................................... 13 2.3 IMF RELATIONS ............................................................................................................ 18 3 GOVERNMENT PROGRAM ............................................................................................................ 18 4 PROPOSED OPERATION................................................................................................................. 19 4.1. LINK TO GOVERNMENT PROGRAM AND OPERATION DESCRIPTION ......................................... 19 4.2. PRIOR ACTIONS, RESULTS AND ANALYTICAL UNDERPINNINGS ................................................ 20 4.3. LINK TO CPF, OTHER BANK OPERATIONS AND THE WBG STRATEGY......................................... 29 4.4. CONSULTATIONS AND COLLABORATION WITH DEVELOPMENT PARTNERS .............................. 30 5 OTHER DESIGN AND APPRAISAL ISSUES ........................................................................................ 32 5.1. POVERTY AND SOCIAL IMPACT ................................................................................................ 32 5.2. ENVIRONMENTAL, FORESTS, AND OTHER NATURAL RESOURCE ASPECTS ................................ 33 5.3. PFM, DISBURSEMENT AND AUDITING ASPECTS ....................................................................... 34 5.4. MONITORING, EVALUATION AND ACCOUNTABILITY................................................................ 36 6 SUMMARY OF RISKS AND MITIGATION ........................................................................................ 37 ANNEX 1: POLICY AND RESULTS MATRIX .............................................................................................. 40 ANNEX 2: IMF RELATIONS ANNEX ......................................................................................................... 42 ANNEX 3: LETTER OF DEVELOPMENT POLICY ........................................................................................ 44 ANNEX 4: ENVIRONMENT AND POVERTY/SOCIAL ANALYSIS TABLE .................................................... 50 Page 1 The Seychelles COVID-19 Crisis Response Emergency Development Policy Financing was prepared by a World Bank Group core team led by Sashana Whyte (Economist, EA1M2) and Brenden Jongman (Disaster Risk Management Specialist, SAFU2) and comprising of Anita Schwartz (Lead Economist, HAFS1), Edmundo Murrugarra (Senior Social Protection Economist, HAFS1), Marco Ranzani (Economist, EA1PV), Kathrine A. Plangemann (Lead Public Sector Specialist, EECG1 ), John Gabriel Goddard (Lead Economist, EA1F2), Felipe Montoya Pino (Young Professional, SLCUR), Marcelle Ayo (Country Manager), Hoda Atia Moustafa (Head, MIGAF), Patrick Kabuya (Sr Financial Management Special, EA1G2 ), Erik von Uexkull (Sr. Economist, EA1M2), Natsuko Toba (Economist, IFC – CCE3), Brinda Devi Dabysing (Sr Financial Sector Specialist , EA1F2), Maud Juquois (Sr. Economist, HAFH1); Nejma Cheikh (Health Specialist, HHNGE), Rija Lalaina Andriantavison (ET Consultant, HAFH1); Thomas Buckley (CPC – AFCMU), Ana Campos Garcia (Sr Disaster Risk Management, SAFU2). The team benefitted from guidance from Mark Lundell (Country Director, AFCE2), Asad Alam (Regional Director, EA1DR), Thomas Buckley (Country Program Coordinator, AFCMZ), Mathew A.Verghis (Practice Manager, EA1M2), Emre Ozaltin (Program Leader, AFCE2), and Carolin Geginat (Program Leader, AFCE2). The team gratefully acknowledges the excellent collaboration of the Government of Seychelles and the comments of peer reviewers Markus Kitzmuller (Senior Economist, EA2M1) and Cornelius Fleischhaker (Economist, ELCMU) The World Bank Seychelles COVID-19 Crisis Response Emergency Development Policy Financing (P174198) SUMMARY OF PROPOSED FINANCING AND PROGRAM BASIC INFORMATION Project ID Programmatic P174198 No Proposed Development Objective(s) To support the Republic of Seychelles in its response and recovery from COVID-19 crisis by (1) enhancing response mechanisms in health, social protection and private sector; and (2) supporting sustainable post-crisis recovery through strengthened financial systems and climate resilience. Organizations Borrower: REPUBLIC OF SEYCHELLES Implementing Agency: MINISTRY OF FINANCE, TRADE, INVESTMENT AND ECONOMIC PLANNING, MINISTRY OF ENVIRONMENT, ENERGY AND CLIMATE CHANGE, DEPARTMENT OF HEALTH PROJECT FINANCING DATA (US$, Millions) SUMMARY Total Financing 15.00 DETAILS International Bank for Reconstruction and Development (IBRD) 15.00 INSTITUTIONAL DATA Climate Change and Disaster Screening This operation has not been screened for short and long-term climate change and disaster risks Overall Risk Rating . Page 3 The World Bank Seychelles COVID-19 Crisis Response Emergency Development Policy Financing (P174198) Results Indicator Name Baseline Target Percentage of international arrivals having been tested for COVID-19 in accordance with the Department of Health protocol 0 (December 2019) 95 (December 2020) Percentage increase in households receiving social protection or social welfare support to alleviate COVID-19 impacts 0 (December 2019) 20 (June 2020) Number of workers in the private sector having benefited from salary 0 (December 2019) guarantee with the objective to reduce job and income losses 25,000 (December 2020) Percentage of firms benefiting from postponement of taxes to mitigate the 0 (December 2019) 90 (August 2020) impact of COVD-19 Percentage uptake of the credit line facility under the Private Sector Relief Scheme to help micro, small and medium enterprises (MSMEs) impacted 0 (December 2019) 80 (June 2021) by COVID-19 Percentage of legal entities that have submitted verifiable ownership 0 (December 2019) 80 (June 2021) information on the database held by FIU Number of government sectors guided on the mainstreaming
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