The Government of Seychelles and the United Nations Development Programme have signed a Country Engagement Plan (CEP) aimed at bolstering capacities for SDG-aligned Domestic Resource Mobilisation. This partnership emerged from strategic discussions held in February 2022, led by Mr. Nadir Hassan, the Minister of Finance, National Planning, and Trade, and Ms. Amanda Serumaga, the UNDP Resident Representative. During these deliberations, UNDP introduced its innovative financing approach through its Africa Sustainable Finance Hub, operating within the realm of Integrated National  Financing Frameworks.

This collaboration, facilitated through the Seychelles Revenue Commission (SRC), is supported by the UNDP's "Tax for SDGs" initiative. The initiative empowers nations to harness the potential of taxation, mobilizing greater domestic resources to make substantial strides toward achieving the Sustainable Development Goals (SDGs).

The formulation of the CEP involved extensive consultations led by the SRC. It stands as a testament to the Government's commitment to meeting revenue expectations while harmonizing with fiscal consolidation policies in ways that spur inclusive and sustainable development. The key areas of focus include enhancing capacities to address tax avoidance, tax evasion and Illicit Financial Flows (IFFs); enhanced capacities to align tax and fiscal policy with the SDGs; and advancing regional South-South cooperation to strengthen capacities for domestic resources mobilization.

This initiative will be implemented until December 2024, aligning seamlessly with the financing stream of the upcoming cycle of UNDP’s country programme (2024-2028) and the corresponding UN Sustainable Development Cooperation Framework signed on 24 October 2023. 

This initiative complements UNDP’s stream of engagements in the country aimed at advancing innovative finance efforts. These include the launch of the Seychelles SDG Investor Map and upcoming post-launch engagements aimed at attracting private capital to five priority sectors with strong positive impact on the SDGs; the preparation of the Seychelles Development Finance Assessment that articulates the country’s SDG financing architecture and opportunities for financing the next National Development Strategy (2024-2028); and on-going efforts to expand project financing for the environment portfolio. 

This partnership ushers in an era of sustainable development and financial empowerment for Seychelles. Through these concerted efforts, the nation is poised to make significant strides toward realizing its SDGs and fostering economic resilience.