Coronavirus - Seychelles: International Monetary Fund (IMF) Executive Board approves a US$31.2 Million Purchase in Emergency Assistance to Seychelles to address the COVID-19 Pandemic

The near-term economic fallout of the COVID19 pandemic is expected to be severe

The IMF approved Seychelles’ request for emergency financial assistance under the Rapid Financing Instrument (RFI) of about US $31.2 million; the near-term economic fallout of the COVID-19 pandemic is expected to be severe. Restriction in travel will hinder tourism and weaken fiscal and external positions, creating large additional financing needs;…

International Monetary Fund (IMF) Executive Board Completes Fourth Review Under the Policy Coordination Instrument for Seychelles

The 2019 economic growth is estimated to reach about 4 percent, reflecting strong output in the tourism and communication sectors

The implementation of the Seychelles’ economic program is largely on track; The 2019 economic growth is estimated to reach about 4 percent, reflecting strong output in the tourism and communication sectors; The near-to-medium-term economic outlook continues to be favorable, provided that the authorities maintain their prudent policies under the Policy…

IMF Staff Completes the Third Review Mission to Seychelles

Economic growth reached 4.1 percent, reflecting increased tourism earnings and stronger output in the fishing industry

Seychelles’ macroeconomic performance continued to be strong in 2018; economic growth reached 4.1 percent, the 2018 primary fiscal surplus stood at 3.2 percent of GDP; delays in the implementation of Air Seychelles’ restructuring plan could undermine government’s efforts to sustain strong fiscal primary surpluses and jeopardize medium-term public debt reduction…

IMF Staff Completes Mission to the Seychelles

An International Monetary Fund (IMF) staff mission led by Mr. Amadou Sy visited Victoria during September 13‒26, 2017

The IMF team reached a staff level agreement with the authorities on their economic program that could be supported by a new 3-year IMF arrangement under the Policy Coordination Instrument.  The authorities have implemented prudent macroeconomic policies together with bold structural reforms that led to strong economic growth as well as noticeable improvement…

IMF Executive Board Concludes 2017 Article IV Consultation with Seychelles

Economic growth reached 4½ percent, reflecting increased tourist arrivals, stronger output in the fishing industry, and expanding credit to the private sector

On June 2, 2017, the Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation[1] with Seychelles.   Macroeconomic performance continued to be strong in 2016. Economic growth reached 4½ percent, reflecting increased tourist arrivals, stronger output in the fishing industry, and expanding credit to the private sector.…

IMF Executive Board Completes Sixth Review Under the Extended Fund Facility with Seychelles and Approves $2.3 Million Disbursement

Program aims to support authorities’ efforts to strengthen the economy through sustained and inclusive growth

Seychelles has made progress toward economic stability and external sustainability through bold reforms Program aims to support authorities’ efforts to strengthen the economy through sustained and inclusive growth The flexible exchange rate regime has served the country well and should be maintained On June 2, 2017, the Executive Board of…

IMF Staff Completes Visit to Seychelles

An International Monetary Fund (IMF) staff team led by Mr. Wendell Samuel visited Victoria from March 22‒April 4 to conduct discussions on the 2017 Article IV consultation and the sixth review under the Extended Fund Facility (EFF)[1] Arrangement with Seychelles

Macroeconomic performance continued to be strong in 2016 Growth outlook for 2017 remains positive on account of foreign investments and rising arrivals in the tourism sector The 2016 primary fiscal surplus reached 3.4 percent of GDP, comfortably exceeding the program target An International Monetary Fund (IMF) staff team led by…

IMF Executive Board Completes Fourth and Fifth Reviews Under the Extended Fund Facility Arrangement for Seychelles, and Approves US$4.4 Million Disbursement

The economic outlook for 2017 remains positive

The Executive Board of the International Monetary Fund (IMF) today completed the fourth and fifth reviews under the Extended Fund Facility arrangement (EFF)[1] with Seychelles. The completion of the reviews enables a disbursement of SDR3.27 million (about US$4.4 million), bringing total disbursements under the arrangement to SDR 9.81 million (about…

IMF Staff Completes Review Mission to Seychelles

Subject to the approval of IMF Management and submission to the National Assembly of a budget for 2017 consistent with the program, the IMF Executive Board is expected to discuss the completion of the reviews in January 2017

An International Monetary Fund (IMF) staff mission led by Mr. Wendell Samuel visited Victoria during October 19‒November 1, 2016 to conduct discussions on the fourth and fifth reviews under the Extended Fund Facility (EFF)[1] Arrangement with Seychelles. The mission reached agreement on a framework that would facilitate the completion of…

AFRITAC South Holds Seminar on Strengthening Supervisory Approaches to AML/CFT

During May 16-20, 2016, the International Monetary Fund’s Regional Technical Assistance Center for Southern Africa (AFRITAC South) held a seminar at the premises of the IMF’s Africa Training Institute in Mauritius on Risk-Based Approaches to Anti Money Laundering and Combating the Financing of Terrorism (AML/CFT) Supervision. The event brought together…