International Monetary Fund (IMF) / Press Release

Source: International Monetary Fund (IMF) | Apr 03, 2024

International Monetary Fund (IMF) Staff Reaches Staff-Level Agreement on the Second Reviews Under the Extended Fund Facility (EFF) Arrangement and the Resilience and Sustainability Facility (RSF) with Seychelles and Completes 2024 Article IV Mission

While the outlook remains positive and risks are roughly balanced, the Seychellois economy remains highly vulnerable to external shocks and climate change in the medium- to long-term

The Seychellois economy continued to recover in 2023 and is moving closer to pre-pandemic norms despite external shocks and a complex disaster from flooding and an industrial explosion; The government made good progress in implementing the EFF and RSF—meeting almost all quantitative targets under the program and making notable progress…

Source: International Monetary Fund (IMF) | Oct 03, 2023

International Monetary Fund (IMF) Staff and the Seychellois Authorities Reach Staff-Level Agreement on the First Review Under the Extended Fund Facility (EFF) Arrangement and the Resilience and Sustainability Facility (RSF)

The Central Bank of Seychelles (CBS) has maintained an accommodative monetary policy in the context of disinflation and ample liquidity

The recovery of the Seychellois economy continues as tourism flows normalize and economic activity moves closer to pre-pandemic levels. IMF staff and the Seychellois authorities have reached staff-level agreement on the first review under the Extended Fund Facility (EFF) arrangement and the Resilience and Sustainability Facility (RSF); The government made…

Source: International Monetary Fund (IMF) | Mar 29, 2023

International Monetary Fund (IMF) Staff Reaches Staff-Level Agreement with Seychelles on a Resilience Sustainability Fund (RSF) Program and a new Extended Fund Facility (EFF) Arrangement

Seychelles will have access to SDR 42.36 million (about USD 56.96 million) under the EFF and SDR 34.35 million (about USD 46.19 million) under the RSF

IMF staff and the Seychellois authorities reached a staff-level agreement on a successor 36-month Extended Fund Facility (EFF) and a new Resilience and Sustainability Facility (RSF) program to support Seychelles’ economic policies and reforms. Seychelles is the second African country to reach a staff-level agreement to access the Resilience and…

Source: International Monetary Fund (IMF) | Dec 01, 2022

International Monetary Fund (IMF) Executive Board Completes Third Review Under the Extended Fund Facility for Seychelles

Seychelles’ economic recovery has remained very strong in 2022, fueled by a faster-than-expected rebound of the tourism sector

The strong recovery of the Seychellois economy has continued in 2022, led by a rebounding tourism sector. Growth is uneven across other sectors of the economy. The government has made significant progress in restoring macroeconomic balances and performance under the EFF program is strong. Maintaining the buildup of buffers against…

Source: International Monetary Fund (IMF) | Nov 08, 2021

IMF Staff and Seychelles Reach Staff-Level Agreement on the First Review Under the Extended Fund Facility (EFF)

September 2021 quantitative targets under the program were met—some, including the fiscal primary balance target, by a wide margin

An International Monetary Fund (IMF) mission led by Boriana Yontcheva carried out a mission from October 23–November 8, 2021 to assess performance at end-September for the first program review under the Extended Fund Facility (EFF) Arrangement with Seychelles. Discussions were hybrid, conducted partly virtually, partly in Victoria. At the end…

Source: International Monetary Fund (IMF) | May 09, 2020

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;…

Source: International Monetary Fund (IMF) | Dec 19, 2019

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…

Source: International Monetary Fund (IMF) | Mar 20, 2019

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…

Source: International Monetary Fund (IMF) | Sep 27, 2017

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…

Source: International Monetary Fund (IMF) | Jun 21, 2017

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.…

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