Seychelles takes another step in consolidating its economy |12 March 2014

Seychelles has started talks for a second extended fund facility (EFF) with the International Monetary Fund (IMF) as another step in consolidating its economy.

This was said by the IMF executive director Jong Won Yoon after calling on President James Michel at State House yesterday morning.

Mr Won Yoon was accompanied by the IMF chief of mission for Seychelles Marshall Mills and his delegation; the Minister for Finance, Trade and Investment Pierre Laporte; the Governor of the Central Bank of Seychelles Caroline Abel; the advisor to the executive director Nghi Luu and the IMF senior economist for Seychelles Tobias Roy.

“The mission team came to Seychelles weeks ago and they had very good discussions with the authorities and they will be giving their proposals to the International Monetary Fund. The executive board will discuss these proposals in two months. So if it is successful, then it will be a very good opportunity for the Seychelles to consolidate the existing gains in macro-economic stabilisation and it is also a very good opportunity for the pursuit of structural reforms,” explained Mr Won Yoon.

In a communiqué from State House President Michel thanked Mr Won Yoon for his support as the new executive director and extended his gratitude to the IMF during the economic reform programme implemented by Seychelles in 2008.

He said that the government of Seychelles is looking forward to continue working together with the IMF and the World Bank in the implementation of a new programme.

“Our reform has been a success; we appreciate the support of the Fund and other partners such as the World Bank, the African Development Bank and the European Union. There is a need for us to consolidate these successes; this is why I have insisted for us to have another programme so we can further consolidate what we have achieved so far. We need more assistance in capacity building in revenue collection, auditing and statistics. Statistics is very important for planning and programming for the future as well as in other areas to consolidate transparency, good governance, accountability. I think it is key for future stability,” the communiqué quotes President Michel as saying.

Mr Won Yoon also said that the first reform programme over the last five years has been very successful and stabilised the economic base under the good leadership of President Michel.

“I am very happy to see that Seychelles has done well economically for the last five years and I will like to see continued success in the future programme,” Mr Won Yoon added.