Minister Hassan welcomes IMF’s endorsement of the implementation of the economic reform programme |03 December 2022

The Minister for Finance, National Planning and Trade, Naadir Hassan, has welcomed the IMF’s executive board’s decision to endorse the findings of the staff level third review of the economic reform programme, which was conducted in late September and early October, this year.

“This endorsement of the implementation of the economic reform programme by the IMF executive board, is yet another indication that the decisions of the government have so far proven to be the right ones and most importantly the actions taken have been responsible, and are setting the foundation for a prosperous Seychelles.”

Minister Hassan has reiterated the need to strike the right balance between spending and revenue collection.

“If we are to establish a strong fiscal and economic foundation, we must prioritise spending, while at the same time enabling an environment where government can collect more revenue, to continue to provide services and support to the population.”

Seychelles and IMF agreed on an economic reform programme under the Extended Fund Facility at the end of July, 2021, because of the devastating impact of the Covid-19 pandemic on the country’s economy.

To date, IMF has carried out three reviews under the programme, in which all quantitative performance criteria and indicative targets were met.

With the completion of the third review, the Seychelles Government will draw about $8.6 million, under the EFF. Up to now, the total disbursements under the programme, are $80.6 million.

The agreement with IMF is for a 32-month extended arrangement under the EFF for a total sum of $105.63 million.

Minister Hassan has once again expressed his appreciation to all partners concerned who have supported the economic reform programme.

“I extend my thanks to all our partners, local and international, who have supported this economic reform programme. It has not been easy. In fact, it has been difficult, but we are now reaping the benefits of our hard work and responsible actions. Most importantly, my appreciation goes to staff of my ministry, that of CBS, and the people of Seychelles.”

Press release from the Ministry of Finance, National Planning & Trade