State House

Office of the President of The Republic of Seychelles

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Courtesy call by IMF Advisor and Chief Mission for Seychelles

The advisor to the Director of International Monetary Fund (IMF) African Department and Mission Chief for Seychelles, Mr Amadou Sy, paid a courtesy visit to President Danny Faure at State House this morning.

Mr Sy and his delegation are in Seychelles to conduct the Article Four consultation mission which is done every two years, and complete the third review of the current IMF programme which takes place bi-annually.

President Faure welcomed Mr Sy and his delegation once again to Seychelles and thanked the delegation for their visit, whereby they are assessing the economic development of the country and making policy recommendations.

The President expressed his gratitude for the advice and support given by the IMF and reiterated the Government’s continued commitment to the programme and meeting its targets to ensure fiscal sustainability and macroeconomic stability.

During the meeting, Mr Sy shared with President Faure some of the IMF's findings and recommendations after looking at Seychelles’ macroeconomic progress, trends, developments, and policies, following the two weeks that they have been here.

Speaking to the press after the meeting, Mr Sy said, ‘Under the programme, we have a number of targets in terms of macro-economic performance that the country has to meet. We are happy to say that for our test day in December 2018, the programme is on track and the macro-economic performance is solid. We have so far estimated a growth rate of 4.1% in 2018, inflation going down and the growing international reserves of the Central Bank of Seychelles at a comfortable position as per our assessment. The debt to GDP target also is on track – below 50% by 2021. So, overall the performance of Seychelles is quite solid.’

Also present for the courtesy call at State House was the Minister for Finance, Trade, Investment and Economic Planning, Mr Maurice Loustau-Lalanne, the Governor of the Central Bank, Miss Caroline Abel, Secretary of State for Finance, Mr Patrick Payet, and the Principal Secretary for Economic Planning, Mrs Elizabeth Agathine.