9th November, Sharm el-Sheikh, Egypt: On the margins of COP27, President Wavel Ramkalawan held talks with the Managing Director and Chairperson of the Executive Board of the International Monetary Fund (IMF) Ms. Kristalina Georgieva.

 

The meeting was an opportunity for President Ramkalawan to brief the IMF Head on the current economic landscape of Seychelles and progress made thus far as part of the country's sustainable economic recovery plan.

 

With the recently presented National Budget to the National Assembly, by the Minister for Finance, National Planning and Trade, Mr Naadir Hassan, President Ramkalawan also shared elements of the 2023 Budget which are set to further reinforce the financial support provided to the Seychellois population.

 

On behalf of the country the President reteirated the sincere appreciation of Seychelles to the IMF as a key partner in the progress achieved through these difficult times.

 

"Today I wish to formally convey our nation's sincere appreciation for all the support the IMF has extended to Seychelles. We continue to make good progress and seek new ways to enhance our existing excellent partnership," said President Ramkalawan.

 

The two also discussed concerns related to the high-income status of the Seychelles and similarly situated small island states, which excludes them from key concessional and bilateral financing. The President stressed on the critical need to integrate the vulnerability features when allocating financing for high-income and vulnerable small states like Seychelles. To this end the head of the IMF talked about a special fund being set up to which Seychelles will have access. These loans will be at concessionary rates.

 

On her part the IMF head commended Seychelles for its efforts and economic discipline and for the example  Seychelles is giving to the world.

 

Also present for the meeting were the Minister for Agriculture, Climate Change and Environment, Mr Flavien Joubert and Deputy Managing Director of IMF, Mr. Li Bo.