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IMF Reports Progress In Seychelles' Reform Program,
by Phillip Morton, Investors Offshore.com
Friday, August 21, 2009
An IMF mission led by Paul Mathieu visited Victoria during August 4-15 to assess
performance at end-June under the Stand-By Arrangement with the Seychelles. The mission
met with President James Michel, Minister of Finance Danny Faure, and Governor
of the Central Bank of Seychelles Pierre Laporte, as well as representatives
of the private sector, parliamentarians, and civil society.
At the conclusion of the Mission, the IMF delegation issued the following statement:
“Strong progress is being made by the Seychelles authorities in their
reform program. The program is on track and is achieving its economic stabilization
and reform objectives. A prudent and well-balanced monetary and fiscal stance
has been effective in rapidly reducing inflation to the low single digits.
All end-June 2009 quantitative targets under the program were met with margins
and structural reforms are being implemented with determination. The economic
downturn, reflecting primarily a sharp drop in tourism earnings, is easing and
the decline in real GDP is likely to be somewhat less than earlier feared.”
“Looking ahead, the key objectives are to consolidate macroeconomic stability
by maintaining tight fiscal policy, and progressively putting in place supporting
structural reforms to remove constraints to growth and improve the performance
of the public sector. Strong progress on inflation reduction and the appreciation
of the rupee has permitted a gradual easing of monetary policy. The preparation
of a fundamental reform of the tax system, a major reinforcement of control
over parastatal performance, and strengthening of the financial system are proceeding.
The tax reform aims to harmonize rates, broaden the tax base, and raise self-compliance,
while maintaining the overall tax take.”
“Seychelles' public debt remains unsustainable. Good progress is being
made in advancing public external debt restructuring discussions and the mission
encourages the authorities to press ahead with their debt restructuring strategy.”
Of the USD24m IMF arrangement, approved on November 14, 2008, USD12.3m has
been disbursed. About USD1.4m (SDR0.88m) is available with confirmation that
the end-June performance criteria have been observed.
The next program review
mission (the third), based on end-September performance, is expected in October
2009, and coincides with discussions on a medium-term structural reform program
to be supported by a three-year arrangement under the Extended Fund Facility.
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