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Future Looking Brighter For Seychelles, IMF Says

by Ulrika Lomas, Tax-News.com, Brussels

29 September 2017


Seychelles has made "remarkable progress" on strengthening its economy and finances, the International Monetary Fund says.

The country has been working with the IMF to bolster its economy and reform its fiscal policies since the 2008 financial crisis. The IMF said that these actions have driven "strong economic growth as well as noticeable improvement in fiscal and external position as well as a reduction in debt."

It said that the country's economic performance has been "robust" in 2017, adding that the primary fiscal surplus for the year is expected to reach 2.5 percent of GDP in line with the authorities' target. "Growth outlook for 2018 remains positive, buoyed by the tourism sector," it said.

But the Fund warned that "Seychelles still faces vulnerabilities and pressures, as a small island economy in a challenging global economic environment."

To manage these issues the country has entered into a three-year arrangement with the IMF to receive intensive support on developing and implementing pro-growth economic policies.

The IMF said that it had discussed a number of potential measures with the authorities to ensure continued fiscal discipline and progress towards the authorities' debt reduction goals.

TAGS: environment | tax | international financial centres (IFC) | International Monetary Fund (IMF) | offshore | inflation | Seychelles

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