Africa > East Africa > Seychelles > IMF and government in pact to secure reform programme gains

Seychelles: IMF and government in pact to secure reform programme gains


The move will come with a further US $10.23 million to be disbursed by the IMF in two portions before the end of 2013, subject to approval of the arrangement by the fund’s management and executive board, she said in a press conference attended by Finance, Investment and Trade Minister Pierre Laporte and Central Bank governor Caroline Abel at the bank.

Ms Baker said the arrangement is meant to help “lock in the gains realised so far and make inroads on key improves while building policy buffers in the uncertain world environment”.

The announcement came at the end of a mission led by Ms Baker which has been here from October 17 to assess performance at end-June for the sixth programme review under the Extended Fund Facility.

The team as well “discussed the authorities’ request for a one-year extension of the three-year arrangement and augmentation of access.

They met President James Michel, Vice-President Danny Faure, Mr Laporte, Ms Abel, and government officials inclunding representatives of the private sector.

Ms Baker said: “The Seychellois economy has shown resilience in the face of the difficult world environment.”

“Economic increase has held up thanks to increasing tourist arrivals from non-traditional markets; fiscal policies have remained firmly on track towards the government’s target of bringing public debt down to 50 % of gross domestic product (GDP) by 2018; and debt restructuring is nearly complete. Monetary tightening has been successful in reversing the mid-year inflationary uptick and inflationary pressures are expected to continue their recently observed downward path,” she said.

She nevertheless talked of the need to gradually adjust “and rebalance domestic utility, food and transport prices”.

Related Articles
  • Nobel Laureate Joseph Stiglitz Calls For New Strategy

    2017/10/19 Joseph Stiglitz has advised African nations to adopt coordinated strategy encompassing agriculture, manufacturing, mining, and service sectors to attain same success delivered by the old manufacturing export-led strategy. Prof. Stiglitz, an economist and professor at Columbia University, New York, gave the advice at the Babacar Ndiaye lecture series introduced by African Export-Import Bank (Afreximbank) which debuted in Washington D.C.
  • Ecobank launches mVisa across 33 African Countries

    2017/10/19 Ecobank Scan+Pay with mVisa delivers instant, fasten cashless payment for goods and services by allowing customers to scan a QR code on a smartphone or enter a incomparable merchant identifying code into either a feature phone or smartphone Ecobank ( has partnered with Visa to launch Ecobank Scan+Pay with mVisa solutions to their consumers. The strategic tie-up signals interoperability on a cross border level – and potentially huge gains – as it affords consumers with the ability to use their mobile phone to due access the funds in their bank accounts to pay person-to-merchant (P2M) or person-to-person (P2P).
  • ‘Betting on Africa to Feed the World’

    2017/10/17 The president of the African Development Bank, Akinwumi Adesina, will deliver the Norman Borlaug Lecture on Monday 16 October as part of the World Food Prize events taking place from October 16 to 20, 2017 in Des Moines, Iowa, USA. The Norman Borlaug Lecture under the title: “Betting on Africa to Feed the World”, will be held on World Food Day, October 16, in conjunction with the annual World Food Prize celebration.
  • World Teacher’s day: Gov’t urged to improve teachers’ productivity

    2017/10/16 Cameroonian teachers nationwide have exhorted the Cameroonian government to empower teachers with the requisite tools to be able to deliver their best in the present fast-paced world. While commemorating the 23rd edition of world teacher’s day today, the teachers noted that the theme for this year’s celebration, “Teaching in Freedom, Empowering Teachers,” reaffirms that peace and security are needed for the development of any country.
  • Africa's Economic Future Depends on Its Farms

    2017/10/16 At the same time as the economies of Nigeria and South Africa recently rebounded, it wasn't oil or minerals that did the trick. It was agriculture. Faster and additional sustainable agricultural increase is crucial not only to the continent's economy, but as well to its ability to feed and employ its surging people. Agriculture still accounts for a quarter of gross domestic product and as much as two-thirds of employment in sub-Saharan Africa. In fact, agricultural increase has the biggest impact on non-farm gain and reducing poverty.