Ways To Money

The Executive Board of the International Monetary Fund (IMF) has completed the 3rd review under the 3-year Extended Arrangement, which became effective on December 23, 2009 in the amount of SDR 19.8 million.

As the review has been completed, it makes available to disburse SDR 3.52 million, which is about USD 5.6 million.

In 2010, the economy of Seychelles recovered strongly from the debt and balance of payments crisis in 2008 that was followed by global recession of 2009. Economic growth was driven by really high foreign direct investment (FDI) as well as a rebound in tourism. Inflation in the jurisdiction remained near 0. The offshore jurisdiction continued to rebuild its international reserves and reduce public debt. The economic program supported by the Extended Fund Facility (EFF) remains on track and all quantitative performance criteria at end-December 2010 were met.

In 2011, the policy mix under the program has been adjusted, which was in response to the global commodities price shock and the recent financial difficulties of Air Seychelles. The IMF expects that fiscal policy will be slightly looser to accommodate additional priority spending, while maintaining the targeted progress toward external stability and debt sustainability. The Fund stated that structural reforms are expected to concentrate on enhancing the financial sector by means of modernizing its legal and regulatory framework and restructuring and/or privatization of several state-owned financial institutions.

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