‘The upgrade of Seychelles by Fitch, shows we are on a positive and right trajectory’, said Minister Hassan

November 23, 2021

Minister Naadir Hassan has told members of the media, that the recent upgrade of Seychelles sovereign rating, by Fitch, shows that the country is on a positive and right trajectory.

Meeting with the media, this afternoon, Minister Hassan explained that the upgrade in rating from B to a B+ by Fitch, demonstrates that ‘all indicators are positive.”

“The economic growth is better than we have projected, our budget indicators are good, our debt is on the road to being sustainable and the foreign exchange rate has stabilized.”

However, just like Minister Hassan has always remained cautious, the report has also talked about the risks which could derailed the economic recovery.

“There are still a lot of risks, such as the resurgence of COVID 19, that is why we are being conservative in our policy, but we need to maintain the course and be disciplined in our spending”, said Minister Hasan.

For the Governor of the Central Bank of Seychelles, Caroline Abel, such an upgrade will give confidence to investors, not only internationally but locally as well.

Fitch, took the decision to upgrade Seychelles position, from B to B+ on Friday 19th November.

The firm’s last report on Seychelles was in May 2021.


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