Fitch Ratings upgrades country rating to B+: Outlook Positive

May 14, 2022

The Minister for Finance, National Planning and Trade, Naadir Hassan, has welcomed the new revised country rating, from Fitch Ratings, from B+; Outlook Stable to B+: Outlook Positive.

“The revised rating from Fitch, shows that all the fiscal and monetary policies the government and Central Bank of Seychelles, have taken thus far, to achieve our economic reform targets, have been the right ones. Since the start of the reforms in July 2021, we have been prudent with spending, we have demonstrated that we are serious in reducing the country’s debts, and we have shown our drive to bring in, the necessary structural reforms, needed to achieve these targets.

The revised rating from B+: Outlook Stable to B+: Outlook Positive, is reassurances that the international community recognizes our efforts. This new rating, will give investors more confidence in the government’s policies, which will allow for more foreign direct investment in Seychelles.”

The new rating was published on Friday 13th May, 2022.

To note, the new rating by Fitch, comes just five days, after the IMF completed its 2nd review of Seychelles economic performance under the Extended Fund Facility agreement, in which, the mission acknowledged that “the government has made impressive progress in implementing the IMF-supported program and restoring macroeconomic balances. All end-December 2021 quantitative targets under the program were met—some, including the fiscal primary balance target, by a wide margin. The broader structural reform agenda is also moving ahead.”

The IMF Mission was in the country between 26th April and 09th May, 2022.

Below is the Fitch Rating report.

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