IMF Mission - Conclusion of Mission
March 29, 2023
The IMF Mission in Seychelles has concluded, following a two week working visit.
The Mission has concluded that 'performance under the current EFF has been strong. Economic recovery, fiscal consolidation and debt reduction continued in 2022, resulting in public debt declining to 69.9 percent of GDP at end-2022 (11 percentage-points reduction since end-2021).'
During the two weeks, Seychelles and IMF have negotiated a new Extended Fund Facility (EFF) Arrangement, and Seychelles has been chosen as a pilot country to benefit under a newly set up fund, called Resilience and Sustainability Facility.
The Mission said 'the new EFF and RSF will support the authorities’ efforts to maintain macroeconomic stability, advance structural reforms, including climate adaptation and mitigation, and insure against downside risks.
For more read the press release below.