‘Fitch Ratings upgrade a positive step forward for Seychelles’ |24 November 2021

Minister Hassan and Governor Abel during the press interview yesterday

Minister for Finance, Economic Planning and Trade, Naadir Hassan, said that Seychelles’ recent Fitch Ratings upgrade to B+, with a stable outlook, is a positive step forward for the country.

This is from a rating of B with a stable outlook which it scored in the first half of this year.

The minister made this remark in a press interview yesterday, along with Central Bank Governor, Caroline Abel.

“This means that our rating has improved and this is because all of the indicators have shown an upward positive trajectory. Our economic growth is better than initially anticipated, our budget deficits are decreasing at a much faster rate, our debts are decreasing, foreign exchange rates are stabilising,” Minister Hassan stated.

Minister Hassan however emphasised that Fitch Ratings also noted that Seychelles continues to face many risks and weaknesses such as the resurgence of Covid-19 in our main tourism market Europe.

He added that this is why the country must remain conservative in its decisions and policies.

“We have to maintain the course and we are heading in the right direction. We have the discipline to continue implementing the necessary measures. This is a significant step forward because it gives investors more confidence in the country.”

On her part, Governor Abel added that the upgrade to B+ with a stable outlook will help the country’s balance of payment.

However, she also acknowledged the challenges relating to the prices of commodities and logistics which can impact on Seychelles.

“This will also help local investors when seeking out external loans because the risks vis a vis Seychelles has lessened. If we continue with policies that keep Seychelles on a positive path, we will see an improvement,” the governor said.

Elsie Pointe