IMF affirms continuous support for Seychelles |10 November 2022

President Ramkalawan in discussion with Ms Georgieva

• Commends the country for its efforts in the economic recovery plan

The International Monetary Fund (IMF) has commended Seychelles for its efforts and economic discipline and for being an exemplary country to the rest of the world in its economic recovery plan.

The commendation by the IMF’s managing director and chairperson of the executive board, Kristalina Georgieva, was made during talks with Seychelles’ President, Wavel Ramkalawan, on the margins of COP27 taking place in Sharm el-Sheikh, Egypt since Monday.

The meeting was an opportunity for President Ramkalawan to brief the IMF head on the current economic landscape of Seychelles and progress made thus far as part of the country's sustainable economic recovery plan.

President Ramkalawan also shared elements of the 2023 Budget which are set to further reinforce the financial support provided to the Seychellois population.

The Budget was presented on Friday last week to the National Assembly by the Minister for Finance, National Planning and Trade, Naadir Hassan.

On behalf of the country the President reiterated the sincere appreciation of Seychelles to the IMF as a key partner in the progress achieved through these difficult times.

“Today I wish to formally convey our nation's sincere appreciation for all the support the IMF has extended to Seychelles. We continue to make good progress and seek new ways to enhance our existing excellent partnership,” said President Ramkalawan.

The two also discussed concerns related to the high-income status of the Seychelles and similarly situated small island states, which excludes them from key concessional and bilateral financing.

The President stressed on the critical need to integrate the vulnerability features when allocating financing for high-income and vulnerable small states like Seychelles.

To this end the head of the IMF talked about a special fund being set up to which Seychelles will have access. These loans will be at concessionary rates.

Also present at the meeting were the Minister for Agriculture, Climate Change and Environment, Flavien Joubert and the IMF’s deputy managing director, Li Bo.

Patsy Canaya/Press release from the Office of the President