IMF chief of mission notes ‘solid growth’ in Seychelles’ economy |02 October 2023

Mr Schneider during his courtesy call on President Wavel Ramkalawan at State House on Friday

Despite the fact that growth is not as high as last year, there is “solid growth” in the economy, the new International Monetary Fund (IMF) chief of mission for Seychelles, Todd Schneider, has stated.

Mr Schneider was welcomed by President Wavel Ramkalwan at the State House for a courtesy call on Friday.

The main point of his mission is to conduct an assessment on performance under our lending programme, the Extended Fund Facility (EFF), and the Resilience and Sustainability Facility (RSF).

 “We really enjoy the collaborative relationship we have with the government and the exchange of information is always very constructive, always very frank. The economy seems to be doing well frankly. The growth is not as high as it was last year after the bounce back from the pandemic but its solid growth. Tourism numbers are on the rise, inflation is low and public finances look quite strong,” Mr Schneider stated.

During the meet, Mr Schneider and President Ramkalawan discussed economic performance over the past year, and the first half of this year, as well as recent economic developments. In addition, they addressed the months ahead, the potential vulnerabilities, and the policies to mitigate these vulnerabilities.

It is important to note that President Ramkalawan welcomed Mr Schneider’s predecessor, Mr Calixte Ahokpossi, in March at the request of the Seychelles government, to negotiate the new EFF and the RSF.

“It has been six to nine months now and we are looking at performance in that period, and we are looking to come to an agreement on whether the conditions are met, and what the conditions are going to be for the next six months,” Mr Schneider added.

If the IMF and government come to an agreement, the IMF will be making a disbursement of roughly US $12 million, most likely in December.

Laura Pillay 

Photo by Joena Meme