Seychelles celebrates ten years of successful economic reforms

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Seychelles celebrates ten years of successful economic reforms

Post  Sirop14 on Fri Nov 02, 2018 4:49 pm

Seychelles celebrates ten years of successful economic reforms


The success of the economic reforms Seychelles undertook some 10 years ago has been due to the hard work of all Seychellois.

Nevertheless, we should not forget the help obtained from bilateral partners who believed in our reforms through the provision of grants, technical assistance, advice and shelving off loans so that our debt became sustainable.

The remarks were made by Designated Minister Macsuzy Mondon during a half- day symposium coinciding with the tenth anniversary of the announcement of the macro-economic reform for Seychelles in 2008.

Mrs Mondon, who officially opened the forum, delivered the keynote address on behalf of the President of the Republic of Seychelles, Danny Faure, who could not make it to the forum on account of other commitments.

The forum under the theme ‘Economic and Social Transformation: Ten Years of Successful Reforms and the Challenges’, was held on Wednesday at the Savoy Resort and Spa, Beau Vallon.

The aim of the symposium was for key partners to take stock of the economic reform programme, discuss the successes, and lessons learnt from the reform package introduced ten years ago by the government backed by an International Monetary Fund (IMF) stand-by arrangement facility, as well as discussed the key priorities of the way forward.

Following the global financial crisis in 2008, the world food and fuel crisis pushed Seychelles to financial down fall. The gross official reserves at that time stood at 39 million dollars, equivalent to two months of imports while our public debt reached about $1 billion, or almost 150% of GDP; nearly $300 million were in arrears to all categories of creditors . Today our debt level stands at 59.6% to GDP while our gross reserves stand at 555 million dollars, equivalent to 3.8 months of import.

“Along with the assistance of our partners, it is the sweat of all of us that caused the GDP of the country to grow from 967 million dollars in 2008 to an estimated 1.5 billion dollars in 2018. A growth of almost 50% in the last decade,” said Minister Mondon.

“The stable macro-economic fundamentals and altered public policies have created a marked improvement in the development of the private sector. The growth of the private sector has positively influenced the development of the country – through the jobs created and taxes paid. We have turned the fiscal policy from one running deficits to one which has been running primary surpluses constantly for the last decade,” Minister Mondon further stated.

Comment -This is why they are messing about with that Truth Commission others will have the rights/duty to express and present their views of how Seychelles economy came to perform so well.


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