Seychelles : Interim Performance Update Under the Policy Coordination Instrument-Press Release; and Staff Report

High downside risks to the outlook are materializing.

The near-term economic outlook has worsened as the global economic downturn is expected to be deeper and travel restrictions to persist longer than expected at the time of the RFI request (Country Report No. 20/170, Tables 1‒5). The worse global economic outlook for 2020 is expected to reduce tourist arrivals in Seychelles by about two thirds in 2020, compared with a 50 percent decline anticipated in May 2020.3 Hence, economic activity is now projected to decline by almost 14 percent in 2020 (compared with a previously projected contraction of almost 11 percent). While the authorities thought the staff’s revised outlook is too pessimistic, with economic growth is expected to fall more sharply, they have taken further measures to mitigate the impact on affected businesses and vulnerable households, and fiscal needs and revenue loss have become larger. The growth effect is expected to further reduce fiscal revenue by about 1¼ percent of GDP in 2020 compared with the projection at the time of the RFI request. The authorities reformed the wage subsidy measures by extending the duration of the program but revising its coverage, thereby maintaining the nominal cap of spending on wage subsidies at the level envisaged at the time of the RFI request (5¼ percent of GDP in 2020). At the same time, staff expects that the execution of capital expenditures in 2020 would be higher by about 1¼ percent of GDP which could bolster domestic. As a result, the primary deficit is expected to reach 12¼ percent of GDP in 2020 while the debt-to-GDP ratio would increase to about 90 percent by end-2020, due to a widening of the fiscal deficit and a further depreciation of Seychelles rupee since late April. The current account deficit is expected to reach about 27 percent of GDP in 2020, slightly lower than expected at the time of the RFI as imports declined more than expected. External financing needs for 2020 are expected to be covered by IFI (about $55 million by the World Bank and African Development Bank), notably RFI financing ($31 million) and a reduction of the gross international reserves (GIR) which is expected to decline to slightly below 100 percent of the Fund’s standard reserve adequacy (ARA) metric at end-2020.


The heavy toll of the pandemic has pushed the fiscal targets for end-June 2020 out of reach but progress in other areas continues to be made. PCI targets for the 6th review were set at the time of the 4th review: pre-pandemic. Due to the large negative impact of the COVID-19 pandemic on fiscal revenue and the mitigating expenditures to address the economic and social fallout of the pandemic, the end-June 2020 (6th review test date) QT on fiscal primary surplus is likely to be missed by a significant margin. Preliminary data indicate that the end-June 2020 QT on NIR was met with a comfortable margin while inflation at end-June 2020 was within the inner bound of the MPCC. Progress on 6 th review RTs is in line with the understandings reached at the time of the 4 th review, except for draft legislation for crisis management, bank resolution and safety nets5 . Meanwhile, the government has been submitting monthly reports of the emergency spending on wage subsidies, health, and social spending to Finance Public Accounts Committee (FPAC) of the National Assembly in line with the commitment under the RFI. The authorities are committed to undertaking an independent audit of emergency spending and related procurement processes and publishing its results.

https://www.imf.org/en/Publications/CR/Issues/2020/09/03/Seychelles-Interim-Performance-Update-Under-the-Policy-Coordination-Instrument-Press-Release-49727?fbclid=IwAR3kuANDNipC8FktMkrELXZ95V9wJBTQBJIjj6tJ12UrIuC86nducVrdfv4

Mr Paul Chow decision to post this article his comment.  Did /have anybody for Seychelles noted the post we made yesterday about L'orient in France, Brittany. The 250th Anniversary of  the first  Settlement.

We shared a link with President Faure and others of the association India,  to work the India Dupliex relation - then India PM and President then President FA Rene and Mancham. Then Seychelles in 2004. That seyeu.com portal contents and working and the publication on that  SIROP program and the emblem. Those in India respond. Equally important the grater EU Community emblem heraldic working. We had come to  Seychelles and those reaction/respond and the earthquake and Tsunami in 2004/5, $150 billion in economic  destruction and some 250,000 killed.  Seychelles got $30 million in compensation. Today India Association working in L'orient.

The way that SIROP program was set up the mega issues of former French East Indian Company and L'Orient , and Paris, all those involved. The linkage with many of France old institutions, Canada, Quebec and the USA, the Francophone.  The benefits to the Port L'orient and region Brittany.  Not far in another Town of great relevancy to Seychelles it build ships and the consortium fishing boats in the Indian Ocean. Then President FA Rene. We have address the IMF/World  Bank of France - the Benchmark Seychelles and France work the fishing Industry. Recently the EU. That SIROP program impacting the French and European Central Bank working for the past 30 years. It is twined with Port Victoria. The ongoing Commission into the benchmark of the Hotel Privatization -the Benchmark in the Fishing Industry of Seychelles. The application of certain  mechanism in both Industry, Management and media working and then what get publish.

In 2008, we are asked by our solicitors to go to Seychelles and meet with President F A Rene and endeavour to sort out the mess. We attempted 13 times to get a meeting with President FA Rene  and upon our returning to UK we warned them and everybody -  the incident of  2004/5. We decided with whatever  resource we would publish some of the core issue of that program. Remembering that the 2008 crash was caused in part by that program what we wrote to the IMF/The white House and the UN and EU. The Russian reaction and the setting up of BRICS. Those in Seychelles EU Fishing industry they judge they were not answerable. Events. We had been trying to buy a run down property in Brittany  and those who owed my person company some $15 millions. Here was I/we trying so to say their backside, their butts by looking at mean to stabilise many aspect of our working which impact the world workings, the excessive use and  abuse of that satanic mechanism in Britain, in the village, the house and the community and public and Seychelles - irrelevant what  the IMF/world Bank write .

Mr Paul Chow the below publication - that Reclamation project  and  the Fishing port - that SIROP program. His statement that if any presidential candidate  promise they have solution to take it with a pinch of salt.

Some of our publication on the pandemic  saying,  writing had we been  in France that Pandemic would not have come. In Brittany and Cornwall there are groups of people known as Druids and how they manage their knowledge. their view of that CORONA pandemic.  Seychelles today we have some 200 young seychellois trained in Management. Recap the events and incident of 1997, the incident 2004/5, the incident of 2008/9 and this pandemic of 2020 -their critical  analytical training,  education. Then we get Mr Paul Chow publishing  what he has and his refusal to support that SIROP program plaint before the Truth commission. Along with a very large majority of the world workings -