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Seychelles: support for fiscal discipline

Seychelles: support for fiscal discipline Seychelles

The International Monetary Fund (IMF) concluded that the Seychelles will require additional measures to achieve its goal of debt reduction.

The Government has committed itself to the IMF, which will reduce the ratio of the Seychelles debt to gross domestic product (GDP) to below 50 percent by 2020.

According to the IMF, it is necessary that the proceeds of the Seychelles did not exceed the costs by at least three to four per cent, excluding the cost of interest payments on its debt.

Employees Fund said that “thanks to the tourists, economic growth in 2016 is projected to reach about 4.5 per cent. With the economy works well, a primary budget surplus is expected to amount to three percent of GDP this year.”

The surplus will be achieved despite the impact of various tax initiatives announced in the State in February 2016, “including the personal income tax (PIT) rate and an increase in pensions and the minimum wage.

While the IMF noted that “the growth forecast for 2017 remains positive, agreed with the authorities on the need to make more progress in reducing poverty and ensuring that the benefits of economic growth is shared by all,” he stressed that such a policy should “to be made in such a way as to protect macroeconomic stability. in this context, the Fund has discussed a number of possible measures with the authorities to help strengthen fiscal discipline and progress in achieving the objectives of reducing government debt.”

Jean-Paul Adam, the outgoing minister of finance, trade and economy, which is currently being appointed Minister for Health and Social Affairs, said that despite the new progressive system, Seychelles “will surely maintain discipline and stability in the coming year to allow us to achieve our goal of reducing our debt.”

Author: Sergey Panov
managing partner Finance Business Service
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