James Michel Wants Another IMF Program!

The new International Monetary Fund (IMF) Executive Director for Seychelles, Mr. Jong Won Yoon paid a courtesy call on President James Michel this morning at State House. He was accompanied by the International Monetary Fund Chief of Mission for Seychelles, Mr. Marshall Mills.

The IMF delegation briefed the President on the mission's new findings in the development of the economy of Seychelles since last year's review and also gave recommendations for future steps.

President Michel has thanked Mr Won Yoon for his support as the new Executive Director and extended his gratitude to the IMF during the economic reform programme implemented by Seychelles in 2008. He said that the Government of Seychelles is looking forward to working together with the IMF and the World Bank in implementation of a new programme.

“Our reform has been a success, we appreciate the support of the Fund and other partners such as the World Bank, the African Development Bank and the European Union. There is a need for us to consolidate these successes, this is why i have insisted for us to have another programme so we can further consolidate what we have achieved so far . We need more assistance in capacity building in revenue collection, auditing and statistics. Statistics is very important for planning and programming for the future as well as in other areas to consolidate transparency, good governance, accountability ... I think it is key for future stability,” said President Michel.

Speaking to the national press after the meeting, Mr. Won Yoon said that his meeting with the President focused on the possibility for another Extended Fund Facility (EFF) programme with IMF base on the findings of the IMF mission team.

“The mission team came to Seychelles weeks ago and they had very good discussions with the Authorities and they will be giving their proposals to the International Monetary Fund. The Executive Board will discuss these proposal in two months. So if it is successful, then it will be a very good opportunity for the Seychelles  to consolidate the existing gains in macro-economic stabilisation and it is also a very good opportunity for the pursuit of structural reforms,” explained Mr.  Won Yoon.

He commented that the first reform programme over the last five years had been very successful and stabilised the economic base under the good leadership of President Michel.

Editor’s note:
•         Also present during the meeting was the Minister of Finance, Trade and Investment, Mr. Pierre Laporte, the Secretary General of the Office of the Executive Office of the President, Mrs. Lise Bastienne, the Governor of the Central Bank of Seychelles, Ms. Caroline Abel, the Advisor to the Executive Director, Ms. Nghi Luu and the IMF Senior Economist for Seychelles, Mr. Tobias Roy.



  1. Stop borrowing in the name of Seychelles ! Bring back the 2 billions stashed away in Swiss bank accounts. PP move out of the way and let competent Seychellois run this country. NO MORE BEGGING BOWLS FROM THE REST OF THE WORLD. We should be the ones helping out our poor neighbours, once we have educated our own pit tresor !

  2. Please IMF I beg you NO more bail to a president and his minister that can not handle money like they can not handle its nation this guy will die and make his nation pay the debt .VOLER POU TOUJOUR VOLER IMF.Mr Jong Wong ask Michel to bring back what IMF gave to him in this 3 years he had transfer on it off shore account in British Vergin Island.If this billion were not stolen in our coffer and still stealing no need for more begging to IMF.

    Michel mal rouge you are telling Seselwa are living on welfare,but you and your government are living on IMF.Tell IMF you want more for next three years to give it to your minister more fat salary that they don't even deserve it for month just lazy fat ass and this fake opposition judas Pierre.
    More money for foreigners like Scully,Gurhkas ect you have told get rid those foreign mercenary.No bail out to pay foreigners in our force foreigners out in our force.

    Those minister include all their salary should no more than Rs 25.000 not more!!!


  3. Another IMF program?
    Another 5 years?
    Another salary increase- just like Gill said would happen.

  4. IMF is not solving our problem but help prolong it.Bail out means increase debts,it support and prolong dictatorship,it help further improvish Seychellois;IMF provides PP with the weapon further repress freedom,and control the majority.Aid and
    Developemnt without freedom ---promote slavery.

    Jeanne D'Arc

  5. Instead of depending on IMF aid--maybe Pp should help oue farmers -not by texting message but by providing thme with the means thatbowula allow them to make a real different in their lives and creating fodd security ofr the country.

    Insteead of Chines/Indain Celelbration PP could make an annual "SLAON DE L?AGRICULTURE"for the farmers to promote their goods and make people more interested in buying their produces.

    Farmers should create added value firm apart from depedning only from fishing they should develop other means of revenues such as creating AFIRM,for producing Mud CRAB farming for export,ried fruits,Vegetable products like snacks,etc.....or a new a firm specialized in canning other seafood products than Tunas such as CANNED OCTOPUS;SEASHELL;CRABS,ro driied seafoods,etc..etc..etc..

    SNAIL FARMING --this product is a delicatessen in many countries(e.g France import 1.8 million kilo of SNAIL annually,but there is also a big market in Asia),Or fFARMING OFV SEYCHELLES EDIBLE MUSHROOM(for local market and export):hence an import makret that could boost revenues of Farmers part from their normal and daily business of fishing and selling fresh fish.

    PP can help farmers by asking foreign hotel woners to pruchase their fsh,vegetable locally rather than import,and maybe FARMERS should also have a strong association that could for instance,supply any shortage of fsh etc.. not avalaibel locally for establishment which need it instead of each establishment importing fish etc individually.By doing so farmers would have control of the fish market thus allow them to genrate more revenues and make them able to live dissently on their job.This is a way that government can ensure that hotesl purchase locally and ensure that any shortage on supply locally can be provided by the farmers association etc..etc....If farmers would not be in the postion to supply demand at any time than it would be difficult to ask fish importers to purchase locally.

    Jeanne D`'Arc

    Jeanne D'Arc

  6. IMF tell s it would help us reduce our debt by %0 percent.The thing that IMF is silecneon is the fact that every year IMF comes to our shores to gift Pp more loan thus debt which IMF does not count or recrod as part of the gross debt we have to pay back.While we pay on one side(debt to other countires)IMF keep it stable by givin us more debt which keeps us in the vicious cirlce call depedency of foreign aid.IMF gives us the impression that all the money is gifting Pp is not Debt but money given for free.NoIMF it is alos debt ,debt that does not keep crowing and increase each year-

    STOP GIVE IAD to Pp rogue regime IMF.

    Jeanne D'Arc

  7. Reduce seychelles debt by 50 percent--TO do this ,IMF thinks the solution is by indebting us with IMF loans.IMF wants to be the only creditor, than it could have total control on us.Under partilepep,the aid ,since to be renewed every five years,but looking closer to the trend you will find out it is meant to be forever.unless we get those who failed us out of business.We cannot succeed by following the same proven failed policies.

  8. GDP grow but still begging IMF this suck Seychellios!!!

  9. Michel and co keeping making our coffer empty but when you will go,you will go only with your coffin think about that.

    Talking about Somalia pirates in our EZZ this regime themselves have been modern pirates seen 1977 on this island.

  10. Begging IMF to give more free healthcare those 15,000 immigrant workers maybe now its 2 time more than that this wear Seychellios peoples lost also those immigrant are getting our healthcare for free,free medicine.

    Seychellios IMF is like a bank and a bank its every time welcome you for more credit,than you have to pay back more you borrow from them with profit,better stop IMF fool you and this sytem full of moron fool you more and more.Seychellios have to stop the bail out from IMF like Greece,Spain peoples did and other EU country.
    IMF have seen a monkey behind a desk at State House that just shake head up and down say yes give hand bail me out for more 5 years.IMf what you bail them out with will end up on their account for their campaign for 2016 fraud election.We have enough of your bail out IMF we cant take it no more of your crap and this government crap every year.


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