Seychelles economic growth weakens

This is according to the International Monetary Fund (IMF) who led a staff mission to the island for its first review under the IMF’s Extended Fund Facility (EFF) arrangement.
Seychelles’ tuna and tourism revenues remained weak after reporting exceptional results in 2013 while  domestic demand and imports has grown strongly following a 13 per cent boost in earnings an a 16 per cent growth in credit to the private sector.
“The combination of weak export earnings and rising imports has led to pressure on the balance of payments,” said Marshall Mills, mission chief at the IMF.“The authorities have the tools and determination to manage these short-term pressures. Monetary and fiscal policies are being tightened, with lower reserve money targets and higher primary surplus targets than envisaged in the program.”
Overall, the IMF is confident that the Seychellois government is on track to meet its key objective of reducing public debt below 50 per cent of GDP by 2018. Also, inflation is projected to be at 2.3 per cent for this year.

“The Seychellois authorities continue to strengthen the fundamentals of the economy, as well as the conditions for its sustained growth. The authorities successfully met all their quantitative program targets for end-June. The sizeable fiscal primary surplus and increase in international reserves this year bolster the resilience of the economy, in line with the objectives of the IMF-supported program,” added Mills.
For 2015, the IMF expects economic growth to increase slightly to three per cent due to policy adjustments and a gradual recovery in tourism and tuna exports.
“Fiscal policy will remain on track to meet the debt reduction target, while monetary policy is expected to steer inflation back to low single digits by the end of 2015, despite pressures from depreciation. International reserves are expected to remain stable in 2015, with adequate import coverage, according to staff assessments,” he added.
The IMF noted that wage levels need to also stay compatible in order to preserve gains made in macroeconomic stability and to ensure international competitiveness.
“The authorities’ structural reform agenda continues to advance. The authorities are on track to implement all structural measures planned for the first review in a timely manner. Staff highlighted the risks that public enterprises can pose to the public finances and development of the private sector and stressed the importance of pursuing plans to strengthen their oversight and governance, while enlarging the private sector’s role in the economy.”


  1. With a Corruption government you get no future no GDP growth when you will get it Seychellios?Nearly 40 years with this corrupt government you should know by now we been moving backward like kanmaron and also still lost of debts to be paid back ,that mean Seychellios next year you have to put your hands deeper into your pockets.


  2. This is what happen when you get a corrupted political party in power for almost 40 years, a President with minimal or no education at all, keep wasting the people's money, and people working around him take advantages. They said one thing while doing the opposite. Even my grandmother can understand that.

    Donn li ankor cenk!

  3. Mr. Gil ti dir zot beze i la anba fey bodamier.
    La bous zot fes !
    Kaka Arab ki zot le , kaka Arab ki zot Pou mane parey la sup tec tec.

  4. Its been published in the Nation that local firm Oceana Fisheries has launched its first long liner as it hopes to acquire 14 others. The question is who owes 'Oceana Fisheries'?. Do not be deceived, those grand scale developments we see these days are not 'Seychellois' although they are 'local'. Most of those massive investments are money laundering, the investors are foreigners who want to hide their ill-gotten wealth in concrete (hotel like Savoy) or steel (ships like long liner) where they feel the wealth would be solidly safe. Take the building at North East point for example, they wanted a fortress and did not care how it looks to the public view and to the environment. Anyway, could someone tell us who owes Oceana Fisheries? Would find it strange if it is 100% Seychellois.
    Seychelles Airlines cannot take off because it is a genuine local and Seychelles company which is not paying corruption money to have its license.

  5. The worse is yet to come!
    Jj spirit!

  6. My friend said that the more he watched the Seychelles news the more he became convinced that nothing can be remedied there. It will take generations to cleanse people's souls of the effects of this radioactive SBC.

  7. I have said it before, I will say it again....In the eyes of Michel and Parti Le Pep, Seselwa is good for small SENPA business. SESELWA can only be good for big business if they prostrate to Michel and support Parti Le Pep ! Foreigners are prepared to make big donations to Jj Spirit - that is why Savoy - Oceana - and its likes exist. On the other hand we all know why big Seselwa business like Intelvision and Capital City exist. Enough said for today. SPTC

  8. Who owes Ocean Fisheries?I bet foreigners no else from Asia or Russian I was wishing those kind of business will be in the hands of Seychellios instead it goes in foreigners hand once again.NOT a shame you pp foreign ass lickers.
    PP please foreigners with our local resource to hang on in Power all seat and watch.What a bag of moron in Power continue to take out food on Seychellios tables PP have choice not to let one Seychellios become richer.

    If for foreigners must be sink

  9. More camels are on the way to solve pickup transportation that goes dan-leo la-kolin montagn during Christmas period. Worst mistake I've ever done by giving my support to SPUPSPPFPL during my life time. Never again!

    Le Roi Victoria.

  10. Oceana fisheries use to be a booming business.until Radley Weber and Joseph Tirant became money hungry.
    Tirant now open his ass over at la Misere after selling the business to the Russian.He has abused the seychellos who had made him rich.Now he sits over at la Misere and get fucked.Jeanclaude.

  11. In 1981 Le Bon Pwason owned by Peter Gill and partners had 15 boats and bought fish for 25 rupees a kilo from Fishermen.
    The location of this very successful business was the old port where Oceana is placed today.
    This business Le Bon Pwason was destroyed by SPPF because Rene Ferrari Ohodul could not stand to see a Creole Seselwa make money.
    But Peter Gill could count faster then all of them put together since he was a natural accountant.
    They destroyed his business and created SMB monopoly on export of fish.
    They bought from Fishermen at Scr. 10.00 per kilo.
    Oceana opened and it closed.
    Today Russians occupy the place where a Seychellois once ran a very profitable business.
    How have we lost our way?
    Sesel Pou Seselwa!
    Christopher Gill

  12. I've been keeping a tag on how many cannabis plants that's been uprooted since Parti Lepep took power. The numbers are alarming and very soon it will surpass the coconut plantation on Mahe which is only 59 sq.miles!
    What else can I spit out.............Donn li ankor cenk.

  13. Things would not get better.Why?
    In practice ,the purpose of IMF is to bail out broken States,ravaged by povety,in severe financial troubles, pay back their Interantional bills,stabilize their economic,while having adequate Reserves going forwards and finally gain sustainable economic,whithout resorting to destructive measures of National and International prosperity.To these objectives,IMf sets up strict pre-condiditons---political,socio.economic refroms,accountabviltiy and transparency etc...You have noted that none of these pre-conditions have been implemented to date since Imf started bailing out Pl regime in 2008.

    The fact is.Imf loan never arrives to Seychellois for whom it was intended;.And while Hungry faces are used on posters and in Media reports to sell IMF virtues of the loan,it I rarely the hungry who see any of the funds..Poverty may be used to justify the programs,but the loan is almost always given in form "IMF-To-Government"---NB IMF does not sponsor projects.IMF deliberately lend money to Pl thieves and repressive regime despite full awareness of both the ill-nature of the borrowing and the final destination of the borrowed funds.IMF consciously,provides Pl thieves the ability to Borrow,Loot,and Saddle the people with pharaoic debts and to subjugate its people.

    Loan in fact,strengthened Pl dictatorial regime backbone,and is causing major apocalysptic devastation to the people.That explains why Pl regime continues to maintain a quasi-Soviet-style economical and political poilcies for decades,it can not take the crisis mentality that appears crucial to galvanizing the political refroms,which are necessary to implement radical economic.In other Loan to Pl dictatorship not only delay and discourage reforms but itstifler it.The incoherent bureaucracy institutions that result from a highly politicized government uncapable of resolving collective problems and transcending individual or group interests.

    Pl cash-strapped albatross of illegitimate debt diverts money directly from spending on---healthcare,education,renewable energy,sustainabledevelopment,etc...directly int to their private bank accounts in swiss banks,and on foie gras and champaigne ,while their people starve.

    The mind boggling question is Why would Imf continue to pumping in money into the pocket of an irresponsible,crook regime,though all the evidence that loans are lotted and mis-used,and considering the ifnancail risks?Well,Debt is an efficient tool.It ensures to other peoples' economies,infrastruct,natural resources,etc......on cheapest possible terms.if you are confused remember Walter Wriston"If countries do not go bankrupt,CREDITORS do not lose their money,Though,it may take years for the country to pay back,the accrued interests make a hefty return investment.This situation is the epitome of ODIOUS DEBT.The borrowing despot(s) do not care ,for they know regardless what,they would always receive free money on demand.

    That is the problems causes by Pl dictatorship and the blind and non-stop bailing out of Pl by IMF.But ,IMF CONDTIONALITIES(Structural Refroms)also cause and are main problems of why we stay in the vicious circle of dependency and debt.
    I Explain--Let us take for instance the so call FREE TRADE---(a key component of neo-liberalization doctrine),composed to increase efficiency ,attract investors and increase welfare of the country^s citizens.This in fact,represent a type of exploitation,called UNEQUAL EXCHANGE.

    Continues below,Jdrc

  14. Government heeds to increase exports just to keep its currency stable ,(which is not sustainable either) to earn foreign exchange which help to pay off debts.gOVERNEMNT THEREFORE must--SPEND LESS.REDUCE CONSUMPTION,REMOVE REGULATIONS ETC... oVETIME,THE VALUES OF LABOR BEOCEM VOLATILE.The poor countires(like Seychelles9must export more to pay off debt--(because there are many Nations being forced into the Global market place)--before they are even politically,economically and socially stable and ready)--this create more chaos and surfering for borrowing countires.Exporting commodities and resources is seen as favorable to help earn foreign exchange and keep currencies stable.However partly due to the price war scenario,commodities make countires lose out when they export commodities(which are cheaper than finished prodcuts9 ARE DENIED OR EFFECTIVELY BLOCKED FROM INDUSTRIAL CAPITAl and Real technology trafers.And import finished products(which are expensive due to the product from those commodities and to other resources).This lead to less circulation of money in their own economy and a SMALLER MULTIPLIER EFFECT.
    Falling commodities prices have meant that alrge increase in the volume of commodities products have not transferred into greater exports revenues,leading to severe declining terms of Trade for money countires.When purchase power of a country's export declines,a country is unable to purchased imported goods/services necessary for tis sustenance ,as well as generating income for implememntation of sustainable development programs.A fall in commodities have led to a build-up of unsustainable debt.that is called UNEQAUL TRADE.

    FORCED DEVALUATION---Sometimes countires get trapped in a dismal circle in which high inflation causes the country's exports to be uncompetitive.prompting a devaluation that only leads to More INFALTION.etc...Competiveness usually only restored by a decline in REal Wages.This is achieved having wages fall to adjust to the inflationary effects of a devaluation.Either way,we come back to a standard of living decline.

    FDI--it does play an important role in creating growth,but local firms can rarely compete with the multinationals.After the locals go busrt,in the absence of strong effectively enforced competition laws,the internationlas are monopoly powerto hike prices etc...

    PIRVATIZATION---The IMF inissited on selling off State-run enterpirses rapidly---Fast ,of course does not mean efficiently and at lower social cost because of the negative results of many blind privatization.Privatization needs to be part of a more comprehensive program,which entails creating jobs,in tandem with the inevitable jobs destruction that privatization often entails--You need macro-economic policies that stimulate job creation(e.g low interest rates).Corruption is laos a massive problem--when you do not have the appropriate legal structure,and market institutions.Privatization become Briberization.

    Eliminating Subsidies and pirce control-----covered with devaluation ,leads to price increase and reduce Real earnings in the formal and informal sectors.

    FIANACAIL LEbearalization----remove restrictions on the inflow and outflow of Internationla Capital as well as restrictions on what foreign businesses can BUY,OWE,and Operate.Disastrous Capital flows have ruined economies.When the Capital outflow happens to seduce speculators into returning a Nation's own Capital funds.(The Imf demands these countires to rasie interst rate,in order to stabilize currency.D

    The way forward----Debts are obligations to be honored.However,Seychelleseconomy can not produce enough to pay back Pl illegitimate debts;and never will s long as the same devastating economic policies(both IMf/Pl) are continues.
    --when Imf wants to put pressure on an irrespionsible and crooked regime--it commonly imposes sanctions.

    Jeanne D'Arc

  15. 08.02 it is always welcome.But frankly ,it should have been done 5 decades before.Multi-bili9ons of dollars have been robbed from us by International Tuna Seiners.Good to hear we purchasing our own Seiners--but there is also a very important thing to d--namely sort out the tons of discarded fish that are being thrown over board after each catch.(it amounts to the same tons as Tuna catch each time nets are pull up).This is a multi-billions lost and should be dealt is a waste of valuable revenues.

    You also right..most investors are either pl friends or Pl looters that need to get their stolen money laundered like Guy Adams did by building five star hotels,etc.....If not Pl launderers t,they are crooks like Sir Lankan President and family members,indain crooks etc.....

  16. Local Football player injured must sent overseas still Seychelles healthcare not capable improving things now that SFF just receive some sponsor money from Barclays Bank throwing it out of the window.A local footballer injured have to be sent overseas:(

  17. IMF are you to blind to see this government are corrupt?

  18. IMF is not blind. It suits IMF to loan out to a corrupt system. Seychelles does NOT NEED IMF. Seychelles does NOT NEED JAM-BUTTER- PARTI LE PEP. Seychelles NEEDS SFP & GILL. SPTC

  19. IMF= Insane Mathematic Finance.

    What orifice did they pull this out of?
    The only thing I see growing is more Debt, the lies and the nose!
    Keep feeding more bullshits!

  20. Seychelles does not need IMF under the pre-condtions set by the Organization(banker)because these conditionalities are anti---economic,social to Seychlees and Seychellois----IMF actual practices does not make IMF an Agent of poverty,economic growth and sustainable development and finally prosperity ,but rather keeps cborrowing countires denpendent of foreign aid and is creating more acute poverty and econ0mic chaos.IMF handing Loan to a Dictatorship that has never implememnted IMF pre-conditions such as political,soic.economic reforms,accountabilty etc.....should be receiving illegitimate loan from IMf--by doing so --IMF in fact is sponsoring State Terrorism and Huamn Rights abuses by Pl one-party state.In other owrds,IMf can be classified as in the same category as those States that sponsored terrorist groups like Hmas,Al Qiada etc... And Since these loans are not being received by the people of Seychelles as it formally should ,Seychells have the rights to refuse to pay back the illegitimate debts created by IMF/Pl in their names--------Just like a company is not responsible for unauthorized deal made by an rogue Executive in the name of a firm-------Seychellois could not be asked to fit the bills of an illegitimate regime that IMF knew is illegitimate,thuggish,criminal.I guess you would agree--No one would hand bags full of gold to someone you know is a wel-know thief nor would you hand over you bag of dollar to a gang of mafia.That is what IMF is doing and that CONSCIUOSLY,PRE-MEDITATEDLY AND CROOKEDLY.

    Jeanne D'Arc

  21. Write to the head of the organisation about the corruption and misappropriation and usage of the loan simple as that.They will investigate it.

  22. Will they do what you told them to do?

    Seychellios first


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