## 2.   Travel Services Based on New Estimation Model

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### Assessment of existing travel services estimates
- Travel services are the main component of Seychelles current account and are deemed to be considerably underestimated.
- The CBS has been estimating travel services based on foreign exchange (FX) transactions, which significantly undercounts tours booked outside the country in foreign currencies.
- The mission (remote ESS TA to the CBS during October 4–13, 2021) assessed the prior methodology and quality of estimates.

### New estimation model
- The CBS developed a new estimation model based on:
  - statistics on number of visitors,
  - hotels occupancy,
  - other expenses made by foreigners.
- The mission assessed that the new estimation model has a sufficient quality for use.
- New model aggregates earnings from tourism in four areas: accommodation, extra expenses, domestic ferry, and domestic flights.
  - Accommodation revenue = number of beds occupied × bed rate × number of visitors. Data sources: National Bureau of Statistics (NBS), internet, and Immigration and Civile Status Department.
  - Assumptions are made on the proportion of tourists in different establishment types.
  - Extra expenses = total number of visitors × expenditure per visitor; expenditure per visitor is estimated considering past years’ trends and is taken at level of 11 percent of accommodations.
  - Tourist spending on ferry and domestic flights uses NBS statistics on number of visitors assuming one-fourth visit Pralin, of which half use ferry and half take domestic flights.

### Impact and historical adjustments
- The use of the new estimates of travel services would reduce the current account deficit significantly and will have a positive impact on GDP.
- The mission recommended using the new estimates beginning with balance of payments for Q1 2022, with backward adjustments from 2016.
- Recommended start for backward adjustments: 2016 (estimates before 2016 are less accurate due to reliability issues in source data).
- Compilers should estimate offsetting entries while using new travel estimates to avoid increasing errors and omissions. Possible offsetting entries include:
  - Other sectors’ currency and deposits (assets)
  - Trade credit and advances (liabilities)
  - Investment income
- Corresponding components of the IIP should also be adjusted.
- Compilers should inform users about the foreseen changes in balance of payments before its release.

### Comparison of travel estimates (new model vs BOP travel, mil. USD)
- 2013:
  - Q1 162.6, Q2 165.4, Q3 180.0, Q4 175.0, Annual total 682.9, BOP 430.2, Difference 252.7, Ratio in data from new model 63.0%
- 2014:
  - Q1 150.0, Q2 150.7, Q3 150.8, Q4 144.6, Annual total 596.1, BOP 397.6, Difference 198.5, Ratio in data from new model 66.7%
- 2015:
  - Q1 131.8, Q2 134.8, Q3 146.2, Q4 143.4, Annual total 556.2, BOP 392.4, Difference 163.8, Ratio in data from new model 70.5%
- 2016:
  - Q1 138.2, Q2 140.3, Q3 145.6, Q4 139.4, Annual total 563.6, BOP 413.7, Difference 150.0, Ratio in data from new model 73.4%
- 2017:
  - Q1 146.2, Q2 146.8, Q3 169.2, Q4 172.5, Annual total 634.7, BOP 482.7, Difference 152.0, Ratio in data from new model 76.1%
- 2018:
  - Q1 173.8, Q2 153.1, Q3 167.3, Q4 179.9, Annual total 674.1, BOP 563.9, Difference 110.2, Ratio in data from new model 83.6%

### Appendix IV — Current account and major components (Balance of Payments USD millions) — reported for years 2016, 2017, 2018, 2019 under two estimation models
- Current account:
  - Balance of Payments (original): -287.4, -295.7, -282.9, -271.6
  - Balance of Payments (tourism services - current estimation model): -84.5, -118.9, -197.4, -111.5
- Goods and services:
  - Balance of Payments (original): -145.5, -143.8, -179.5, -183.6
  - Balance of Payments (tourism services - current estimation model): 57.4, 32.9, -93.9, -23.5
- Credit (Goods and services):
  - Balance of Payments (original): 1352.9, 1562.9, 1678.4, 1609.2
  - Balance of Payments (tourism services - current estimation model): 1555.9, 1739.7, 1763.9, 1769.4
- Debit (Goods and services): 1498.4, 1706.8, 1857.8, 1792.8 (same for both tourism estimation models)
- Goods (net):
  - Balance of Payments (original and tourism models): -531.9, -590.3, -615.4, -630.6
  - Goods credit: 459.2, 564.8, 572.7, 483.2 (same for both models)
  - Of which re-export (goods credit component): 172.7, 278.4, 242.0, 259.5 (same for both models)
  - Goods debit: 991.0, 1155.1, 1188.1, 1113.8 (same for both models)
- Services:
  - Balance of Payments (original): 386.3, 446.5, 435.9, 447.0
  - Balance of Payments (tourism services - current estimation model): 589.3, 623.2, 521.5, 607.1
  - Services credit:
    - Original: 893.7, 998.1, 1105.7, 1126.0
    - Tourism model: 1096.7, 1174.9, 1191.3, 1286.2
  - Of which travel (services credit component):
    - Original: 413.7, 482.7, 559.2, 589.7
    - Tourism model: 616.6, 694.8, 711.2, 806.1
  - Services debit: 507.4, 551.6, 669.8, 679.1 (same for both models)
- Primary income:
  - Net: -132.2, -136.2, -105.0, -81.6 (same for both models)
  - Primary income credit: 13.3, 15.5, 23.4, 24.1 (same for both models)
  - Primary income debit: 145.5, 151.7, 128.4, 105.7 (same for both models)
- Secondary income:
  - Net: -9.7, -15.7, 1.5, -6.4 (same for both models)
  - Secondary income credit: 47.8, 42.4, 63.3, 59.8 (same for both models)
  - Secondary income debit: 57.5, 58.1, 61.8, 66.2 (same for both models)
- Capital account:
  - Net: 54.2, 52.3, 49.8, 38.3 (same for both models)
  - Capital account credit: 54.2, 52.3, 49.8, 38.3 (same for both models)
  - Capital account debit: 0.0, 0.0, 0.0, 0.0 (same for both models)

### Implementation timeline and related actions
- Compile the data on travel services applying the new estimation model: Starting with data for Q1 2022.
- Revise backward data on travel services based on new estimation model: March 2022.
- Adjust the 2019–2020 CSPs Survey results and revise balance of payments, IIP, and external debt for 2019–2020 to incorporate adjusted SPEs data (relevant to integrating offshore activity data that affect travel and current account aggregates).

### Mission assessment and recommended adjustments to the model
- Mission assessment: new estimation model is suitable because it can estimate tourist expenses regardless of whether payments enter the domestic banking system.
- Recommended analytical improvements:
  - Analyze visitors by type and apply different levels of expenses for different types of visitors.
  - Consider capturing tourists’ expenses for domestic flights to islands other than Pralin.

### Policy and operational recommendations
- Use the new estimation model for travel services beginning with Q1 2022 and perform backward adjustments from 2016.
- Ensure the adjusted travel services estimates are incorporated into revised balance of payments and IIP statistics.
- While applying new travel estimates, estimate and record offsetting entries to avoid increases in errors and omissions.
- Strengthen staff resources allocated to ESS compilation so compilers can devote adequate time to data collection, validation, and compilation.
- Coordinate CBS and FSA efforts to improve coverage and timeliness of source data (including CSPs reporting).

### Staff resources for ESS compilation
- Current staffing: three staff members are mainly compiling balance of payments, IIP, and external debt; a few other staff help data collection through surveys.
- Issue: Staff assigned to compilation perform other functions, reducing time for ESS data collection, validation, and compilation; this impacts timeliness and coverage, including development of new data sources and follow-up with reporters.
- Recommendation on staff allocation:
  - Consider reducing the assignment of balance of payments and IIP compilers to tasks not related to ESS to allow sufficient time for regular outreach to reporters and quality improvement.
- Training gap:
  - Two of the three staff members assigned to balance of payments, IIP, and external debt compilation have not undertaken any training on ESS methodology.
  - Mission recommended compilers undertake the new online course on Balance of Payments and IIP Statistics launched in 2021; it is delivered every four months; the next round will start in January 2022.
- Recommendations (staff resources):
  - Consider reducing the assignment of balance of payments and IIP compilers to tasks not related to ESS;
  - Assign the CBS ESS compilers to take the IMF’s online course on Balance of Payments and IIP Statistics.

### Appendix V — Progress on Action Plan (selected priorities and implementation status)
- Offshore activity actions (selection):
  - Make adjustments to the 2013–2015 CSP survey results: Target Completion Date: August 2017; Implementation Status: Partially completed; Note: Data for missing companies not estimated as no descript data by CSL were available.
  - Incorporate the adjusted offshore data for 2013–2015 in balance of payments and IIP: Target Completion Date: September, 2017; Implementation Status: Completed.
  - Cross-check consolidated financial statements of offshore companies with compiled BOP and IIP and revise for 2013–2016: Target Completion Date: August 31, 2017; Implementation Status: Not implemented.
  - Adjust the CSP survey form for separate identification of newly incorporated offshore entities: Target Completion Date: May 2017; Implementation Status: Completed.
  - Revise compiled BOP, IIP, and external debt data for excluding assets and liabilities of offshore entities with resident banks: Target Completion Date: September 2017; Implementation Status: Completed.
- Non-offshore activity actions (selection):
  - Use information from self-assessment business tax returns provided by resident companies to SRC for adjusting BOP and IIP for 2015: Target Completion Date: September 2017; Implementation Status: Partially implemented.
  - Sign MOU between CBS and RD regarding provision of financial statements to CBS for ESS purposes: Target Completion Date: September 2017; Implementation Status: Completed; Note: The MOU signed in June 2021.
  - Adjust BOP and IIP data based on financial statements from RD: Target Completion Date: April 2018; Implementation Status: Partially implemented.
- Enhancing working procedures and staffing (selection):
  - Reconsider assignment of responsibilities to each BOP/IIP/external debt statistics team member: Target Completion Date: May 2017; Implementation Status: Completed.
  - Organize working process assuring “front office” and “back office” checking and validation procedures: Target Completion Date: May 2017; Implementation Status: Completed.
  - Explore possibility of increasing staff resources allocated to ESS: Target Completion Date: September 2017; Implementation Status: Not implemented.

*Source: 2.   Travel Services Based on New Estimation Model (1sycea2022002).*

### 2.   Travel Services Based on New Estimation Model ___________________________________________________ 11

### 2.   Travel Services Based on New Estimation Model

### Assessment of existing travel services estimates
- Travel services are the main component of Seychelles current account and are deemed to be considerably underestimated.
- The CBS has been estimating travel services based on foreign exchange (FX) transactions, which significantly undercounts tours booked outside the country in foreign currencies.
- The mission (remote ESS TA to the CBS during October 4–13, 2021) assessed the prior methodology and quality of estimates.

### New estimation model
- The CBS developed a new estimation model based on:
  - statistics on number of visitors,
  - hotels occupancy,
  - other expenses made by foreigners.
- The mission assessed that the new estimation model has a sufficient quality for use.

### Impact and historical adjustments
- The use of the new estimates of travel services would reduce the current account deficit significantly and will have a positive impact on GDP.
- Table 3 (referenced in the source) shows the estimated increase in travel receipts for 2013–18.
- The mission recommended using the new estimates beginning with balance of payments for Q1 2022, with backward adjustments from 2016.

### Implementation timeline and related actions
- Compile the data on travel services applying the new estimation model: Starting with data for Q1 2022.
- Revise backward data on travel services based on new estimation model: March 2022.
- Adjust the 2019–2020 CSPs Survey results and revise balance of payments, IIP, and external debt for 2019–2020 to incorporate adjusted SPEs data (relevant to integrating offshore activity data that affect travel and current account aggregates).

### Policy and operational recommendations
- Use the new estimation model for travel services beginning with Q1 2022 and perform backward adjustments from 2016.
- Ensure the adjusted travel services estimates are incorporated into revised balance of payments and IIP statistics.
- Strengthen staff resources allocated to ESS compilation so compilers can devote adequate time to data collection, validation, and compilation (including taking the IMF online course on Balance of Payments and IIP Statistics launched in 2021).
- Coordinate CBS and FSA efforts to improve coverage and timeliness of source data (including CSPs reporting) which underpin travel and broader current account estimates.

*Source: 2.   Travel Services Based on New Estimation Model (1sycea2022002).*

### 22.      The data on travel services—the main component of Seychelles current account—

### 22.      The data on travel services—the main component of Seychelles current account—

### Underestimation of travel services in the balance of payments
- Travel services included in the balance of payments are deemed to be considerably underestimated.
- CBS has been estimating travel based on data on FX transactions after the switch from goods and services taxes paid by services providers to value added taxes and the discontinuation of provision of data on tourism sales by the Seychelles Revenue Commission (SRC).
- The FX-transactions-based estimation method causes significant underestimation because tours booked outside the country in foreign currencies are not covered.

### New CBS estimation model for travel services
- The new model sums earnings generated from tourism in four areas: accommodation, extra expenses, domestic ferry, and domestic flights (all international flights are operated by nonresident airlines).
- Accommodation revenue = number of beds occupied × bed rate × number of visitors. Data sources: National Bureau of Statistics (NBS), internet, and Immigration and Civile Status Department.
- Assumptions are made on the proportion of tourists in different establishment types.
- Extra expenses = total number of visitors × expenditure per visitor; expenditure per visitor is estimated considering past years’ trends and is taken at level of 11 percent of accommodations.
- Tourist spending on ferry and domestic flights uses NBS statistics on number of visitors assuming one-fourth visit Pralin, of which half use ferry and half take domestic flights.
- Comparison of estimates based on new model and current balance of payments data for travel services (mil. USD):
  - 2013: Q1 162.6, Q2 165.4, Q3 180.0, Q4 175.0, Annual total 682.9, BOP 430.2, Difference 252.7, Ratio in data from new model 63.0%
  - 2014: Q1 150.0, Q2 150.7, Q3 150.8, Q4 144.6, Annual total 596.1, BOP 397.6, Difference 198.5, Ratio in data from new model 66.7%
  - 2015: Q1 131.8, Q2 134.8, Q3 146.2, Q4 143.4, Annual total 556.2, BOP 392.4, Difference 163.8, Ratio in data from new model 70.5%
  - 2016: Q1 138.2, Q2 140.3, Q3 145.6, Q4 139.4, Annual total 563.6, BOP 413.7, Difference 150.0, Ratio in data from new model 73.4%
  - 2017: Q1 146.2, Q2 146.8, Q3 169.2, Q4 172.5, Annual total 634.7, BOP 482.7, Difference 152.0, Ratio in data from new model 76.1%
  - 2018: Q1 173.8, Q2 153.1, Q3 167.3, Q4 179.9, Annual total 674.1, BOP 563.9, Difference 110.2, Ratio in data from new model 83.6%

### Mission assessment and recommended adjustments
- The mission assessed the new estimation model and found it suitable because it can estimate tourist expenses regardless of whether payments enter the domestic banking system.
- Recommended adjustments:
  - Analyze visitors by type and apply different levels of expenses for different types of visitors.
  - Consider capturing tourists’ expenses for domestic flights to islands other than Pralin.

### Implementation implications and timing
- CBS should start incorporating the new estimates for travel services in balance of payments compilation beginning with balance of payments for Q1 2022, with backward adjustments from 2016.
- The year 2016 is recommended as the start for backward adjustments because estimates for years before 2016 are less accurate due to reliability issues in source data.
- Preliminary calculations show new travel services estimates would significantly reduce the current account deficit (see Appendix IV in source).
- While using new estimates for travel services, compilers should estimate offsetting entries to avoid imbalances that would increase errors and omissions. Possible offsetting entries include:
  - Other sectors’ currency and deposits (assets)
  - Trade credit and advances (liabilities)
  - Investment income
- Corresponding components of the IIP should also be adjusted.
- Compilers should inform users about the foreseen changes in balance of payments before its release.

### Recommendations (travel services)
- Compile the data on travel services applying the new estimation model;
- Revise backward data on travel services based on new estimation model.

### Staff resources for ESS compilation (section D)
- Current staffing: three staff members are mainly compiling balance of payments, IIP, and external debt; a few other staff help data collection through surveys.
- Issue: Staff assigned to compilation perform other functions, reducing time for ESS data collection, validation, and compilation; this impacts timeliness and coverage, including development of new data sources and follow-up with reporters.
- Recommendation on staff allocation:
  - Consider reducing the assignment of balance of payments and IIP compilers to tasks not related to ESS to allow sufficient time for regular outreach to reporters and quality improvement.
- Training gap:
  - Two of the three staff members assigned to balance of payments, IIP, and external debt compilation have not undertaken any training on ESS methodology.
  - Mission recommended compilers undertake the new online course on Balance of Payments and IIP Statistics launched in 2021; it is delivered every four months; the next round will start in January 2022.
- Recommendations (staff resources):
  - Consider reducing the assignment of balance of payments and IIP compilers to tasks not related to ESS;
  - Assign the CBS ESS compilers to take the IMF’s online course on Balance of Payments and IIP Statistics.

*Source: 1sycea2022002 - 22.      The data on travel services—the main component of Seychelles current account—*

### 8.1     Direct  investment income related to SPEs

### 8.1     Direct  investment income related to SPEs

### Dividends and related direct investment income (section 8.1.1)
- Direct investor in direct investment enterprises: 3,183,674.00
- (unspecified entry): 6,883.00
- Direct investment enterprises in direct investor (reverse investment): (no numeric value provided)
- Between fellow enterprises: (no numeric value provided)

### Reinvested earnings (section 8.1.2)
- Reinvested earnings: -  
- Reinvested earnings (alternate entry): 64,294.00

### Interest (section 8.1.3)
- Direct investor in direct investment enterprises: (no numeric value provided)
- Direct investment enterprises in direct investor (reverse investment): (no numeric value provided)
- Between fellow enterprises: (no numeric value provided)

### Cross-references to BOP reporting
- Portfolio investment income as reported in BOP: Total to  be drawn from BOP
- Other investment income as reported in BOP: Total to  be drawn from BOP

### Other investment income related to SPEs (section 8.3)
- Other investment income related to SPEs: 989,020.56
- (secondary entry): 191,738.00
- Of which: Interest: (no numeric value provided)

### Secondary income related to SPEs (V.)
- Secondary income (related to SPEs): -  
- Secondary income (additional entry): -

*SEYCHELLES — INTERNATIONAL   MONETARY  FUND.*

### Appendix IV. Current Account with Data on Travel Applying Two Estimation Models

### Current account and major components (Balance of Payments USD millions) — reported for years 2016, 2017, 2018, 2019 under two estimation models
- Current account:
  - Balance of Payments (original): -287.4, -295.7, -282.9, -271.6
  - Balance of Payments (tourism services - current estimation model): -84.5, -118.9, -197.4, -111.5
- Goods and services:
  - Balance of Payments (original): -145.5, -143.8, -179.5, -183.6
  - Balance of Payments (tourism services - current estimation model): 57.4, 32.9, -93.9, -23.5
- Credit (Goods and services):
  - Balance of Payments (original): 1352.9, 1562.9, 1678.4, 1609.2
  - Balance of Payments (tourism services - current estimation model): 1555.9, 1739.7, 1763.9, 1769.4
- Debit (Goods and services):
  - 1498.4, 1706.8, 1857.8, 1792.8 (same for both tourism estimation models)
- Goods (net):
  - Balance of Payments (original and tourism models): -531.9, -590.3, -615.4, -630.6
  - Goods credit: 459.2, 564.8, 572.7, 483.2 (same for both models)
  - Of which re-export (goods credit component): 172.7, 278.4, 242.0, 259.5 (same for both models)
  - Goods debit: 991.0, 1155.1, 1188.1, 1113.8 (same for both models)
- Services:
  - Balance of Payments (original): 386.3, 446.5, 435.9, 447.0
  - Balance of Payments (tourism services - current estimation model): 589.3, 623.2, 521.5, 607.1
  - Services credit:
    - Original: 893.7, 998.1, 1105.7, 1126.0
    - Tourism model: 1096.7, 1174.9, 1191.3, 1286.2
  - Of which travel (services credit component):
    - Original: 413.7, 482.7, 559.2, 589.7
    - Tourism model: 616.6, 694.8, 711.2, 806.1
  - Services debit: 507.4, 551.6, 669.8, 679.1 (same for both models)
- Primary income:
  - Net: -132.2, -136.2, -105.0, -81.6 (same for both models)
  - Primary income credit: 13.3, 15.5, 23.4, 24.1 (same for both models)
  - Primary income debit: 145.5, 151.7, 128.4, 105.7 (same for both models)
- Secondary income:
  - Net: -9.7, -15.7, 1.5, -6.4 (same for both models)
  - Secondary income credit: 47.8, 42.4, 63.3, 59.8 (same for both models)
  - Secondary income debit: 57.5, 58.1, 61.8, 66.2 (same for both models)
- Capital account:
  - Net: 54.2, 52.3, 49.8, 38.3 (same for both models)
  - Capital account credit: 54.2, 52.3, 49.8, 38.3 (same for both models)
  - Capital account debit: 0.0, 0.0, 0.0, 0.0 (same for both models)

*SEYCHELLES — INTERNATIONAL   MONETARY  FUND.*

### Appendix V. Progress on Action Plan of January 2019 Mission — priority actions, targets, and implementation status

### Statistics of offshore activity — priority actions and status
- Make adjustments to the 2013–2015 CSP survey results for: estimating the missing companies included in the previous years’ report; addressing mistakes and inconsistencies identified during the mission
  - Target Completion Date: August 2017
  - Implementation Status: Partially completed
  - Note: Data for missing companies not estimated as no descript data by CSL were available
- Incorporate the adjusted offshore data for 2013–2015 in balance of payments and IIP
  - Target Completion Date: September, 2017
  - Implementation Status: Completed
- Gather from the FSA the available financial statements of CSLs for 2014–2015 and process the data for the balance of payments and IIP purpose
  - Target Completion Date: August 2017
  - Implementation Status: Partially completed
  - Note: Financial statements not available at FSA for the given period
- Cross-check the consolidated data from financial statements of offshore companies with compiled balance of payments and IIP data and revise accordingly the balance of payments, IIP, and external debt data for 2013–2016
  - Target Completion Date: August 31, 2017
  - Implementation Status: Not implemented
  - Note: See explanations above
- Adjust the CSP survey form based on the mission’s recommendations, including for separate identification of data for newly incorporated offshore entities
  - Target Completion Date: May 2017
  - Implementation Status: Completed
- Launch the 2017 CSP survey for collecting CSLs transactions and positions for 2016 and 2015 (revised) building on lessons from the 2016 exercise
  - Target Completion Date: June 2017
  - Implementation Status: Completed
- Follow up with CSPs that have not reported or reported with a low coverage
  - Target Completion Date: September 2017
  - Implementation Status: Partially completed
  - Note: The CBS followed-up but the reporters’ response was limited
- Validate and process the 2017 CSP survey results applying check, validation, and aggregation procedures discussed during the mission
  - Target Completion Date: September 2017
  - Implementation Status: Completed
- Finalize the CSP survey results based on the cross-check results and estimations for missing data
  - Target Completion Date: October 2017
  - Implementation Status: Completed
- Revise the balance of payments, IIP, and external debt data for 2015–2016 based on the data from CSP survey
  - Target Completion Date: November 2017
  - Implementation Status: Completed
- Request from the FSA the financial statements of insurance companies incorporated in Seychelles (both onshore and offshore) for 2013–2016 and process the data for the ESS purpose applying methods discussed during the mission
  - Target Completion Date: August 2017
  - Implementation Status: Work in progress
- Incorporate the data on insurance activity in ESS
  - Target Completion Date: September 2017
  - Implementation Status: Not implemented
- Amend the return C(viii) Net Foreign Assets Position reported by the commercial banks for identifying positions in assets and liabilities of offshore entities incorporated in Seychelles (benchmark action)
  - Target Completion Date: June 2017
  - Implementation Status: Completed
- Revise the compiled balance of payments, IIP, and external debt data for excluding assets and liabilities of offshore entities incorporated in Seychelles with resident banks from external assets and liabilities of deposit taking corporations
  - Target Completion Date: September 2017
  - Implementation Status: Completed

### Statistics of non-offshore activity — priority actions and status
- Use the information from the self-assessment business tax returns provided by resident companies to SRC for adjusting the balance of payments and IIP data for 2015
  - Target Completion Date: September 2017
  - Implementation Status: Partially implemented
  - Note: The self-assessment business tax returns for targeted companies were not available.
- Enforce the provision of financial statements by resident entities to the Registration Division (RD) of the Department of Legal Affairs (President's Office)
  - Target Completion Date: August 2017
  - Implementation Status: Work in progress
- Sign a Memorandum of Understanding (MOU) between the CBS and RD regarding the provision to the CBS of copies of financial statements of resident entities for ESS purposes
  - Target Completion Date: September 2017
  - Implementation Status: Completed
  - Note: The MOU signed in June 2021
- Adjust the balance of payments and IIP data based on the information from financial statements of resident entities received from the RD
  - Target Completion Date: April 2018
  - Implementation Status: Partially implemented
  - Note: See explanations above
- Launch the survey of two fishing companies involved in semi-industrial (artisanal) fishing
  - Target Completion Date: August 2017
  - Implementation Status: Not implemented
- Develop and implement new estimation method for the personal transfers received by the Seychelles residents
  - Target Completion Date: August 2017
  - Implementation Status: Work in progress

### Enhancing the working procedures and staffing — priority actions and status
- Reconsider the assignment of responsibilities to each balance of payments/IIP/external debt statistics team member or assuring the coverage of each main sector by two staff that will back up each other
  - Target Completion Date: May 2017
  - Implementation Status: Completed
- Organize the working process for collecting and compiling the ESS assuring the establishment of “front office” and “back office” checking and validation procedures of collected and processed data
  - Target Completion Date: May 2017
  - Implementation Status: Completed
- Explore the possibility of increasing the staff resources allocate to the ESS considering the increasing workload due to the processing of financial statements of offshore and non-offshore entities
  - Target Completion Date: September 2017
  - Implementation Status: Not implemented

*SEYCHELLES — INTERNATIONAL   MONETARY  FUND.*

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_Source: https://www.imf.org/-/media/files/publications/cr/2022/english/1sycea2022002.pdf_