IMF Staff Country Reports

Seychelles: Fourth Reviews Under the Arrangement Under the Extended Fund Facility and the Arrangement Under the Resilience and Sustainability, Request for Modification of Performance Criteria, and Request for Modification of Reform Measures Under the Resilience and Sustainability Facility-Press Release; Staff Report; and Statement by the Executive Director for Seychelles

June 24, 2025

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International Monetary Fund. African Dept. "Seychelles: Fourth Reviews Under the Arrangement Under the Extended Fund Facility and the Arrangement Under the Resilience and Sustainability, Request for Modification of Performance Criteria, and Request for Modification of Reform Measures Under the Resilience and Sustainability Facility-Press Release; Staff Report; and Statement by the Executive Director for Seychelles", IMF Staff Country Reports 2025, 147 (2025), accessed July 10, 2025, https://doi.org/10.5089/9798229014274.002

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Summary

Economic growth for Seychelles in 2024 is estimated at 2.9 percent. Year-on-year inflation reached 1.7 percent as of December, driven by an increase in utility prices and pass-through effects of currency depreciation. Fiscal performance in 2024 was tighter than budgeted, driven mainly by underspending on capital expenditure. The current account deficit widened to 7.9 percent of GDP in 2024, but gross international reserves increased to $774 million (equivalent to 3.8 months of imports and 115 percent of the ARA metric). General elections are scheduled for late-September of this year.

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