Press Release No. 25/366

IMF Staff Concludes Visit to Seychelles

November 11, 2025

End-of-Mission press releases include statements of IMF staff teams that convey preliminary findings after a visit to a country. The views expressed in this statement are those of the IMF staff and do not necessarily represent the views of the IMF’s Executive Board. This mission will not result in a Board discussion.
  • Strong tourist activity is expected to raise real GDP growth above 4 percent in 2025, with total arrivals expected to exceed the record level set in 2019. Despite stronger than expected growth, consumer price inflation has remained below 1 percent through October.
  • The external current account balance has been strengthened by the increase in tourism income. Gross foreign exchange reserves rose to $878 million in November, equivalent to about 4 months of goods and services imports.
  • Discussions centered on economic elements of the new government’s 100-day agenda, the outlook for the 2026 budget, the monetary policy stance, financial sector supervision, and medium-term reforms to sustain inclusive economic growth and achieve the government’s objective of lowering the ratio of public debt to GDP.

Washington, DC: An International Monetary Fund (IMF) staff team, led by Mr. Todd Schneider, visited Victoria, Seychelles from November 3-10, 2025, as part of the Fund’s regular engagement with the Seychellois authorities and other stakeholders.

At the conclusion of the visit, Mr. Schneider issued the following statement:

“The IMF mission held productive discussions with the economic team following national elections in October. The staff visit was an opportunity to exchange views on recent economic developments, assess new initiatives under the government’s 100-day agenda, and discuss key elements of the 2026 budget framework.

“Seychelles’ economic growth in 2025 is stronger than previously anticipated—bolstered by an anticipated record number of tourist arrivals by end-year. Headline inflation has remained low at 0.3 percent through October. Low food and fuel prices combined with a relatively stable rupee vis-à-vis the dollar will likely keep inflation contained.

“The rise in tourist income has strengthened the balance of payments in 2025. The external current account deficit is projected to fall to about 5 percent of GDP, compared to a deficit of 8 percent in 2024. In this context, the Central Bank of Seychelles has increased its buffer of foreign exchange reserves to over $870 million, in line with IMF advice.

“An IMF staff team is expected to return to Victoria in the first part of 2026 to conduct the fifth and sixth reviews under the programs supported by the Extended Fund Facility (EFF) and the Resilience and Sustainability Facility (RSF).

“IMF staff met with the Minister of Finance, Economic Planning, Trade, and Investment, Mr. Pierre Laporte, the Honorable Caroline Abel, Governor of the Central Bank of Seychelles, and their respective teams, as well as other stakeholders. The IMF team wishes to express its sincere appreciation to the Seychellois authorities and all counterparts for their warm hospitality, open dialogue, and excellent cooperation throughout the mission.”

 

IMF Communications Department
MEDIA RELATIONS

PRESS OFFICER: Rahim Kanani

Phone: +1 202 623-7100Email: MEDIA@IMF.org