{
  "title": "IMF Staff Concludes Post-Financing Assessment Mission to Seychelles",
  "publication": "IMF News, September 29, 2026",
  "sourceUrl": "https://www.imf.org/en/news/articles/2026/09/29/pr26310-seychelles-imf-staff-concludes-mission",
  "canonical": "https://www.imf.org/en/news/articles/2026/09/29/pr26310-seychelles-imf-staff-concludes-mission",
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  "summary": "The war in the Middle East has negatively affected tourist arrivals and growth in the short run, but a nascent recovery appears to be underway",
  "publishDate": "2026-09-29",
  "sections": [
    {
      "heading": "Mission overview",
      "content": "- An IMF staff team led by Todd Schneider visited Victoria from September 21-30 to conduct Seychelles’ Post-Financing Assessment (PFA).\n- Press Release No. 26/310 dated September 29, 2026 conveys the IMF staff’s preliminary findings.\n- Seychelles’ 2026 PFA is expected to be discussed at the IMF Executive Board in December 2026."
    },
    {
      "heading": "Short-run growth and tourism impact",
      "content": "- The war in the Middle East has negatively affected tourist arrivals and growth in the short run.\n- Tourist arrivals were reduced particularly during March-June; subsequent months show a nascent recovery.\n- Real GDP growth projection for 2026: 1 percent.\n- Real GDP growth in 2025: 5.8 percent."
    },
    {
      "heading": "Inflation, subsidies, and state-owned enterprises (SOEs)",
      "content": "- Headline inflation remained moderate at 0.9 percent through August.\n- Moderation in inflation reflects a subsidy through state owned enterprises (SOEs) to limit pass-through of rising international commodity prices to domestic markets.\n- The cost of these subsidies has:\n  - Deteriorated some SOE balance sheets.\n  - Reduced dividend payments to the government budget."
    },
    {
      "heading": "External sector and reserves",
      "content": "- The external sector has remained broadly stable despite the recent shock.\n- The rupee has been broadly stable vis-à-vis the U.S. dollar.\n- Central bank foreign exchange reserves remain at about 4 months of import cover."
    },
    {
      "heading": "Financial sector resilience",
      "content": "- Stress on the financial sector appears to have been limited."
    },
    {
      "heading": "Institutional note on the PFA",
      "content": "- A Post-Financing Assessment (PFA) is expected for countries with outstanding IMF credit above the absolute or quota-based thresholds that do not have an IMF-supported program or a staff-monitored program.\n- The PFA reports on:\n  - The members’ policies.\n  - The consistency of the macroeconomic framework with the objective of medium-term viability.\n  - The implications for the member’s capacity to repay the Fund."
    }
  ],
  "bullets": [
    "An IMF staff team led by Todd Schneider visited Victoria from September 21-30 to conduct Seychelles’ Post-Financing Assessment (PFA).",
    "Press Release No. 26/310 dated September 29, 2026 conveys the IMF staff’s preliminary findings.",
    "Seychelles’ 2026 PFA is expected to be discussed at the IMF Executive Board in December 2026.",
    "The war in the Middle East has negatively affected tourist arrivals and growth in the short run.",
    "Tourist arrivals were reduced particularly during March-June; subsequent months show a nascent recovery.",
    "Real GDP growth projection for 2026: 1 percent.",
    "Real GDP growth in 2025: 5.8 percent.",
    "Headline inflation remained moderate at 0.9 percent through August.",
    "Moderation in inflation reflects a subsidy through state owned enterprises (SOEs) to limit pass-through of rising international commodity prices to domestic markets.",
    "The cost of these subsidies has:",
    "The external sector has remained broadly stable despite the recent shock.",
    "The rupee has been broadly stable vis-à-vis the U.S. dollar.",
    "Central bank foreign exchange reserves remain at about 4 months of import cover.",
    "Stress on the financial sector appears to have been limited.",
    "A Post-Financing Assessment (PFA) is expected for countries with outstanding IMF credit above the absolute or quota-based thresholds that do not have an IMF-supported program or a staff-monitored program.",
    "The PFA reports on:"
  ],
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}