Seychelles Fiscal Reform in Progress

Seychelles Fiscal Reform in Progress

The International Monetary Fund noted that the Seychelles had succeeded in achieving its medium-term debt reduction target, welcoming the forthcoming introduction of a VAT regime from January 2013, as a key feature of the territory’s reform.

According to the IMF, the Seychelles fiscal policy remains on its way toward the bringing public debt down to 50% of gross domestic product by 2018, and debt restructuring is almost completed.

Within the further broader structural reform, the electronic clearinghouse will be implemented and a study on utility tariff reform will be completed.

To support the government's efforts, the IMF has approved a one-year extension to an IMF financial assistance program, till December 2013, and an increased quota worth an additional USD 10.2 mln. In return, the Seychelles introduces a number of economic reforms.

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