The main opposition party in Seychelles, Linyon Demokratik Seselwa (LDS) has called on the government, the business community, and the public to pay close attention to the recent statement by the International Monetary Fund (IMF) on the state of the Seychelles economy.
In a statement issued by LDS leader Wavel Ramkalawan, the party said the IMF’s assessment comes at a key moment as the country’s economic management changes hands, with potential policy implications.
According to the IMF, Seychelles’ national reserves stand at USD 878 million, foreign debt has been significantly reduced, inflation remains below 1%, the economy has grown by more than 4%, and the country enjoys full employment. LDS said these indicators show that Seychelles has a stable and solid economy that supports national development and the well-being of its people.
The party added that a strong economy strengthens the Seychelles rupee, benefits importers and travellers, and helps families manage their living costs. LDS also noted that the country’s reserves are enough to cover more than four months of imports, providing a financial buffer in case of major shocks such as the COVID-19 pandemic.
The party credited its administration for the progress reported by the IMF, saying it had inherited an economy in crisis but managed to restore stability through prudent management. LDS urged the current government to continue implementing responsible economic policies to protect the welfare of citizens. The statement also defended the IMF’s role in Africa, saying the institution promotes sound financial management and that criticism of its policies often serves to hide corruption and abuse.
LDS called for continued engagement with the IMF to maintain Seychelles’ credit ratings and access to international financial markets. The party thanked the IMF for its support in helping Seychelles recover from the economic crisis of 2020.