12.31.06

Seychelles begins participating in IMF’s GDDS

Posted in Business and Economy, International Organisations, Seychelles offshore jurisdiction at 1:12 am by Robert Klien

On December 18, 2006, Seychelles began participating in the International Monetary Fund’s (IMF) General Data Dissemination System (GDDS), which is its major step forward in the development of its statistical system.

The Governor of the IMF for Seychelles, and also Minister for Finance, Mr. Danny Faure, considers improvement in the quality and timeliness of economic, financial, and social statistics to be very essential for economic and social policy, as well as for monitoring and assessing the government’s development programs.

The Minister sees the importance of the development and improvement of data-producing agencies’ methodological, compilation, and dissemination practices that make them consistent with international codes and standards, while the Seychelles is undergoing rapid economic and structural changes. It is essential for the country that statistics is going to become more reliable and timely.

Director of the IMF Statistics Department (STA), Mr. Robert Edwards, welcomed Seychelles’ GDDS participation and suggested that it would be a milestone in the country’s statistical development as the Seychelles would be able to enhance its statistical capacity, especially as regards macroeconomic and socio-demographic statistics.

Established by the IMF in 1997, the GDDS is a framework aimed to help countries produce comprehensive and accurate statistics for economic policy. Seychelles is the 88th its participant.

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