06.30.14

Seychelles and India strengthen Tourism Co-operation

Posted in International relations, Tourism industry at 12:15 pm by Robert Klien

To promote mutual tourism between 2 jurisdictions, the Seychelles Tourism Board is set to conduct its 1st ever roadshow in India. The event is aimed at educating the Indian tourism and trade community about the destination and facilitating interaction between the Seychelles’ private sector and the Indian travel agents.

The delegation led by Seychelles Minister of Tourism and Culture Alain St Ange will include Sherin Naiken the CEO of the Seychelles Tourism Board and her Director of Marketing Rose-Marie Hoareau. They will be joined by Destination Management Companies, hotels and the National Cultural Troupe from Seychelles.

On August 4, 2014, the roadshow will be held at Le Meridien in New Delhi. It will also be held at The Trident, in Mumbai on August 6. A delegation of the Seychelles’ business community with links to India is also expected to travel to India.

Commenting on his proposed trip to India, the Minister Alain St Ange said, “We are ready to claim a fair share of the very important Indian market. The roadshow is just a start. Our local business partners are ready to work with us and we are on the verge of making a big announcement that will bring to the front the new level of cooperation between India and Seychelles. We look forward to the support of the Indian travel-trade community in our efforts to promote Seychelles.”

It is worth noting that in 2013, Seychelles, which has 2 UNESCO World Heritage Sites, had celebrated its 1st ever Seychelles-India Day. To mark the event, 52 Bollywood stars flew to the jurisdiction in order to participate in the celebrations which is now included in the Annual Seychelles Calendar of Cultural Events.

06.07.14

IMF Loan to support Seychelles Economy

Posted in Business and Economy, International Organisations, Seychelles government at 1:35 pm by Robert Klien

On June 5, 2014, the International Monetary Fund (IMF) issued a press release to announce that it has approved a 3-year arrangement worth about USD 17.6 million. The money is intended to support the Seychelles economic program.

The economic program is designed to strengthen macroeconomic stability, reduce vulnerabilities, and support wide-ranging structural reforms that are aimed at establishing the foundation for sustained and inclusive growth.

The authorities aim to reduce the debt-to-gross domestic product (GDP) ratio to below 50% by 2018. The International Monetary Fund said that this requires continued fiscal primary surpluses of 3-4% of GDP over the medium term, while a balance must be struck between debt reduction and addressing vital social and investment needs. Revenue measures will focus on improving tax compliance and administration, and enhancing the quality of fiscal spending.

According to the IMF, the implementation of a new generation of ambitious structural reforms, such as the adoption of measures to combat international tax evasion, will be necessary for the Seychelles to sustain growth and tackle risks to stability.

The Seychelles will receive an immediate disbursement of about USD 2.5 million from the IMF. The remaining amount is subjected to semi-annual program reviews and it will be paid over the duration of the program.