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Seychelles Budget 2007 Framed
December, 2006

On December 5, 2006, Minister for Finance, Danny Faure, delivered his Budget Address to the National Assembly to members of the National Assembly and a delegation representing the private sector. The Budget 2007 framed for the future provides new opportunities for steady growth and success of the country and its people.

Faure thinks the Seychellois economy is on the right track, which has been endorsed by the visiting the IMF and ADB delegations. However, the Minister realizes that there is more to fine-tune as the Seychelles continues to improve internal conditions of doing business and harnessing the new role of the private sector.

According to Mr. Faure, net external position of the banking sector has improved by a remarkable R212 million from December 2005 to September 2006. The level of FDI inflows into Seychelles in 2006 is projected at USD 114 million, and further growth in at least the next 3 years is reasonably expected.

In accordance with the Budget Address, the objective of 2007 budget is to achieve a surplus of 7% of GDP to improve the fiscal position of government and to sustain the debt reduction program.

The Budget Address by the Minister was not just to inform, but also to address the numerous challenges the Seychelles needs to confront in order to succeed with economic growth.

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