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President Faure announces additional financial support for citizens

31 August 2020 | Finance

President Danny Faure chaired the regular High-Level Economic Steering Committee this afternoon at State House. The committee regularly deliberates on priority economic matters in the country and proposes possible strategies to address ongoing economic challenges; particularly those coming to light in the wake of the COVID-19 global pandemic and its severe impacts on citizens.
 
In today's meeting, the High-Level Committee took the decision for immediate Government intervention to further financially support citizens with Housing Loans with the Housing Financing Corporation (HFC) as well as those paying for House Purchase through the Property Management Company (PMC).  These citizens will benefit from a 25% reduction on their monthly housing payments to these two institutions. The Government assistance will provide much-needed relief and ease the financial pressures currently affecting households – particularly those with a lower income and/or earning less than usual due to the COVID-19 pandemic. 
 
The measures will take effect from tomorrow 1 September 2020 to 31 December 2021.  
 
Government will step in to provide the necessary financial support to these two institutions as a direct result of this measure. 
 
The meeting was also an opportunity for members to brief the Head of State on other actions relating to their respective departments to ensure that Seychelles maintains macroeconomic stability through this difficult period.
 
HFC and PMC will provide further information on the details of these measures in due course.
 
Present for the meeting this afternoon at State House, was the Minister of Finance, Trade, Investment and Economic Planning, Amb. Maurice Loustau-Lalanne, the Secretary of State for Finance, Mr Patrick Payet, The Governor of the Central Bank, Ms. Caroline Abel, the Economic Advisor to the President, Mr Bertrand Belle, Principal Secretary for Finance, Mr Damien Thesee and the Senior Presidential Attaché, Ms Ginny Elizabeth.

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