President Wavel Ramkalawan, chaired a scheduled meeting of the Cabinet yesterday Wednesday 11th June, in which a number of legal and policy memoranda were approved.
Cabinet took note of the Fiscal Report for the first quarter of 2025, which indicated a primary surplus of SR 205.15 million or 0.6% of GDP, supported by improved tax revenue performance, notably from Business and Personal Income Tax. While total revenue and grants slightly underperformed, expenditure remained below budget, resulting in an overall improved fiscal position. Cabinet also noted the need for budget revisions in 2025 to accommodate emerging commitments, including contributions to the FIFA Beach Soccer World Cup and infrastructure projects, endorsed proposed expenditure adjustments and commended the reducing debt to GDP levels accordingly.
Cabinet approved the proposed legislative reforms to regulate the pension sector, including the Private Pension Bill, the Seychelles Pension Fund (Amendment) Bill, and related consequential amendments. The reforms establish a comprehensive regulatory framework under the Financial Services Authority to ensure prudent supervision, transparency, and protection of pension scheme members and beneficiaries. Cabinet also endorsed the inclusion of pension administrators as reporting entities under anti-money laundering regulations, realignment of supervisory responsibilities, and the provision of business tax exemptions to support the development of the pension industry.
Cabinet approved Seychelles’ Second Voluntary National Review (VNR) Report on the 2030 Agenda for Sustainable Development, which outlines national progress on all 17 SDGs. The report, which will be presented at the 2025 UN High-Level Political Forum highlights achievements in marine protection, healthcare access, and renewable energy, while acknowledging ongoing challenges related to economic vulnerability, demographic shifts, and climate resilience.
Relevant Ministries will provide details.
