|The Seychelles economy relies heavily on the tourism industry and fishing sectors. During recent years, the Seychelles government has moved to reduce the high dependency on the tourism sectorby promoting the development of farming as well as small-scale manufacturing. In the latter part of 2008, the country embarked on an Economic Reform Program in collaboration with the IMF guided by a Memorandum of Economic and Financial Policies (MEFP). In such a reform, there was a fundamental liberalisation of the existing economic system
underpinned by the elimination of all foreign exchange controls and a float of the rupee.
The Economic Seychelles Reform Program
Seychelles embarked on a comprehensive reform program in late 2008 with the support of the IMF, World Bank and African Development Bank. Measures were taken to strengthen revenue collection, control public expenditure and raise efficiency and transparency of public finance. A Voluntary Departure Scheme for employees in public service was introduced in late 2008 and as result the government workforce was reduced by 17 per cent. Furthermore, the Government is actively pursuing further privatization and reform in the public service with a view of reducing the role of the state and encouraging private sector activity.