President Wavel Ramkalawan chaired a scheduled meeting of the Cabinet today, Wednesday 24th August at which a number of policy and legal memoranda were considered.
Cabinet was briefed on the fiscal performance for the first half of the year 2022 and on the economic outlook for the rest of 2022. The economic outlook remains cautiously optimistic for the rest of 2022, driven mainly by the pick-up in tourism sector activities. The improvement in fiscal performance was attributed mainly to improvement in revenue collection and reduction in government expenditure. The Mid-Year Economic and Fiscal Outlook document will be submitted to the National Assembly as required by the Public Finance Management Act.
Cabinet endorsed the National Risk Assessment (NRA) Report on Virtual Asset (VA) and Virtual Asset Service Providers (VASP) for Seychelles. The National Risk Assessment is a process of identifying and evaluating the Money Laundering (ML) and Terrorist Financing (TF) risks in a jurisdiction. The assessment also identifies the main sources and drivers of the risks so as to enable Government to develop effective policies and actions to eliminate, control and mitigate the identified risks to Seychelles. The Assessment revealed that Seychelles’ overall Money Laundering (ML) and Terrorist Financing (TF) risks of Virtual Asset (VA) and Virtual Asset Service Providers (VASP) as 'Very High'. The policy framework to address the risks identified will be submitted to Cabinet for approval in three months time.
Cabinet approved the introduction of a temporary maximum retail price strategy in order to control the cost of living in the country. The measure will be implemented for 12 months.
Cabinet approved the proposed policy changes to the Trusts Act, 2021 and further changes to the Beneficial Ownership Act, 2020. These amendments will address weaknesses identified by the Eastern and Southern African Anti-Money Laundering Group (ESAAMLG).
Cabinet approved the setting up of the Delimitation of Electoral Boundaries Technical Committee. The Committee will be responsible for the review and delimitation of electoral boundaries in the country.
Cabinet approved the Employment (Interim Minimum Payment for 2022 Thirteenth Month Pay) Bill, 2022 that will give instructions on the payment of the 13th month salary for 2022.
Cabinet approved amendments to Section 5 of the Constitutional Appointees’Emoluments Act (Cap 42) to pay the Members of the Constitutional Appointments Authority (CAA) an end of term gratuity of 25% of the salary earned during their period of office.
Further details to the media will be provided by the relevant Ministry.