Bilateral and Multilateral Co-operation

Seychelles is member of many multilateral and bilateral organisations focused on a range of activities and concerns, including economic development, environmental conservation and sustainability, climate change and health care. Historically, Seychelles received little financial aid from international donors due to its ranking in the ‘upper middle-income’ bracket in the World Bank, however its economy remained vulnerable to external shocks due to its small size and dependence on tourism. In 2008, as a result of the global economic crisis, increasing piracy in the Indian Ocean, and falling tourism numbers and fishing revenues, Seychelles defaulted on a loan and had to turn to the International Monetary Fund (IMF) for support. In return for a loan of US$26 million, Seychelles implemented a radical economic reform programme which liberalised the exchange rate, devalued and floated the rupee and eliminated all foreign exchange controls. The IMF praised the success of their reforms and encouraged further aid through the World Bank. The African Development Bank provides financial and technical assistance to Seychelles through capacity building and sustainable development of a mariculture industry.

In addition, Seychelles is a member of many multilateral organisations including the World Health Organization (WHO), UNICEF, South African Development Community (SADC), Nonaligned Movement (NAM), the African Union, the International Ocean Commission (IOC), La Francophonie, the Commonwealth and the United Nations, as well as some of its specialised and related agencies. Traditionally, Seychelles has maintained close ties with India, both culturally and economically. Recently these ties have been strengthened through joint efforts to stem piracy in the Indian Ocean. Seychelles has been economically and politically linked with Russia since independence, resulting now in high levels of Russian tourism in the islands. Seychelles holds bilateral investment treaties with China, Cyprus and Egypt.