What Seychelles owes. Right now.
This number is not a slogan. It is built from the government's own 2026 Budget and the IMF's own 2026 report. It is what the Republic owes, and what it costs you to carry, counting up while you read.
It grows while you read this
The 2026 Budget plans to spend SCR 269,696,000 more than the government collects. That gap is filled by borrowing. Here is how fast the debt climbs, in the government’s own numbers.
What it costs you to carry
Before a single new promise, the country pays SCR 1,340,475,000 in 2026 just to service what it already owes. That is money that never reaches a school, a clinic or a road. It leaves the treasury for creditors, at this rate.
Who we owe it to
The government’s own constitutional debt statement, end of 2024. Central-government debt of SCR 13,380,457,000, split like this.
| Creditor | Owed | Share |
|---|---|---|
| Multilateral World Bank, African Development Bank, IMF and other institutions | SCR 5,543,137,000 | 41% |
| Bilateral Loans from other governments, including India | SCR 875,705,000 | 7% |
| Bonds Government bonds held by investors | SCR 471,162,000 | 4% |
| Commercial Commercial bank and other market lenders | SCR 179,575,000 | 1% |
| Domestic Treasury bills and bonds held inside Seychelles | SCR 6,310,878,000 | 47% |
On top of this the state guarantees another SCR 734,543,881 of other borrowing (2026 Budget, end-2024). “Multilateral” is the World Bank, the African Development Bank and the IMF.
The new loans, and they keep coming
The debt is not shrinking quietly in the background. The government keeps borrowing more, even as it says it is bringing debt down. The freshest is dated the day this page was built.
| Facility | Amount | What it is | Source |
|---|---|---|---|
| 5-year Treasury Bond28 Aug 2026 | SCR 100,000,000 | Fresh domestic borrowing at 3.8% fixed, issued by the Central Bank for the government under its Q3 Issuance Plan. One tranche of a rolling, quarter-by-quarter borrowing programme. | Central Bank → |
| India Special Economic Packagenew debt | USD 125M ≈ SCR 1,780,000,000 | Rupee-denominated Line of Credit, announced on the President’s February 2026 State Visit to India. A further USD 50M of the USD 175M package is grant, not debt. | PMO India → |
| — of which, Île Aurore housingpart of the 125M, not extra | USD 75M within the loan above | Part of the Line of Credit above, not an additional loan. This slice is routed through the Export-Import Bank of India to build 1,008 homes. Signed 29 July 2026. | State House → |
| IMF Extended Fund Facilityongoing | USD 56M ≈ SCR 797,440,000 | Three-year programme approved May 2023 (SDR 42.4M). Drawn against reform reviews. The fifth and sixth reviews cleared in May 2026. | IMF → |
| IMF Resilience & Sustainability Facilityongoing | USD 46M ≈ SCR 655,040,000 | A second three-year IMF facility approved May 2023 (SDR 34.4M), for climate resilience. | IMF → |
| New loan disbursements planned, 2026 | SCR 1,659,041,000 | Gross new borrowing the 2026 Budget schedules to draw down over the year, across all lenders. | 2026 Budget → |
And a bill not yet counted: reparations
The Truth, Reconciliation and National Unity Commission ruled on the wrongs of the 1977 coup era, and the state has to pay the victims. A new Commission was sworn in before the President in August 2026 to fix the sums and send them to a Reparations Trust Fund the taxpayer carries.
| What | Scale | Detail |
|---|---|---|
| Admissible cases | 371 | Of 504 complaints filed to the Commission, 371 were found admissible. |
| Per victim | SCR 1,000,000 to SCR 20,000,000+ | SCR 1M for harassment and lesser wrongs, up to SCR 20M plus SCR 15,000 a month for unlawful killing and disappearance. |
| On their own scale | from SCR 371,000,000 | Even at the SCR 1M floor for every one of the 371 cases, the bill starts in the hundreds of millions. Many cases sit far higher. The government has published no total. |
Sources: the reparations scale (allAfrica) and the new Implementation Commission (State House). This is a looming liability, not part of the counter above. We do not invent a total the government has never published. We show its own scale, and let you do the multiplication.
And now they are selling the bank
On 24 July 2026 the Finance Minister announced the government will sell its 60% stake in the Seychelles Commercial Bank. The reason given was the bank’s trouble making international transfers. Whatever the reason, a treasury that is comfortable does not sell its own bank.
| What | Stake | Source |
|---|---|---|
| Seychelles Commercial Bank (SCB)state sell-off | 60% put up for sale | Seychelles Nation → |
Where every number comes from
The total (SCR 18,295,732,344). Public and publicly guaranteed debt at 53.6% of GDP at end-2025, from the IMF 2026 Article IV Consultation, applied to nominal GDP of SCR 34.1bn in the 2026 Budget. The government’s own constitutional statement puts central-government debt alone at SCR 13,380,457,000 (end-2024). We use the fuller IMF figure, which includes guarantees.
The rate it climbs (SCR 9/second). The 2026 Budget projects an overall deficit of SCR 269,696,000, financed by borrowing. That is the honest speed of the counter.
What it costs (SCR 1,340,475,000/year). External debt service scheduled for 2026 in the Budget’s Debt Service Profile under Article 154 of the Constitution.
Per citizen. Total debt divided by a population of 121,354 (World Bank, 2024).
One honest point. Measured against a growing economy, the IMF says the debt ratio has been falling, helped by strong tourism growth. That is true. What is also true is that the amount owed, in rupees, is rising: the government is taking new loans and planning to borrow more than it raises. This page counts the money, not the ratio. Every figure is sourced and dated. If the government thinks it is wrong, it can publish the real number.
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