June 27 (Bloomberg) -- The International Monetary Fund is encouraged by Seychelles’ progress in implementing structural economic reforms, the Washington-based institution said in an e- mailed statement.

The changes include preparations to introduce value-added tax in 2010 and strengthening competition in the financial industry, the IMF said.

Economic output continued to increase, boosted by tourism, and inflation remained low as international food and oil prices haven’t yet passed through to domestic prices, it said.

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