Monetary Fund stepped with a two-year, $26 million rescue package. The rescue package came with a few stipulations; The country laid off 1,800 government workers, floated its currency, lifted foreign exchange controls and sold off state assets. At the time, the country's $800 million external foreign debt was equivalent to almost 175 percent of its gross domestic product. The decision to let the currency trade freely as part of the IMF rescue package means that Seychelles is the smallest country in the world that has a completely independent currency - one that is neither pegged, nor an adopted foreign currency, nor a common currency used within a larger monetary union. When the Seychellois rupee became freely floated on November 3, 2008, its value quickly fell drastically, decreasing from eight per U.S. dollar to 16, effectively doubled the prices of imports. The global recession and piracy in the Indian Ocean hit Seychelles hard in 2009, with the GDP projected to contract by 7.5 percent. However the government exceeded its fiscal targets, with a primary surplus of 13.4% of GDP in the first nine months of 2009 according to the IMF. They report expenditure has been tightly controlled and revenue has held up well despite the difficult economic environment. In May 2010 an International Monetary Fund mission visited Seychelles and concluded the country is making progress. The head of the mission, Mr. Jean Le Dem, said at the conclusion of the visit:The economy is recovering from a recession that put real gross domestic product (GDP) to almost a stand in 2009. Real GDP is projected to grow at 4 percent in 2010, reflecting primarily a rebound in tourism earnings. Twelve-month inflation, which was negative during the past few months, is expected to return to about 1 percent by year-end In 2017 the Seychelles joined the World Trade Organisation, facilitated by Omani economist Hilda al-Hinai, who chaired the Working Group. Financial Services In addition to the now booming tourism and building/real estate markets, Seychelles has renewed its commitment to developing its financial services sector. Government officials and industry participants believe this could overtake the tourism industry as the chief pillar of the economy by 2017. The recent passage of a revised Mutual Fund Act 2007, Securities Act 2007 and Insurance Act 2007 are meant to be the catalysts to move Seychelles from just another offshore jurisdiction to a full-fledged Offshore Financial Center (OFC).