IMF Staff Country Reports

Seychelles: First Review Under the Extended Arrangement and Request for Modification of Performance Criteria

Publication Date:

December 22, 2014

Electronic Access:

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Summary:

Program implementation and economic fundamentals continue to be strong, but the external position weakened in mid-2014. Projected growth for 2014 has been revised down to 2.8 percent from 3.7 percent, due to weaker demand for Seychelles’ two main exports—tourism and canned tuna. At the same time, strong growth in personal earnings and private sector credit have fueled a surge in imports, putting further pressure on the balance of payments. As a result, the exchange rate depreciated an estimated 11 percent in nominal effective terms from early August to late-October.

Series:

Country Report No. 2014/356

Subject:

Banking Credit Current spending Expenditure Foreign exchange Monetary base Money Public debt