Seychelles: Interim Performance Update Under the Policy Coordination Instrument-Press Release; and Staff Report
IMF Staff Country Reports, September 3, 2020
Source details
- Canonical URL
- Seychelles: Interim Performance Update Under the Policy Coordination Instrument-Press Release; and Staff Report
Other formats
Bibliographic details
- Published: September 3, 2020
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781513556314.002
Executive summary
- COVID-19 has had a severe economic impact on Seychelles through the implementation of strict domestic measures to contain the spread of the virus and the related global spillovers.
- The authorities have responded with measures to mitigate the economic fallout on businesses and households.
- To help address the urgent balance of payments need arising from the pandemic, the Executive Board approved on May 8, 2020 the authorities’ request for emergency financing under the Rapid Financing Instrument (RFI) of SDR 22.9 million, equivalent to 100 percent of quota (IMF Country Report No. 20/170).
Key findings and impacts
- Severe economic impact driven by strict domestic containment measures and global spillovers.
- Policy responses focused on mitigating the economic fallout for businesses and households.
- Emergency financing provided to address urgent balance of payments needs:
- SDR 22.9 million
- Equivalent to 100 percent of quota
- Approval date: May 8, 2020
- Reference: IMF Country Report No. 20/170
Policy measures and IMF engagement
- Authorities implemented measures aimed at supporting businesses and households (specific measures not detailed in the provided content).
- IMF approved emergency financing under the Rapid Financing Instrument (RFI) to address immediate external financing needs.
Subjects and keywords (as listed)
- Subject: COVID-19, Exchange rates, Fiscal consolidation, Fiscal policy, Fiscal stance, Foreign exchange, Health, Inflation, Monetary base, Prices, Public debt
- Keywords: broad money, COVID-19, CR, exchange rate, Exchange rates, financing, financing assurance, Fiscal consolidation, Fiscal stance, Global, Inflation, ISCR, pandemic, saving measure, urgent balance of payments
Content in this bundle
- Seychelles — Interim Performance Update Under the Policy Coordination Instrument — Section 1