Seychelles: First Reviews Under the Extended Arrangement Under the Extended Fund Facility and the Arrangement Under the Resilience and Sustainability Facility-Press Release; and Staff Report

IMF Staff Country Reports, December 12, 2023

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Seychelles: First Reviews Under the Extended Arrangement Under the Extended Fund Facility and the Arrangement Under the Resilience and Sustainability Facility-Press Release; and Staff Report

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Bibliographic details

• Published: December 12, 2023
• Series: IMF Staff Country Reports
• DOI: https://doi.org/10.5089/9798400262258.002

Program completion and financing

• The paper presents Seychelles’ First Reviews under the Extended Arrangement under the Extended Fund Facility (EFF) and the Arrangement under the Resilience and Sustainability Facility (RSF).
• Completion of the reviews allows for an immediate disbursement of funds to:
  • help strengthen macroeconomic stability;
  • boost inclusive growth;
  • strengthen fiscal and monetary policy frameworks;
  • support efforts to build resilience to climate change;
  • exploit synergies with other sources of official financing; and
  • catalyze private financing for climate-related investments.

Macroeconomic performance and recovery

• Seychelles’ economic recovery continues in 2023, albeit at a more moderate pace than the sharp rebound observed in 2022.
• Tourist arrivals in 2023 are moving closer to pre-pandemic levels.
• The government has made significant progress in restoring macroeconomic balances.
• Performance under the EFF and RSF programs is described as strong.

Key risks and policy priorities

• It remains critical for Seychelles to:
  • stay the course with respect to reducing public debt;
  • rebuild fiscal space; and
  • increase foreign exchange buffers.

Thematic coverage (as classified)

• Central banks
• Credit
• Expenditure
• External debt
• International organization
• International reserves
• Monetary policy
• Money
• Public debt

Keywords highlighted in the document

• Credit
• Global
• headline inflation
• inflation indicator
• inflation outlook
• International reserves
• RSF program
• RSF reform measure

Seychelles: First Reviews Under the Extended Arrangement Under the Extended Fund Facility and the Arrangement Under the Resilience and Sustainability Facility — IMF Staff Country Report No. 2023/402; December 12, 2023.

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