Seychelles: First Review Under the Extended Arrangement, Request for Modification of Performance Criteria, and Financing Assurances Review: Staff Report; Staff Supplement; and Press Release
IMF Staff Country Reports, July 9, 2010
Source details
- Canonical URL
- Seychelles: First Review Under the Extended Arrangement, Request for Modification of Performance Criteria, and Financing Assurances Review: Staff Report; Staff Supplement; and Press Release
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Bibliographic details
- Published: July 9, 2010
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781455204588.002
Summary
- Publication date: July 9, 2010
- Core assessment: The fiscal policy stance continues to be appropriate, facilitating a reduction in public debt.
- Program status: Seychelles has made a good start on its second stage of reforms under an Extended Fund Facility (EFF)-supported program, despite a difficult international environment, showing strong resilience to the double crisis it confronted.
- Macroeconomic outcome: The economy is reaping the benefits of strong macroeconomic stabilization policies.
- Vulnerability: Seychelles remains highly exposed to external shocks.
- Structural reform progress: Progress on the ambitious program of tax and public finance management reform is encouraging, but important steps still lie ahead.
Key findings and analysis
- Fiscal policy stance: Continues to be appropriate and is facilitating a reduction in public debt.
- Reform implementation: Good start on the second stage of EFF-supported reforms; program shows resilience amid a difficult international environment and a double crisis.
- Macroeconomic stabilization: Strong stabilization policies are producing tangible benefits for the economy.
- External exposure: High exposure to external shocks remains a significant risk.
- Public finance reform: Encouraging progress on an ambitious program of tax and public finance management reform, with additional important steps required.
Publication metadata and classification
- Pages: 57
- Volume: 2010
- Issue: 204
- Series: Country Report No. 2010/204
- DOI: https://doi.org/10.5089/9781455204588.002
- Stock No: 1SYCEA2010002
- ISBN: 9781455204588
- ISSN: 1934-7685
- Subject: Central banks, Economic sectors, External debt, International reserves, Monetary base, Money, Public debt, Public enterprises
- Keywords: CR, debt, debt exchange, disbursement of SDR, East Africa, exchange bond, GEF grant implementation, Global, International reserves, ISCR, Monetary base, policy implementation, Public enterprises, real gross domestic product, Seychelles, Seychelles economy
International Monetary Fund. "Seychelles: First Review Under the Extended Arrangement, Request for Modification of Performance Criteria, and Financing Assurances Review: Staff Report; Staff Supplement; and Press Release", IMF Staff Country Reports 2010, 204 (2010).