Seychelles: Request for an Arrangement Under the Extended Fund Facility
IMF Staff Country Reports, July 3, 2014
Source details
- Canonical URL
- Seychelles: Request for an Arrangement Under the Extended Fund Facility
Other formats
Bibliographic details
- Published: July 3, 2014
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781498346979.002
Summary
- Discusses Seychelles’ Request for an Arrangement Under the Extended Fund Facility (EFF).
- In the five years following the 2008 balance of payments and debt crisis, the authorities have successfully enacted a comprehensive program of reforms.
- Despite the success of the program, important risks and challenges remain.
- The authorities have requested a successor EFF arrangement with the IMF to face these challenges.
- The requested program will:
- support their macroeconomic policies;
- protect reserve coverage over the extended period;
- allow the authorities to carry out wide-ranging structural reforms necessary to support improvement in macroeconomic conditions, lock-in stabilization, and reduce the country’s vulnerabilities.
Key findings and focus areas
- Post-2008: comprehensive reforms implemented over five years after the 2008 balance of payments and debt crisis.
- Remaining issues: important risks and challenges that justify a successor EFF arrangement.
- Program objectives:
- support macroeconomic policies;
- protect reserve coverage over the extended period;
- advance structural reforms to improve macroeconomic conditions and reduce vulnerabilities.
Subjects and keywords
- Subject: Balance of payments, Current account deficits, Economic sectors, External debt, Imports, Monetary base, Money, Public debt, Tourism
- Keywords: balance of payments pressure, CR, Current account deficits, Europe, fiscal policy, Global, government, ISCR, Monetary base, monetary policy, ownership of the program, policy implementation capability, real gross domestic product, SDR, Seychellois authorities, Tourism