IMF Staff Country Reports

Seychelles: Second Review Under the Stand-By Arrangement, Request for Waivers of Nonobservance of Performance Criteria, and Financing Assurance Review: Staff Report; Press Release on the Executive Board Discussion; and Statement by the Executive Director for Seychelles

July 15, 2009

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Format: Chicago

International Monetary Fund. "Seychelles: Second Review Under the Stand-By Arrangement, Request for Waivers of Nonobservance of Performance Criteria, and Financing Assurance Review: Staff Report; Press Release on the Executive Board Discussion; and Statement by the Executive Director for Seychelles", IMF Staff Country Reports 2009, 208 (2009), accessed 12/26/2025, https://doi.org/10.5089/9781451836257.002

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Summary

This paper presents key findings of the Second Review for Seychelles under the Stand-By Arrangement. The program is on track, and macroeconomic stabilization has advanced rapidly. The authorities are implementing the program with determination and a high degree of ownership. All quantitative performance criteria at end-March 2009 were met. One of two structural benchmarks for end-April was missed, reflecting capacity constraints in issuing new bank capitalization norms, but was completed in late May.

Keywords: Africa, Arrears, authority, CR, East Africa, executive board discussion, floating exchange rate regime, Global, government, government ownership, government priority, Imports, International reserves, ISCR, Seychellois authorities