{
  "title": "Seychelles: Staff Report for the 2015 Article IV Consultation, Second Review Under the Extended Arrangement, and Request for Waiver and Modification of Performance Criteria",
  "publication": "IMF Staff Country Reports, July 22, 2015",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2016/12/31/seychelles-staff-report-for-the-2015-article-iv-consultation-second-review-under-the-43111",
  "canonical": "https://www.imf.org/en/publications/cr/issues/2016/12/31/seychelles-staff-report-for-the-2015-article-iv-consultation-second-review-under-the-43111",
  "overlayPath": "/en/publications/cr/issues/2016/12/31/seychelles-staff-report-for-the-2015-article-iv-consultation-second-review-under-the-43111/index.md",
  "summary": "Context: The robust recovery from the 2008 balance of payments and debt crisis has resulted in improved economic and social outcomes.",
  "sections": [
    {
      "heading": "Context and macroeconomic background",
      "content": "- Robust recovery from the 2008 balance of payments and debt crisis has resulted in improved economic and social outcomes.\n- Continued policy discipline and reforms are necessary to mitigate geographical and population constraints and to maintain momentum toward a diversified and resilient economy."
    },
    {
      "heading": "Program focus and policy dialogue",
      "content": "- Fiscal policy anchored by the authorities’ debt reduction objective.\n- Macroeconomic discussions concentrated on the smooth functioning of monetary and exchange rate policies.\n- Structural dialogue emphasized policies to promote sustained and inclusive growth and clarified the appropriate role for state-owned enterprises (SOEs)."
    },
    {
      "heading": "Review of program implementation",
      "content": "- The program is on track.\n- The authorities met the end-December quantitative performance criteria except for narrowly exceeding the ceiling on reserve money.\n- The structural agenda remains broadly on track despite some delays.\n- Staff recommends:\n  - Completion of the second review under the Extended Arrangement.\n  - Modification of the performance criteria for end-June and end-December 2015.\n  - Approval of the authorities’ request for a waiver for the end-December 2014 performance criterion for reserve money."
    },
    {
      "heading": "Outlook and risks",
      "content": "- External position has stabilized since the last review and fundamentals are strengthening.\n- Key external vulnerability: dependence on developments in key European markets.\n- Key domestic vulnerability: risks centered on the role of SOEs."
    },
    {
      "heading": "Recommendations and policy priorities",
      "content": "- Fiscal anchor: the authorities’ objective of reducing public debt below 50 percent of GDP by 2018 is appropriate and attainable.\n- Monetary policy: further enhance the framework by increasing its forward orientation in the context of a flexible exchange rate.\n- Structural reforms should:\n  - Foster inclusiveness and private sector-led growth.\n  - Improve economic governance.\n  - Refocus the role and activities of SOEs."
    },
    {
      "heading": "Data and statistical priorities",
      "content": "- Data provision is broadly adequate for surveillance.\n- Priority improvements include:\n  - Improved GDP statistics.\n  - Strengthening external sector statistics.\n  - Extending coverage of the international investment position.\n\nIMF Staff Country Report — July 22, 2015; Pages: 104; Volume: 2015; Issue: 201; DOI: https://doi.org/10.5089/9781513542652.002; ISBN: 9781513542652\n\n---\n\n Content in this bundle\n\n- cr15201\n  - cr15201 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - cr15201 (PDF){rel=\"external\" type=\"application/pdf\"}"
    }
  ],
  "bullets": [
    "[Markdown version](/en/publications/cr/issues/2016/12/31/seychelles-staff-report-for-the-2015-article-iv-consultation-second-review-under-the-43111/index.md)",
    "[Structured JSON version](/en/publications/cr/issues/2016/12/31/seychelles-staff-report-for-the-2015-article-iv-consultation-second-review-under-the-43111/index.json)",
    "[Bundle manifest](/en/publications/cr/issues/2016/12/31/seychelles-staff-report-for-the-2015-article-iv-consultation-second-review-under-the-43111/bundle-manifest.json)",
    "Published: July 22, 2015",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781513542652.002",
    "Robust recovery from the 2008 balance of payments and debt crisis has resulted in improved economic and social outcomes.",
    "Continued policy discipline and reforms are necessary to mitigate geographical and population constraints and to maintain momentum toward a diversified and resilient economy.",
    "Fiscal policy anchored by the authorities’ debt reduction objective.",
    "Macroeconomic discussions concentrated on the smooth functioning of monetary and exchange rate policies.",
    "Structural dialogue emphasized policies to promote sustained and inclusive growth and clarified the appropriate role for state-owned enterprises (SOEs).",
    "The program is on track.",
    "The authorities met the end-December quantitative performance criteria except for narrowly exceeding the ceiling on reserve money.",
    "The structural agenda remains broadly on track despite some delays.",
    "Staff recommends:",
    "External position has stabilized since the last review and fundamentals are strengthening.",
    "Key external vulnerability: dependence on developments in key European markets.",
    "Key domestic vulnerability: risks centered on the role of SOEs.",
    "Fiscal anchor: the authorities’ objective of reducing public debt below 50 percent of GDP by 2018 is appropriate and attainable.",
    "Monetary policy: further enhance the framework by increasing its forward orientation in the context of a flexible exchange rate.",
    "Structural reforms should:",
    "Data provision is broadly adequate for surveillance.",
    "Priority improvements include:",
    "**_cr15201**"
  ],
  "related": [
    {
      "title": "_cr15201",
      "role": "document",
      "sourceUrl": "https://www.imf.org/-/media/websites/imf/imported-full-text-pdf/external/pubs/ft/scr/2015/_cr15201.pdf",
      "summary": {
        "path": "/-/media/websites/imf/imported-full-text-pdf/external/pubs/ft/scr/2015/_cr15201.pdf.md",
        "mime": "text/markdown"
      },
      "binary": {
        "path": "/-/media/websites/imf/imported-full-text-pdf/external/pubs/ft/scr/2015/_cr15201.pdf",
        "mime": "application/pdf"
      }
    }
  ],
  "alternates": {
    "markdown": "/en/publications/cr/issues/2016/12/31/seychelles-staff-report-for-the-2015-article-iv-consultation-second-review-under-the-43111/index.md",
    "json": "/en/publications/cr/issues/2016/12/31/seychelles-staff-report-for-the-2015-article-iv-consultation-second-review-under-the-43111/index.json",
    "bundleManifest": "/en/publications/cr/issues/2016/12/31/seychelles-staff-report-for-the-2015-article-iv-consultation-second-review-under-the-43111/bundle-manifest.json"
  },
  "generatedAtUtc": "2026-09-13T12:14:57.306Z"
}