{
  "title": "Seychelles: Request for Purchase Under the Rapid Financing Instrument-Press Release; Staff Report; and Statement by the Executive Director for Seychelles",
  "publication": "IMF Staff Country Reports, May 19, 2020",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2020/05/19/seychelles-request-for-purchase-under-the-rapid-financing-instrument-press-release-staff-49445",
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  "summary": "This paper refers to Seychelles’ Request for Purchase Under the Rapid Financing Instrument (RFI). The near-term economic fallout of the coronavirus disease 2019 pandemic is expected to be severe.",
  "sections": [
    {
      "heading": "Near-term economic impact of COVID-19",
      "content": "- The near-term economic fallout of the coronavirus disease 2019 pandemic is expected to be severe.\n- Restriction in travel will hinder tourism and weaken fiscal and external positions, creating large additional financing needs."
    },
    {
      "heading": "Authorities' immediate policy responses",
      "content": "- Immediate measures of containment taken by the authorities include border closures and strengthening health policy responses.\n- Measures to support households and firms were implemented."
    },
    {
      "heading": "IMF emergency support and financing needs",
      "content": "- Emergency IMF support under the Rapid Financing Instrument (RFI) provides timely resources to address urgent balance of payments and budgetary needs.\n- The assistance of other international financial institutions and development partners is crucial to close the remaining financing gaps, ease the adjustment burden, and preserve economic growth."
    },
    {
      "heading": "Transparency, governance, and accountability commitments",
      "content": "- The authorities committed to providing monthly reports of pandemic-related expenditure to the National Assembly.\n- The authorities committed to undertaking an independent audit of pandemic-related spending and procurement and to publishing the results."
    },
    {
      "heading": "Publication metadata and identifiers",
      "content": "- Pages: 35\n- Volume: 2020\n- Issue: 170\n- Series: Country Report No. 2020/170\n- DOI: https://doi.org/10.5089/9781513544748.002\n- Stock No: 1SYCEA2020001\n- ISBN: 9781513544748\n- ISSN: 1934-7685\n- Publication date on landing page: May 19, 2020"
    },
    {
      "heading": "Subjects and keywords",
      "content": "- Subjects: Banking, Budget planning and preparation, COVID-19, Emergency assistance, Expenditure, Fiscal policy, Fiscal stance, Foreign aid, Health, Public debt, Public financial management (PFM)\n- Keywords: balance of payments financing need, Budget planning and preparation, COVID-19, CR, Emergency assistance, Executive Board discussion, financing, Fiscal stance, Global, ISCR, monetary policy, prudent monetary policy stance, Seychelles economy, Seychellois authorities, Sub-Saharan Africa\n\nInternational Monetary Fund. African Dept. \"Seychelles: Request for Purchase Under the Rapid Financing Instrument-Press Release; Staff Report; and Statement by the Executive Director for Seychelles\", IMF Staff Country Reports 2020, 170 (2020).\n\n---\n\n Content in this bundle\n\n- 1sycea2020001\n  - 1sycea2020001 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 1sycea2020001 (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Published: May 19, 2020",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781513544748.002",
    "The near-term economic fallout of the coronavirus disease 2019 pandemic is expected to be severe.",
    "Restriction in travel will hinder tourism and weaken fiscal and external positions, creating large additional financing needs.",
    "Immediate measures of containment taken by the authorities include border closures and strengthening health policy responses.",
    "Measures to support households and firms were implemented.",
    "Emergency IMF support under the Rapid Financing Instrument (RFI) provides timely resources to address urgent balance of payments and budgetary needs.",
    "The assistance of other international financial institutions and development partners is crucial to close the remaining financing gaps, ease the adjustment burden, and preserve economic growth.",
    "The authorities committed to providing monthly reports of pandemic-related expenditure to the National Assembly.",
    "The authorities committed to undertaking an independent audit of pandemic-related spending and procurement and to publishing the results.",
    "Pages: 35",
    "Volume: 2020",
    "Issue: 170",
    "Series: Country Report No. 2020/170",
    "DOI: https://doi.org/10.5089/9781513544748.002",
    "Stock No: 1SYCEA2020001",
    "ISBN: 9781513544748",
    "ISSN: 1934-7685",
    "Publication date on landing page: May 19, 2020",
    "Subjects: Banking, Budget planning and preparation, COVID-19, Emergency assistance, Expenditure, Fiscal policy, Fiscal stance, Foreign aid, Health, Public debt, Public financial management (PFM)",
    "Keywords: balance of payments financing need, Budget planning and preparation, COVID-19, CR, Emergency assistance, Executive Board discussion, financing, Fiscal stance, Global, ISCR, monetary policy, prudent monetary policy stance, Seychelles economy, Seychellois authorities, Sub-Saharan Africa",
    "**1sycea2020001**"
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