## 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, May 19, 2020_

## Source details

**Canonical URL:** [Seychelles: Request for Purchase Under the Rapid Financing Instrument-Press Release; Staff Report; and Statement by the Executive Director for Seychelles](https://www.imf.org/en/publications/cr/issues/2020/05/19/seychelles-request-for-purchase-under-the-rapid-financing-instrument-press-release-staff-49445)

## Other formats

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## Bibliographic details
- Published: May 19, 2020
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781513544748.002

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### Near-term economic impact of COVID-19
- 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.

### Authorities' immediate policy responses
- Immediate measures of containment taken by the authorities include border closures and strengthening health policy responses.
- Measures to support households and firms were implemented.

### IMF emergency support and financing needs
- 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.

### Transparency, governance, and accountability commitments
- 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.

### Publication metadata and identifiers
- 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 and keywords
- 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

*International 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).*

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_Source: https://www.imf.org/en/publications/cr/issues/2020/05/19/seychelles-request-for-purchase-under-the-rapid-financing-instrument-press-release-staff-49445_