{
  "title": "Seychelles: Request for an Extended Arrangement Under the Extended Fund Facility-Press Release; Staff Report; and Statement by the Executive Director for Seychelles",
  "publication": "IMF Staff Country Reports, August 23, 2021",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2021/08/23/seychelles-request-for-an-extended-arrangement-under-the-extended-fund-facility-press-464537",
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  "summary": "Seychelles was hit hard by the COVID-19 crisis. The authorities reacted swiftly, by locking down the economy, thereby keeping infection and fatality rates low. However, the travel restrictions and global economic downturn triggered unprecedented economic contraction.",
  "sections": [
    {
      "heading": "Summary",
      "content": "- Seychelles was hit hard by the COVID-19 crisis.\n- Authorities reacted swiftly, by locking down the economy, thereby keeping infection and fatality rates low.\n- Travel restrictions and the global economic downturn triggered unprecedented economic contraction.\n- Authorities implemented measures to mitigate the economic fallout on businesses and households.\n- The public debt ratio increased sharply, reflecting the primary balance deterioration, exchange rate depreciation, and GDP contraction.\n- As soon as vaccines became available, Seychelles led the world in vaccination coverage and reopened its borders.\n- With tourist arrivals bouncing back, a V-shaped recovery is now expected."
    },
    {
      "heading": "Key findings and context",
      "content": "- COVID-19 shock: unprecedented economic contraction driven by travel restrictions and global downturn.\n- Health response: early lockdowns limited infections and fatalities.\n- Fiscal impact: sharp increase in the public debt ratio due to primary balance deterioration, exchange rate depreciation, and GDP contraction.\n- Recovery drivers: rapid vaccination rollout and reopening of borders supporting tourism-led rebound."
    },
    {
      "heading": "Macroeconomic outlook",
      "content": "- Recovery characterization: a V-shaped recovery is expected as tourist arrivals bounce back following reopening and high vaccination coverage."
    },
    {
      "heading": "Fiscal and public debt issues",
      "content": "- Public debt: increased sharply (attributed to primary balance deterioration, exchange rate depreciation, and GDP contraction).\n- Fiscal measures: authorities enacted policies to mitigate impacts on businesses and households (specific measures not listed in the summary)."
    },
    {
      "heading": "Subject coverage and keywords",
      "content": "- Subject: Asset and liability management, Debt management, Expenditure, Fiscal policy, Fiscal stance, Government debt management, International organization, Monetary policy, Public debt, Public financial management (PFM)\n- Keywords: Debt management, debt sustainability risk, financing option, Fiscal stance, GDP contraction, Global, Government debt management, government institution, liability management operation\n\n---\n\n Content in this bundle\n\n- 1sycea2021001\n  - 1sycea2021001 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 1sycea2021001 (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Published: August 23, 2021",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781513594064.002",
    "Seychelles was hit hard by the COVID-19 crisis.",
    "Authorities reacted swiftly, by locking down the economy, thereby keeping infection and fatality rates low.",
    "Travel restrictions and the global economic downturn triggered unprecedented economic contraction.",
    "Authorities implemented measures to mitigate the economic fallout on businesses and households.",
    "The public debt ratio increased sharply, reflecting the primary balance deterioration, exchange rate depreciation, and GDP contraction.",
    "As soon as vaccines became available, Seychelles led the world in vaccination coverage and reopened its borders.",
    "With tourist arrivals bouncing back, a V-shaped recovery is now expected.",
    "COVID-19 shock: unprecedented economic contraction driven by travel restrictions and global downturn.",
    "Health response: early lockdowns limited infections and fatalities.",
    "Fiscal impact: sharp increase in the public debt ratio due to primary balance deterioration, exchange rate depreciation, and GDP contraction.",
    "Recovery drivers: rapid vaccination rollout and reopening of borders supporting tourism-led rebound.",
    "Recovery characterization: a V-shaped recovery is expected as tourist arrivals bounce back following reopening and high vaccination coverage.",
    "Fiscal measures: authorities enacted policies to mitigate impacts on businesses and households (specific measures not listed in the summary).",
    "Subject: Asset and liability management, Debt management, Expenditure, Fiscal policy, Fiscal stance, Government debt management, International organization, Monetary policy, Public debt, Public financial management (PFM)",
    "Keywords: Debt management, debt sustainability risk, financing option, Fiscal stance, GDP contraction, Global, Government debt management, government institution, liability management operation",
    "**1sycea2021001**"
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