Seychelles: Requests for an Extended Arrangement under the Extended Fund Facility and Arrangement under the Resilience and Sustainability Facility and Cancellation of the Current Arrangement Under the Extended Fund Facility-Press Release; Staff Report; and Statement by the Executive Director for Seychelles
IMF Staff Country Reports, June 28, 2023
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- Seychelles: Requests for an Extended Arrangement under the Extended Fund Facility and Arrangement under the Resilience and Sustainability Facility and Cancellation of the Current Arrangement Under the Extended Fund Facility-Press Release; Staff Report; and Statement by the Executive Director for Seychelles
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Bibliographic details
- Published: June 28, 2023
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9798400247217.002
Overview
- Paper presents Seychelles’ Requests for an Extended Arrangement under the Extended Fund Facility (EFF) and an Arrangement under the Resilience and Sustainability Facility (RSF) and Cancellation of the Current Arrangement under the EFF.
- Publication date: June 28, 2023.
- Series: Country Report No. 2023/235; Issue: 235; Volume: 2023; Pages: 126.
Progress under the previous EFF (approved in 2021)
- Seychelles has made substantial progress in restoring macroeconomic sustainability after being hard hit by the coronavirus disease 2019 pandemic.
- The new EFF aims to build on this progress to:
- maintain macroeconomic stability,
- boost inclusive growth,
- strengthen fiscal and monetary policy frameworks.
Objectives and focus of the RSF
- The RSF will support the Seychellois authorities’ agenda to build resilience to climate change.
- Key RSF aims:
- exploit synergies with other sources of official financing,
- help catalyze further private financing for climate-related investments,
- undertake reforms to remove bottlenecks to, and strengthen the climate-resilience of, public investment.
- Specific RSF focus areas:
- mainstreaming climate change in the government budget,
- strengthening climate-related risk management for financial institutions,
- undertaking climate adaptation and mitigation reforms, including through measures to facilitate energy transition.
Policy recommendations and reforms highlighted
- Leverage the RSF to undertake reforms that remove bottlenecks in public investment and strengthen climate resilience of public projects.
- Catalyze private financing for climate-related investments by exploiting synergies with other official financing.
- Mainstream climate change considerations into the government budget framework.
- Strengthen climate-related risk management practices within financial institutions.
- Implement climate adaptation and mitigation reforms, including measures to facilitate energy transition.
Subject areas and keywords
- Subject: Climate change, Climate finance, Environment, International organization, Monetary policy, Natural disasters, Public debt
- Keywords: Africa, Climate change, Climate finance, EFF arrangement, Global, government efficiency, IMF Resilience and Sustainability Facility arrangement, Natural disasters, RSF request, Seychellois authorities
Content in this bundle
- 1sycea2023001