Seychelles: 2024 Article IV Consultation, Second Reviews Under the Arrangement Under the Extended Fund Facility and the Arrangement Under the Resilience and Sustainability Facility, Requests for a Waiver of Nonobservance and Modification of Performance Criteria-Press Release; and Staff Report; and Statement by the Executive Director for Seychelles
IMF Staff Country Reports, June 28, 2024
Source details
- Canonical URL
- Seychelles: 2024 Article IV Consultation, Second Reviews Under the Arrangement Under the Extended Fund Facility and the Arrangement Under the Resilience and Sustainability Facility, Requests for a Waiver of Nonobservance and Modification of Performance Criteria-Press Release; and Staff Report; and Statement by the Executive Director for Seychelles
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Bibliographic details
- Published: June 28, 2024
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9798400280047.002
Overview
- This paper presents Seychelles’ 2024 Article IV Consultation, Second Reviews under the Arrangement under the Extended Fund Facility (EFF) and the Arrangement under the Resilience and Sustainability Facility (RSF), Requests for a Waiver of Nonobservance and Modification of Performance Criteria.
- The mission agreed with the authorities on a revised macroeconomic framework and quantitative program targets consistent with program objectives of steady fiscal consolidation and reduction of public debt over the medium-term.
Key findings and achievements
- The government has made considerable progress under the EFF and RSF Arrangements:
- strengthening fiscal and external buffers,
- reducing public debt,
- enhancing the policy framework to address climate change.
Long-term challenges
- Central long-term challenges identified:
- limits to sustainable tourism-based growth,
- need for economic diversification,
- Seychelles’ high vulnerability to the effects of climate change.
Policy framework and program objectives
- The policy framework is guided by the need to:
- preserve macroeconomic and financial sustainability,
- build fiscal and external buffers,
- advance prospects for long-term inclusive growth and economic resilience,
- align with objectives under the EFF and RSF.
Agreed actions and program orientation
- Mission and authorities agreed on:
- a revised macroeconomic framework,
- quantitative program targets aimed at steady fiscal consolidation and reduction of public debt over the medium-term.
Content in this bundle
- 1sycea2024001-print-pdf