Seychelles - Assessment Letter for the African Development Bank
Policy Papers, November 25, 2009
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- Seychelles - Assessment Letter for the African Development Bank
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Bibliographic details
- Published: November 25, 2009
- Series: Policy Papers
Macroeconomic performance under the Stand-by Arrangement (SBA)
- Macroeconomic performance of Seychelles under the Stand-by Arrangement (SBA) has been favorable.
- Reforms continue to be pursued with a high degree of ownership and broad public support.
- The liberalization of the exchange regime, a strong fiscal adjustment, and prudent monetary policies have contributed to restoring macroeconomic stability.
Program implementation
- Program implementation has been exemplary.
- Talks to restructure public external debt are progressing well.
Debt restructuring and public debt outlook
- A debt restructuring agreement with commercial creditors, on terms comparable to those agreed with Paris Club creditors, is a crucial element in reestablishing a sustainable public debt outlook and supporting economic recovery.
Key findings and policy implications
- Findings:
- Liberalization of the exchange regime contributed to stability.
- Strong fiscal adjustment supported macroeconomic restoration.
- Prudent monetary policies reinforced stabilization efforts.
- Policy implications:
- Concluding a debt restructuring agreement with commercial creditors on Paris Club–comparable terms is essential to reestablish a sustainable public debt outlook.
- Continued pursuit of reforms with strong public ownership and support is important to sustain recovery.
Content in this bundle
- Seychelles: Assessment Letter for the African Development Bank; IMF Policy Paper; November 25, 2009