## Seychelles - Assessment Letter for the African Development Bank

_Policy Papers, November 25, 2009_

## Source details

**Canonical URL:** [Seychelles - Assessment Letter for the African Development Bank](https://www.imf.org/en/publications/policy-papers/issues/2016/12/31/seychelles-assessment-letter-for-the-african-development-bank-pp4398)

## Other formats

- [Markdown version](/en/publications/policy-papers/issues/2016/12/31/seychelles-assessment-letter-for-the-african-development-bank-pp4398/index.md)
- [Structured JSON version](/en/publications/policy-papers/issues/2016/12/31/seychelles-assessment-letter-for-the-african-development-bank-pp4398/index.json)
- [Bundle manifest](/en/publications/policy-papers/issues/2016/12/31/seychelles-assessment-letter-for-the-african-development-bank-pp4398/bundle-manifest.json)

## 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**
  - [Seychelles: Assessment Letter for the African Development Bank; IMF Policy Paper; November 25, 2009 (Markdown version)](/-/media/websites/imf/imported-full-text-pdf/external/np/pp/eng/2009/_112509.pdf.md){rel="alternate" type="text/markdown"}
  - [Seychelles: Assessment Letter for the African Development Bank; IMF Policy Paper; November 25, 2009 (PDF)](/-/media/websites/imf/imported-full-text-pdf/external/np/pp/eng/2009/_112509.pdf){rel="external" type="application/pdf"}

---

_Source: https://www.imf.org/en/publications/policy-papers/issues/2016/12/31/seychelles-assessment-letter-for-the-african-development-bank-pp4398_