Seychelles: 2008 Article IV Consultation and Request for a Stand-By Arrangement: Staff Report; Staff Supplement; Public Information Notice and Press Release on the Executive Board Discussion; and Statement by the Executive Director for Seychelles

December 2, 2008

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Seychelles: 2008 Article IV Consultation and Request for a Stand-By Arrangement: Staff Report; Staff Supplement; Public Information Notice and Press Release on the Executive Board Discussion; and Statement by the Executive Director for Seychelles, (USA: International Monetary Fund, 2008) accessed September 19, 2024

Summary

This paper presents Seychelles’ 2008 Article IV Consultation and Request for a Stand-By Arrangement. Large macroeconomic imbalances and vulnerabilities resulting from longstanding unsustainable macroeconomic policies, combined with recent external shocks, culminated in mid-2008 with the near-exhaustion of foreign reserves and missed payments on public debt obligations. Growth is declining, and inflation has risen sharply. The pegged exchange rate that was incompatible with fundamentals, together with a complex system of exchange restrictions and controls, has resulted in economic dislocation, a parallel exchange market, and pervasive dollarization.

Subject: Arrears, Banking, Debt service, Exchange rates, External debt, Foreign exchange, Public debt

Keywords: Africa, Arrears, Authorities' reform program, Authority, CBS governor, CR, Debt service, East Africa, Eastern Europe, Exchange rates, Exchange regime, Global, Government, ISCR, Middle East, Reform effort, Reform program, Upfront liberalization

Publication Details

Pages:

102
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2008/365
Stock No:

1SYCEA2008001
ISBN:

9781451836226
ISSN:

1934-7685

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