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Business and Economics > Public Finance

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Cover IMF Staff Country Reports
Seychelles: Third Reviews Under the Arrangement Under the Extended Fund Facility and the Arrangement Under the Resilience and Sustainability Facility and Request for Rephasing of Access Under the Resilience and Sustainability Facility-Press Release; Staff Report; and Statement by the Executive Director for Seychelles
International Monetary Fund. African Dept.
This paper presents Third Reviews under the Arrangement under the Extended Fund Facility (EFF) and the Arrangement under the Resilience and Sustainability Facility (RSF) and Request for Rephasing of Access under the Resilience and Sustainability Facility for Seychelles. The completion of the reviews allows for an immediate disbursement of about US$12.1 million to help strengthen macroeconomic stability, boost growth, and strengthen fiscal and monetary policy frameworks, while also supporting efforts to strengthen resilience to climate change, exploit synergies with other sources of official financing, and catalyze financing for climate-related investments. Economic growth in Seychelles appears to have slowed relative to earlier forecasts, reflecting lower tourist arrivals and lower tourist spending in second quarter and third quarter. Inflation remains low, fiscal performance in the first half the year was tighter than budgeted, and central bank accumulation of foreign exchange reserves was above the program target. Performance under the EFF and RSF programs has been good. All quantitative targets for end-June 2024 were met, and significant progress has been made on structural benchmarks under the EFF and reform measures under the RSF.
Keywords:
climate finance mobilization strategy; Seychellois authorities; banking sector climate risk analysis framework; implementation framework; RSF arrangement; financing strategy; Climate change; Climate finance; Global
Cover Technical Assistance Reports
Seychelles: Technical Assistance Report-Developing a Framework for Climate Budget Tagging
International Monetary Fund. Fiscal Affairs Dept.
The Government of Seychelles is committed to promoting environmental sustainability and climate resilience, as demonstrated by its decision to prioritize climate as one of the six key areas in the National Development Strategy for 2024-2028 and through the agreements made under the IMF's Resilience and Sustainability Facility, established in May 2023. A central component of these efforts is the identification of climate-related expenditures. This report outlines the development and phased implementation of a Climate Budget Tagging (CBT) framework in Seychelles. CBT is a tailored process that involves identifying, measuring, and monitoring climate-relevant spending across government, serving as a powerful tool to integrate climate change considerations into the budget cycle. By emphasizing the importance of climate change in resource allocation and execution, CBT enhances the government's ability to prioritize climate action, with the ultimate goal of ensuring alignment with Seychelles' climate commitments and Nationally Determined Contributions.
Keywords:
Green PFM; Green budgeting; Climate Budget Tagging; Climate expenditure; RSF Reform Measures; Climate change; Seychelles.; IMF expert; national Planning; Climate Budget statement; Budget planning and preparation; Global
Cover High-Level Summary Technical Assistance Reports
Seychelles: Government Finance Statistics and Public Sector Debt Statistics Mission
International Monetary Fund. Statistics Dept.
A diagnostic technical assistance mission from the IMF’s Statistics Department (STA) visited Seychelles during April 8-19, 2024, to support the authorities in improving the compilation and dissemination of government finance statistics (GFS) and public sector debt statistics (PSDS). The mission assisted the Ministry of Finance, National Planning and Trade, and the National Bureau of Statistics to broaden the institutional coverage of fiscal statistics through hands-on training and methodological guidance in deriving a draft public sector institutional table. The mission also supported the authorities in reviewing data sources, compilation, and dissemination practices for GFS and PSDS, as well as in streamlining working files for high frequency and annual fiscal statistics. This effort will help the authorities reduce statistical discrepancies and resume the submission of GFS data to STA.
Keywords:
Chart of accounts; central government; general government; government finance statistics; integrated financial management information system; public debt; public sector debt statistics; mission to Seychelles; International Monetary Fund's mission; compilation tool; GFS statement; compilation issue
Cover IMF Staff Country Reports
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
International Monetary Fund. African Dept.
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 government has made considerable progress under the EFF and RSF Arrangements—strengthening fiscal and external buffers, reducing public debt, and enhancing the policy framework to address climate change. Long-term challenges center on the limits to sustainable tourism-based growth, economic diversification, and Seychelles’ high vulnerability to the effects of climate change. The policy framework is guided by the need to preserve macroeconomic and financial sustainability, build fiscal and external buffers, as well as advance prospects for long-term inclusive growth and economic resilience, in line with the objectives under the EFF and RSF. Toward this end, the mission agreed with the authorities on a revised macroeconomic framework and quantitative program targets consistent with the program objectives of steady fiscal consolidation and reduction of public debt over the medium-term.
Keywords:
framework enhancement; Seychellois authorities; government efficiency; tourism sector; government priority; Tourism; Government debt management; Imports; Global; Africa
Cover Technical Notes and Manuals
Internal Evaluation of External Sector Statistics Capacity Development in Select African Countries
Mr. Rodolfo Maino
,
Theodore Pierre Bikoi
,
Mr. Marcelo Dinenzon
,
Dilek Goncalves
, and
Nelnan Fidèle Koumtingué
This technical note provides an assessment of how external sector statistics capacity development has improved the availability of balance of payments and international investment position data in select countries of sub-Saharan Africa over the period FY2015–22. All countries assessed have made strides to sustain the benefits of capacity development despite continuing challenges.
Keywords:
external sector statistics; capacity development; OECD Development Assistance Committee criteria; balance of payments and international investment position; IMF country team; IMF surveillance; ESS CD essential; IMF capacity development; evaluation team; IMF Library; Balance of payments statistics; International investment position; Data collection; Special Data Dissemination Standard (SDDS); Africa; Sub-Saharan Africa
Cover IMF Staff Country Reports
Seychelles: First Reviews Under the Extended Arrangement Under the Extended Fund Facility and the Arrangement Under the Resilience and Sustainability Facility-Press Release; and Staff Report
International Monetary Fund. African Dept.
This paper presents Seychelles’ First Reviews under the Extended Arrangement under the Extended Fund Facility (EFF) and the Arrangement under the Resilience and Sustainability Facility (RSF). The completion of the reviews allows for an immediate disbursement of funds to help strengthen macroeconomic stability, boost inclusive growth, and strengthen fiscal and monetary policy frameworks, while also supporting efforts to build resilience to climate change, exploit synergies with other sources of official financing, and catalyze private financing for climate-related investments. Seychelles’ economic recovery continues, albeit at a more moderate pace than the sharp rebound observed in 2022. Seychelles’ economic recovery has continued in 2023 as tourist arrivals move closer to pre-pandemic levels. The government has made significant progress in restoring macroeconomic balances and performance under the EFF and RSF programs are strong. However, it will remain critical for the Seychelles to stay the course with respect to reducing public debt, rebuilding fiscal space, and increasing foreign exchange buffers.
Keywords:
RSF program; RSF reform measure; inflation indicator; headline inflation; inflation outlook; Credit; International reserves; Global
Cover IMF Staff Country Reports
Seychelles: Technical Assistance Report–Public Investment Management Assessment–PIMA and Climate PIMA
International Monetary Fund. Fiscal Affairs Dept.
This Technical Assistance Report on Seychelles focuses on public investment management assessment (PIMA) and Climate PIMA. Across the PIMA, Seychelles is particularly strong in budget comprehensiveness and in ensuring the availability of funding for projects, but substantial capital budget under-execution reveals gaps in several public investment management institutions. Seychelles budget processes are well formulated; are supported by a medium-term fiscal framework; and budget documentation provides comprehensive coverage and details of the public sector investment program. Many institutions across the PIMA and C-PIMA would improve with changes that address the underlying causes of capital budget under-execution. The PIMA and C-PIMA comes at a timely moment for Seychelles, with a range of reforms underway, including the preparation of the new National Development Strategy, the implementation of a new Public Investment Management Policy with new institutions, and revisions and updates of the legal and regulatory framework.
Keywords:
Public investment management; climate; fiscal risk; small island states; Seychelles.; investment plan; management framework; efficiency gap; Seychelles budget processes; management institution; climate PIMA; Seychelles government; Climate PIMA; authorities of Seychelles; Budget planning and preparation; Public investment spending; Climate change; Fiscal risks; Global
Cover IMF Staff Country Reports
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
International Monetary Fund. African Dept.
This 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. 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 will build on this progress and maintain macroeconomic stability, boost inclusive growth, and strengthen fiscal and monetary policy frameworks. The RSF will support the Seychellois authorities’ agenda to build resilience to climate change, to exploit synergies with other sources of official financing, and to help catalyze further private financing for climate-related investments. The authorities plan to leverage the RSF to undertake reforms to remove bottlenecks to, and strengthen the climate-resilience of, public investment. The RSF will also help authorities catalyze further private financing and exploit synergies with other official financing. In particular, the RSF will focus on mainstreaming climate change in the government budget, strengthening climate-related risk management for financial institutions, and undertaking climate adaptation and mitigation reforms, including through measures to facilitate energy transition.
Keywords:
IMF Resilience and Sustainability Facility arrangement; government efficiency; Seychellois authorities; RSF request; EFF arrangement; Climate change; Climate finance; Natural disasters; Global; Africa
Cover IMF Staff Country Reports
Seychelles: Third Review Under the Extended Fund Facility Arrangement and Request for Modification of Indicative Targets-Press Release; and Staff Report
International Monetary Fund. African Dept.
Tourism is driving a strong economic recovery in Seychelles. Real GDP growth is expected to accelerate to 10.6 percent in 2022, up from 7.9 percent in 2021. However, the recovery is uneven across sectors of the economy. The authorities have already begun to rebuild policy buffers and have taken measures to protect the poorest as the country transitions from the COVID-19 outbreak. The primary fiscal deficit in 2022 is expected to narrow to 1.1 percent of GDP, reflecting an extraordinary consolidation of 13.6 percentage points over the last two years. Risks to debt sustainability have been significantly reduced with the public debt-to-GDP ratio projected at around 68 percent at end-2022, thereby registering a 21-percentage-point reduction in two years.
Keywords:
inflation indicator; Policy discussion; policy commitment; IMF's transparency policy; Policy recommendation; EFF arrangement; Capital spending; Tourism; Credit; Global; Middle East; Eastern Europe
Cover Technical Notes and Manuals
Special Purpose Entities: Guidelines for a Data Template
Mr. Carlos Sanchez-Munoz
,
Artak Harutyunyan
, and
Ms. Padma S Hurree Gobin
The Note is meant to assist compilers in the practical application of the agreed defini¬tion to identify resident Special Purpose Entities (SPE) in their jurisdictions and in collecting and reporting SPE-related cross-border data. To this end, these guidelines provide practical advice on the (1) implementa¬tion of the definition of SPEs, (2) possible data sources and processes for collecting and compiling SPE-related statistics, and (3) reporting within the agreed Data Template.
Keywords:
Globalization; multinationals; host jurisdictions; institutional units; control; cross-border flows and positions; SPE definition; SPE data collection; company B; SPE flow; SPE statistics; Special purpose vehicle; Data collection; External sector statistics; Foreign direct investment; International investment position; Global