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Africa > Seychelles

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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 Policy Papers
The Central Bank Transparency Code—Findings Of The Pilot Reviews
International Monetary Fund. Monetary and Capital Markets Department
This paper reports to the Executive Board on the outcomes of the Central Bank Transparency Code (CBT) pilot reviews. The pilot CBT reviews helped central banks evaluate their transparency practices and strengthen dialogue with external stakeholders. The CBT pilots provided valuable information on the resources required for the reviews going forward. Staff will continue to offer CBT reviews to the rest of the membership. The staff will report back to the Board in FY2026 on the progress of the CBT reviews and an update to the Code following five years of implementation.
Keywords:
CBT review; transparency practice; central bank Transparency Code; CBT Pilots; guidance note; Central bank transparency; Financial sector stability; Central bank autonomy; Financial Sector Assessment Program; Central bank accountability; Western Hemisphere; Global; Middle East and Central Asia
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