Cover IMF Staff Country Reports
Buy Book in Print
Seychelles: Request for an Extended Arrangement Under the Extended Fund Facility-Press Release; Staff Report; and Statement by the Executive Director for Seychelles
Author:
International Monetary Fund. African Dept.
Search for other papers by International Monetary Fund. African Dept. in
Current site
Google Scholar Close
Series:
IMF Staff Country Reports
Volume/Issue:
Volume 2021: Issue 184
Language:
English
Publication Date:
23 Aug 2021
DOI:
https://doi.org/10.5089/9781513594064.002
ISBN:
9781513594064
ISSN:
1934-7685
Pages:
97
Keywords:
liability management operation; debt sustainability risk; government institution; GDP contraction; financing option; Fiscal stance; Government debt management; Debt management; Global
Download PDF (5.6 MB) Download Epub
Seychelles was hit hard by the COVID-19 crisis. The authorities reacted swiftly, by locking down the economy, thereby keeping infection and fatality rates low. However, the travel restrictions and global economic downturn triggered unprecedented economic contraction. The authorities responded with measures to mitigate the economic fallout on businesses and households. But the public debt ratio increased sharply, reflecting the primary balance deterioration, exchange rate depreciation, and GDP contraction. As soon as vaccines became available, Seychelles led the world in vaccination coverage and reopened its borders. With tourist arrivals bouncing back, a V-shaped recovery is now expected.
  • Collapse
  • Expand
Cover IMF Staff Country Reports
IMF Staff Country Reports
ISSN:
1934-7685
Publisher:
International Monetary Fund