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

International Monetary Fund

No 2008/365, IMF Staff Country Reports from International Monetary Fund

Abstract: 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.

Keywords: ISCR; CR; government; authority; exchange regime; reform program; reform effort; CBS governor; authorities' reform program; upfront liberalization; Exchange rates; Arrears; Debt service; Global; Middle East; East Africa; Eastern Europe; Africa (search for similar items in EconPapers)
Pages: 102
Date: 2008-12-02
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