Seychelles: First Review Under the Stand-By Arrangement, Request for Waivers of Nonobservance of Performance Criteria, and Financing Assurance Review: Staff Report; Press Release on the Executive Board Discussion; and Statement by the Executive Director for Seychelles

International Monetary Fund

No 2009/121, IMF Staff Country Reports from International Monetary Fund

Abstract: This paper discusses key findings of the First Review for Seychelles under the Stand-By Arrangement. Developments under the program at end-December 2008 were broadly satisfactory. Although growth was lower and inflation higher than targeted in 2008, the liberalization of the exchange regime and interest rate have removed the severe distortions weighing on the economy, and early signs of stabilization are apparent. The program targets for 2009 have been adjusted, primarily in light of the much more difficult external environment.

Keywords: ISCR; CR; program financing; Executive Board discussion; financing; authority; government; Seychellois authorities; government priority; Seychelles economy; Arrears; Debt service; Imports; Global; East Africa; Western Europe (search for similar items in EconPapers)
Pages: 66
Date: 2009-04-09
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