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

No 2024/191, IMF Staff Country Reports from International Monetary Fund

Abstract: 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 (search for similar items in EconPapers)
Pages: 150
Date: 2024-06-28
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