Seychelles

Abstract

Cover -- CONTENTS -- CONTEXT: MICROSTATE RECOVERING FROM CRISIS -- RECENT DEVELOPMENTS, OUTLOOK AND SPILLOVERS -- GOOD PERFORMANCE UNDER THE EFF -- MACROECONOMIC POLICY: BUTTRESSING STABILITY -- STRUCTURAL REFORMS: REDUCING RISKS AND PROMOTING GROWTH -- OTHER ISSUES -- STAFF APPRAISAL -- BOXES -- 1. Risk Assessment Matrix, 2015 -- 2. External Stability Strengthening Despite Continuing Vulnerabilities -- 3. Seychelles' Debt Buyback For Conservation And Climate Adaptation_____________________________ -- FIGURES -- 1. Macroeconomic Developments and Projections -- 2. Monthly Indicators of Economic Activity -- TABLES -- 1. Selected Economic and Financial Indicators, 2012-20 -- 2. Balance of Payments, 2012-20 -- 3. Consolidated Government Operations, 2012-16 -- 4. Monetary Survey and Central Bank Accounts, 2012-15 -- 5. Financial Soundness Indicators for the Banking Sector, 2011-14 -- 6. Indicators of Fund Credit, 2013-22 -- 7. Schedule of Reviews and Purchases Under the Extended Arrangement, 2014-17 -- ANNEXES -- 1. Public Debt Sustainability Analysis -- 2. External Debt Sustainability Analysis -- 3. Inward Spillovers and the Tourism Sector -- 4. External Stability and Competitiveness Assessment -- 5. The Medium-Term Fiscal Challenges -- 6. Sources of Growth -- 7. Establishing a Macroprudential Framework -- APPENDIX -- I. Letter of Intent -- Attachment 1: Memorandum of Economic, Financial and Structural Policies for 2015-16 -- Table 1. Quantitative Performance Criteria Under the Extended Arrangement, 2014-2015 -- Table 2a. Structural Benchmarks Under the Extended Arrangement, 2014 -- Table 2b. Structural Benchmarks Under the Extended Arrangement, 2015-2016 -- Attachment 2: Technical Memorandum of Understanding -- CONTENTS -- RELATIONS WITH THE FUND -- JOINT WORLD BANK-IMF WORK PROGRAM, 2015 -- RELATIONS WITH THE AFRICAN DEVELOPMENT BANK GROUP.