Suchergebnisse

Program implementation and economic fundamentals continue to be strong, but the external position weakened in mid-2014. Projected growth for 2014 has been revised down to 2.8 percent from 3.7 percent, due to weaker demand for Seychelles' two main exports-tourism and canned tuna. At the same time, strong growth in personal earnings and private sector credit have fueled a surge in imports, putting further pressure on the balance of payments. As a result, the exchange rate depreciated an estimated 11 percent in nominal effective terms from early August to late-October

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.

Cover -- CONTENTS -- RECENT DEVELOPMENTS, OUTLOOK AND RISKS -- PROGRAM PERFORMANCE -- POLICIES IN THE PERIOD AHEAD -- A. Fiscal policy -- B. Monetary and Exchange Rate Policies -- C. Policies to Buttress Financial Stability -- D. Enhancing Inclusive Growth -- PROGRAM MONITORING AND RISKS -- STAFF APPRAISAL -- FIGURES -- 1. Macroeconomic Developments and Projections -- 2. Monthly Indicators of Economic Activity -- TABLES -- 1. Selected Economic and Financial Indicators, 2014-23 -- 2. Balance of Payments, 2014-23 -- 3. Consolidated Government Operations, 2014-20 -- 4. Monetary Survey and Central Bank Account, 2014-19 -- 5. Financial Soundness Indicators for the Banking Sector, 2012 -2018 -- 6. Schedule of Reviews Under the Policy Coordination Instrument, 2017-20 -- 7. Indicators of Fund Credit, 2014-23 -- ANNEXES -- I. Debt Sustainability Analysis -- II. Switching to a Monetary Policy Consultation Clause -- APPENDIX -- I. Program Statement -- Attachment I. Technical Memorandum of Understanding

This paper discusses Seychellesâ?? Request for an Arrangement Under the Extended Fund Facility (EFF). In the five years following the 2008 balance of payments and debt crisis, the authorities have successfully enacted a comprehensive program of reforms. Despite the success of the program, important risks and challenges remain. To face these challenges, the authorities have requested a successor EFF arrangement with the IMF. This program will help support their macroeconomic policies and protect reserve coverage over the extended period, while they carry out wide-ranging structural reforms nece