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Seychelles First Review Under The Extended Fund Facility Arrangement Press Release Staff Report And Statement By The Executive Director For The Seychelles
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Book Synopsis Seychelles: First Review Under the Extended Fund Facility Arrangement-Press Release; Staff Report; and Statement by the Executive Director for the Seychelles by : International Monetary
Download or read book Seychelles: First Review Under the Extended Fund Facility Arrangement-Press Release; Staff Report; and Statement by the Executive Director for the Seychelles written by International Monetary and published by International Monetary Fund. This book was released on 2022-01-13 with total page 79 pages. Available in PDF, EPUB and Kindle. Book excerpt: The expected macroeconomic recovery has materialized. Seychelles remains a leader in vaccine coverage at home, and the widespread availability of vaccines in Seychelles’ key tourist markets, particularly Europe, is contributing to a strong rebound in tourism. The economic outlook, while positive, remains subject to the uncertain evolution of the COVID-19 pandemic globally.
Download or read book Seychelles written by and published by . This book was released on with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Seychelles by : International Monetary Fund. African Dept.
Download or read book Seychelles written by International Monetary Fund. African Dept. and published by International Monetary Fund. This book was released on 2023-06-28 with total page 126 pages. Available in PDF, EPUB and Kindle. Book excerpt: Under the current EFF, the authorities have made substantial progress in restoring macroeconomic stability and debt sustainability after being hit hard by the COVID-19 pandemic. Now, they would like to pivot to the deeper medium-term structural reforms needed to support structural balance of payments needs and promote sustainable and inclusive growth. To support this pivot, they have requested the cancellation of the current EFF and the approval of a new one. Concurrently, they have requested a program under the Resilience and Sustainability Facility (RSF) to help advance their climate agenda, including measures to enhance resilience to climate-related shocks.
Book Synopsis Seychelles: Request for an Extended Arrangement Under the Extended Fund Facility-Press Release; Staff Report; and Statement by the Executive Director for Seychelles by : International Monetary
Download or read book Seychelles: Request for an Extended Arrangement Under the Extended Fund Facility-Press Release; Staff Report; and Statement by the Executive Director for Seychelles written by International Monetary and published by International Monetary Fund. This book was released on 2021-08-23 with total page 97 pages. Available in PDF, EPUB and Kindle. Book excerpt: Seychelles was hit hard by the COVID-19 crisis. The authorities reacted swiftly, by locking down the economy, thereby keeping infection and fatality rates low. However, the travel restrictions and global economic downturn triggered unprecedented economic contraction. The authorities responded with measures to mitigate the economic fallout on businesses and households. But the public debt ratio increased sharply, reflecting the primary balance deterioration, exchange rate depreciation, and GDP contraction. As soon as vaccines became available, Seychelles led the world in vaccination coverage and reopened its borders. With tourist arrivals bouncing back, a V-shaped recovery is now expected.
Book Synopsis Seychelles by : International Monetary Fund. African Dept.
Download or read book Seychelles written by International Monetary Fund. African Dept. and published by International Monetary Fund. This book was released on 2022-07-26 with total page 102 pages. Available in PDF, EPUB and Kindle. Book excerpt: Seychelles’ economic recovery in 2021 vastly outperformed projections, fueled by a faster-than-expected rebound of the tourism sector. The recovery is expected to continue in 2022 with projected real GDP growth of 7.1 percent as the tourism sector shows resilience to COVID-19 waves and geopolitical tensions. The recovery has been accompanied by a significant fiscal overperformance.
Book Synopsis Seychelles by : International Monetary Fund
Download or read book Seychelles written by International Monetary Fund and published by International Monetary Fund. This book was released on 2012-02-06 with total page 57 pages. Available in PDF, EPUB and Kindle. Book excerpt: Seychelles’s fiscal stance for 2012 allows maintaining a steady course toward debt reduction. The authorities’ decisions to downsize the loss-making national airline and raise tariffs of public enterprises are crucial steps for easing fiscal pressures and ensuring sufficient capital expenditure, in particular in much-needed infrastructure projects. Price subsidies through the Stabilization Fund will be replaced with targeted transfers to low-income households. The structural reform agenda for 2012 builds on progress made to date, focusing on taxation, public finance management, public enterprises, and the financial sector.
Book Synopsis Seychelles by : International Monetary Fund. African Dept.
Download or read book Seychelles written by International Monetary Fund. African Dept. and published by International Monetary Fund. This book was released on 2022-12-16 with total page 73 pages. Available in PDF, EPUB and Kindle. Book excerpt: Tourism is driving a strong economic recovery in Seychelles. Real GDP growth is expected to accelerate to 10.6 percent in 2022, up from 7.9 percent in 2021. However, the recovery is uneven across sectors of the economy. The authorities have already begun to rebuild policy buffers and have taken measures to protect the poorest as the country transitions from the COVID-19 outbreak. The primary fiscal deficit in 2022 is expected to narrow to 1.1 percent of GDP, reflecting an extraordinary consolidation of 13.6 percentage points over the last two years. Risks to debt sustainability have been significantly reduced with the public debt-to-GDP ratio projected at around 68 percent at end-2022, thereby registering a 21-percentage-point reduction in two years.
Book Synopsis Seychelles by : International Monetary Fund. African Dept.
Download or read book Seychelles written by International Monetary Fund. African Dept. and published by International Monetary Fund. This book was released on 2023-12-12 with total page 79 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Seychellois economy continues to recover as tourist arrivals move closer to pre-pandemic levels. Inflation is on a downward trajectory due to decreased global food and fuel prices. The government’s primary fiscal position is expected to be near balance in 2023, stronger than expected at the outset of the EFF/RSF program. External balances have improved. The current account deficit is projected to decline to 5.4 percent of GDP in 2023 and foreign reserves to rise to an equivalent of 3.7 months of imports. The ratio of public and publicly guaranteed debt to GDP is expected to fall to about 64 percent of GDP by end-2023, compared to 81 percent in 2020. The authorities are advancing with reform measures agreed under the RSF.
Book Synopsis Seychelles by : International Monetary Fund
Download or read book Seychelles written by International Monetary Fund and published by . This book was released on 2009-04-09 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis Seychelles by : International Monetary Fund. African Dept.
Download or read book Seychelles written by International Monetary Fund. African Dept. and published by International Monetary Fund. This book was released on 2017-02-21 with total page 65 pages. Available in PDF, EPUB and Kindle. Book excerpt: Completion of the fourth review was delayed after the government announced in early 2016 expenditure and revenue initiatives with estimated annual fiscal costs of 3 percent of GDP. After the opposition won a majority in parliament in September, the President announced his resignation and the Vice President took over. With low commodity prices and strong tourist arrivals, the economic developments since the third review have been favorable and economic outlook for 2016?17 remains positive.
Book Synopsis Seychelles by : International Monetary Fund
Download or read book Seychelles written by International Monetary Fund and published by International Monetary Fund. This book was released on 2010-07-09 with total page 57 pages. Available in PDF, EPUB and Kindle. Book excerpt: The fiscal policy stance continues to be appropriate, facilitating a reduction in public debt. Seychelles has made a good start on its second stage of reforms under an Extended Fund Facility (EFF)-supported program, despite a difficult international environment, showing strong resilience to the double crisis it confronted. The economy is reaping the benefits of strong macroeconomic stabilization policies. Seychelles remains highly exposed to external shocks. Progress on the ambitious program of tax and public finance management reform is encouraging, but important steps still lie ahead.
Book Synopsis Seychelles by : International Monetary Fund. African Dept.
Download or read book Seychelles written by International Monetary Fund. African Dept. and published by International Monetary Fund. This book was released on 2014-12-22 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis Seychelles by : International Monetary Fund. African Dept.
Download or read book Seychelles written by International Monetary Fund. African Dept. and published by International Monetary Fund. This book was released on 2013-01-30 with total page 55 pages. Available in PDF, EPUB and Kindle. Book excerpt: Resilient growth is observed in 2012 in Seychelles. Weakness in tourism has been offset by increases from less-traditional markets. The current account and adjustments has administered prices in the second half of 2011, and a cycle of depreciation and inflation ensued. The fiscal accounts suffered in the first half of 2012 from the restructuring arrangement for Air Seychelles. The banking system remains solid and continues to maintain healthy capital adequacy ratios. Despite strong program performance, Seychelles remains highly vulnerable to external shocks.
Book Synopsis Seychelles by : International Monetary Fund
Download or read book Seychelles written by International Monetary Fund and published by International Monetary Fund. This book was released on 2011-06-14 with total page 53 pages. Available in PDF, EPUB and Kindle. Book excerpt: Seychelles's economy has recovered strongly from the debt crisis and global recession, owing to high foreign direct investment and a rebound in tourism. Inflation remained near zero, and the country continued to rebuild its international reserves and reduce public debt. In 2011, the policy mix under the economic program supported by the Extended Fund Facility has been adjusted in response to global commodity price shocks and financial difficulties of Air Seychelles. Structural reforms will focus on strengthening the financial sector and restructuring of state-owned financial institutions.
Book Synopsis Seychelles by : International Monetary Fund
Download or read book Seychelles written by International Monetary Fund and published by . This book was released on 2009-07-15 with total page 61 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper presents key findings of the Second Review for Seychelles under the Stand-By Arrangement. The program is on track, and macroeconomic stabilization has advanced rapidly. The authorities are implementing the program with determination and a high degree of ownership. All quantitative performance criteria at end-March 2009 were met. One of two structural benchmarks for end-April was missed, reflecting capacity constraints in issuing new bank capitalization norms, but was completed in late May.
Book Synopsis Seychelles by : International Monetary Fund
Download or read book Seychelles written by International Monetary Fund and published by . This book was released on 2010 with total page 90 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper discusses key findings of the Third Review Under the Stand-By Arrangement for Seychelles. The program is on track, and macroeconomic stabilization has advanced rapidly. The authorities continue to implement the program with a high degree of ownership and success. All quantitative performance criteria (PC) and structural benchmarks at end-September 2009 were met. The structural reform effort is progressing well. Key progress has been made on public financial management, notably through the treasury single account. The 2010 budget features a much improved and complete presentation of government finance.
Book Synopsis Seychelles by : International Monetary Fund. African Dept.
Download or read book Seychelles written by International Monetary Fund. African Dept. and published by International Monetary Fund. This book was released on 2017-06-20 with total page 61 pages. Available in PDF, EPUB and Kindle. Book excerpt: This 2017 Article IV Consultation highlights Seychelles’ continued strong macroeconomic performance in 2016. Economic growth reached 4.5 percent, reflecting increased tourist arrivals, stronger output in the fishing industry, and expanding credit to the private sector. Helped by low commodity prices and a stable exchange rate, inflation (year over year) was negative throughout early 2017. The external current account deficit remained largely unchanged, while gross international reserves at the end of 2016 reached four months of prospective imports of goods and services. With continued foreign investment and rising arrivals in the tourism sector, the growth outlook for 2017 remains positive.
