Seychelles: Requests for an Extended Arrangement under the Extended Fund Facility and Arrangement under the Resilience and Sustainability Facility and Cancellation of the Current Arrangement Under the Extended Fund Facility-Press Release; Staff Report

Requests for an Extended Arrangement under the Extended Fund Facility and Arrangement under the Resilience and Sustainability Facility and Cancellation of the Current Arrangement Under the Extended Fund Facility-Press Release; Staff Report; and Statement by the Executive Director for Seychelles

Author: International Monetary Fund. African Dept.

Volume/Issue: Volume 2023 Issue 235

Publication date: June 2023

ISBN: 9798400247217

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Topics covered in this book

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Public Policy- Environmental Policy , Natural Disasters , Environmental Economics , Public Finance , Exports and Imports , International - Economics , Money and Monetary Policy , IMF Resilience and Sustainability Facility arrangement , government efficiency , Seychellois authorities , RSF request , EFF arrangement , Climate change , Climate finance , Natural disasters , Global , Africa

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Summary

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.