International Monetary Fund (IMF) / Press Release

Source: International Monetary Fund (IMF) | Apr 03, 2024

International Monetary Fund (IMF) Staff Reaches Staff-Level Agreement on the Second Reviews Under the Extended Fund Facility (EFF) Arrangement and the Resilience and Sustainability Facility (RSF) with Seychelles and Completes 2024 Article IV Mission

While the outlook remains positive and risks are roughly balanced, the Seychellois economy remains highly vulnerable to external shocks and climate change in the medium- to long-term

The Seychellois economy continued to recover in 2023 and is moving closer to pre-pandemic norms despite external shocks and a complex disaster from flooding and an industrial explosion; The government made good progress in implementing the EFF and RSF—meeting almost all quantitative targets under the program and making notable progress…

Source: International Monetary Fund (IMF) | Oct 03, 2023

International Monetary Fund (IMF) Staff and the Seychellois Authorities Reach Staff-Level Agreement on the First Review Under the Extended Fund Facility (EFF) Arrangement and the Resilience and Sustainability Facility (RSF)

The Central Bank of Seychelles (CBS) has maintained an accommodative monetary policy in the context of disinflation and ample liquidity

The recovery of the Seychellois economy continues as tourism flows normalize and economic activity moves closer to pre-pandemic levels. IMF staff and the Seychellois authorities have reached staff-level agreement on the first review under the Extended Fund Facility (EFF) arrangement and the Resilience and Sustainability Facility (RSF); The government made…

Source: International Monetary Fund (IMF) | Mar 29, 2023

International Monetary Fund (IMF) Staff Reaches Staff-Level Agreement with Seychelles on a Resilience Sustainability Fund (RSF) Program and a new Extended Fund Facility (EFF) Arrangement

Seychelles will have access to SDR 42.36 million (about USD 56.96 million) under the EFF and SDR 34.35 million (about USD 46.19 million) under the RSF

IMF staff and the Seychellois authorities reached a staff-level agreement on a successor 36-month Extended Fund Facility (EFF) and a new Resilience and Sustainability Facility (RSF) program to support Seychelles’ economic policies and reforms. Seychelles is the second African country to reach a staff-level agreement to access the Resilience and…

Source: International Monetary Fund (IMF) | Dec 01, 2022

International Monetary Fund (IMF) Executive Board Completes Third Review Under the Extended Fund Facility for Seychelles

Seychelles’ economic recovery has remained very strong in 2022, fueled by a faster-than-expected rebound of the tourism sector

The strong recovery of the Seychellois economy has continued in 2022, led by a rebounding tourism sector. Growth is uneven across other sectors of the economy. The government has made significant progress in restoring macroeconomic balances and performance under the EFF program is strong. Maintaining the buildup of buffers against…

Source: International Monetary Fund (IMF) | Nov 08, 2021

IMF Staff and Seychelles Reach Staff-Level Agreement on the First Review Under the Extended Fund Facility (EFF)

September 2021 quantitative targets under the program were met—some, including the fiscal primary balance target, by a wide margin

An International Monetary Fund (IMF) mission led by Boriana Yontcheva carried out a mission from October 23–November 8, 2021 to assess performance at end-September for the first program review under the Extended Fund Facility (EFF) Arrangement with Seychelles. Discussions were hybrid, conducted partly virtually, partly in Victoria. At the end…

Source: International Monetary Fund (IMF) | May 09, 2020

Coronavirus - Seychelles: International Monetary Fund (IMF) Executive Board approves a US$31.2 Million Purchase in Emergency Assistance to Seychelles to address the COVID-19 Pandemic

The near-term economic fallout of the COVID19 pandemic is expected to be severe

The IMF approved Seychelles’ request for emergency financial assistance under the Rapid Financing Instrument (RFI) of about US $31.2 million; the near-term economic fallout of the COVID-19 pandemic is expected to be severe. Restriction in travel will hinder tourism and weaken fiscal and external positions, creating large additional financing needs;…