Seychelles : Request for Purchase Under the Rapid Financing Instrument-Press Release; Staff Report; and Statement by the Executive Director for Seychelles
Author/Editor:
International Monetary Fund. African Dept.
Publication Date:
May 19, 2020
Electronic Access:
Free Download. Use the free Adobe Acrobat Reader to view this PDF file
Summary:
In recent years, economic growth has been robust and inflation low, while the external and fiscal positions have improved. These hard-won gains, supported by three successive Fund financial programs, followed by the Policy Coordination Instrument (PCI), which was approved in 2017, are at risk of being eroded by the severe impact of the COVID-19 pandemic. The authorities have taken decisive measures to prevent a local outbreak and to mitigate the economic impact on affected businesses and the most vulnerable households. Nonetheless, given Seychelles’ heavy dependence on tourism, the economy is being very badly hit, with GDP likely to drop by over 10 per-cent this year.
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