Seychelles:Interim Performance Update Under the Policy Coordination Instrument-Press Release; and Staff Report

Interim Performance Update Under the Policy Coordination Instrument-Press Release; and Staff Report

Volume/Issue: Volume 2020 Issue 272

Publication date: September 2020

ISBN: 9781513556314

$18.00

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Topics covered in this book

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Inflation , Economics- Macroeconomics , Money and Monetary Policy , Public Finance , ISCR , CR , pandemic , financing , saving measure , exchange rate , urgent balance of payments , broad money , financing assurance , Inflation , Fiscal stance , Exchange rates , Fiscal consolidation , Global , COVID-19

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Summary

COVID-19 has had a severe economic impact on Seychelles through the implementation of strict domestic measures to contain the spread of the virus and the related global spillovers. The authorities have responded with measures to mitigate the economic fallout on businesses and households. To help address the urgent balance of payments need arising from the pandemic, the Executive Board approved on May 8, 2020 the authorities’ request for emergency financing under the Rapid Financing Instrument (RFI) of SDR 22.9 million, equivalent to 100 percent of quota (IMF Country Report No. 20/170).