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Business and Economics > Industries: Hospital,Travel and Tourism

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Cover IMF Staff Country Reports
Seychelles: 2024 Article IV Consultation, Second Reviews Under the Arrangement Under the Extended Fund Facility and the Arrangement Under the Resilience and Sustainability Facility, Requests for a Waiver of Nonobservance and Modification of Performance Criteria-Press Release; and Staff Report; and Statement by the Executive Director for Seychelles
International Monetary Fund. African Dept.
They Seychellois economy continues to recover from the effects of the pandemic but at a slowing pace. While tourist arrivals were about 91 percent of prepandemic highs and activity in the IT, construction, and fishing sectors was robust, real GDP growth slowed to about 3.2 percent in 2023. This is due partly to a complex disaster (flooding and an industrial explosion) in December and associated negative impacts on manufacturing. Inflation has been negative since May but appears to have troughed in December. The fiscal stance in 2023 was tighter than projected and, as a result, the ratio of public debt to GDP is moving more quickly back to pre-pandemic lows. The external position improved slightly relative to the previous year.
Keywords:
framework enhancement; Seychellois authorities; government efficiency; tourism sector; government priority; Tourism; Government debt management; Imports; Global; Africa
Cover IMF Staff Country Reports
Maldives: 2024 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Maldives
International Monetary Fund. Asia and Pacific Dept
The 2024 Article IV Consultation highlights that despite headwinds from the war in Ukraine, the Maldives’ economic recovery from coronavirus disease 2019 pandemic has shown resilience. Real gross domestic product growth is estimated to moderate to 4.4 percent in 2023, before gradually rising to 5.2 percent in 2024. The discussions focus on comprehensive policy reforms to address fiscal vulnerabilities, stem rising balance of payments pressures, and safeguard financial stability, while supporting sustained strong and inclusive growth. Front-loaded fiscal adjustments, accompanied by tighter monetary and macroprudential policies, are urgently needed to reduce vulnerabilities and restore sustainability of public finances. Adopting macroprudential policies will help mitigate systemic risks stemming from sovereign-bank nexus. Financial sector oversight and crisis management should be further enhanced. Strengthening institutions to support climate adaptation and mitigation efforts and mobilize climate finance is crucial. Improving the business climate, addressing governance and corruption vulnerabilities, and enhancing skill developments will help support strong and inclusive growth.
Keywords:
Maldivian authorities; monetary policy coordination; tourism sector; SARTTAC mission; IMF Policy recommendation; Tourism; Debt sustainability analysis; Climate change; Global