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Africa > Seychelles

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Cover Policy Papers
The Central Bank Transparency Code—Findings Of The Pilot Reviews
International Monetary Fund. Monetary and Capital Markets Department
This paper reports to the Executive Board on the outcomes of the Central Bank Transparency Code (CBT) pilot reviews. The pilot CBT reviews helped central banks evaluate their transparency practices and strengthen dialogue with external stakeholders. The CBT pilots provided valuable information on the resources required for the reviews going forward. Staff will continue to offer CBT reviews to the rest of the membership. The staff will report back to the Board in FY2026 on the progress of the CBT reviews and an update to the Code following five years of implementation.
Keywords:
CBT review; transparency practice; central bank Transparency Code; CBT Pilots; guidance note; Central bank transparency; Financial sector stability; Central bank autonomy; Financial Sector Assessment Program; Central bank accountability; Western Hemisphere; Global; Middle East and Central Asia
Cover IMF Staff Country Reports
Seychelles: Third Review Under the Extended Fund Facility Arrangement and Request for Modification of Indicative Targets-Press Release; and Staff Report
International Monetary Fund. African Dept.
Tourism is driving a strong economic recovery in Seychelles. Real GDP growth is expected to accelerate to 10.6 percent in 2022, up from 7.9 percent in 2021. However, the recovery is uneven across sectors of the economy. The authorities have already begun to rebuild policy buffers and have taken measures to protect the poorest as the country transitions from the COVID-19 outbreak. The primary fiscal deficit in 2022 is expected to narrow to 1.1 percent of GDP, reflecting an extraordinary consolidation of 13.6 percentage points over the last two years. Risks to debt sustainability have been significantly reduced with the public debt-to-GDP ratio projected at around 68 percent at end-2022, thereby registering a 21-percentage-point reduction in two years.
Keywords:
inflation indicator; Policy discussion; policy commitment; IMF's transparency policy; Policy recommendation; EFF arrangement; Capital spending; Tourism; Credit; Global; Middle East; Eastern Europe
Cover Staff Climate Notes
Climate Change and Select Financial Instruments: An Overview of Opportunities and Challenges for Sub-Saharan Africa
Anna Belianska, Nadja Bohme, Kailhao Cai, Yoro Diallo, Saanya Jain, Mr. Giovanni Melina, Ms. Pritha Mitra, Mr. Marcos Poplawski Ribeiro, and Solo Zerbo
Sub-Saharan Africa (SSA) is the region in the world most vulnerable to climate change despite its cumulatively emitting the least amount of greenhouse gases. Substantial financing is urgently needed across the economy—for governments, businesses, and households—to support climate change adaptation and mitigation, which are critical for advancing resilient and green economic development as well as meeting commitments under the Paris Agreement. Given the immensity of SSA’s other development needs, this financing must be in addition to existing commitments on development finance. There are many potential ways to raise financing to meet adaptation and mitigation needs, spanning from domestic revenue mobilization to various forms of international private financing. Against this backdrop, S SA policymakers and stakeholders are exploring sources of financing for climate action that countries may not have used substantially in the past. This Staff Climate Note presents some basic information on opportunities and challenges associated with these financing instruments.
Keywords:
Climate finance; sub-Saharan Africa; climate change; mitigation; adaptation; concessional finance; green bonds; blue bonds; sustainability bonds; debt for climate swaps; carbon credits; climate insurance; climate funds; forest conservation; green development; IMF staff Climate note; IMF staff Climate Note 2022/009; solo Zerbo; SSA policymaker; SSA government; crowding out SSA project; Climate policy; Greenhouse gas emissions; Insurance; Global; Africa