| Summary: | This paper presents Seychelles’ First Reviews under the Extended Arrangement under the Extended Fund Facility (EFF) and the Arrangement under the Resilience and Sustainability Facility (RSF). The completion of the reviews allows for an immediate disbursement of funds to help strengthen macroeconomic stability, boost inclusive growth, and strengthen fiscal and monetary policy frameworks, while also supporting efforts to build resilience to climate change, exploit synergies with other sources of official financing, and catalyze private financing for climate-related investments. Seychelles’ economic recovery continues, albeit at a more moderate pace than the sharp rebound observed in 2022. Seychelles’ economic recovery has continued in 2023 as tourist arrivals move closer to pre-pandemic levels. The government has made significant progress in restoring macroeconomic balances and performance under the EFF and RSF programs are strong. However, it will remain critical for the Seychelles to stay the course with respect to reducing public debt, rebuilding fiscal space, and increasing foreign exchange buffers
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