1 “... developments. The country was heavily dependent on European exports and vulnerable to external shocks...”

2 “..., the impact of the European crisis, and security-related concerns. Fiscal policy is in line with the program...”

3 “... countries, especially South Africa, that are more closely linked to European markets and thus experience a...”

4 “... and the European Union...”

5 “... remains volatile. The World Bank (WB) and the European Union (EU) have substantially increased...”

6 “... than offsetting stalling European arrivals. The Seychellois rupee is broadly in line with medium-term...”

7 “... to global developments, including weak demand in the key European and emerging markets. The IMF staff...”

8 “...-avoidance initiatives, one by the OECD-G20 and one by the European Union. Under the BEPS initiative...”

9 “... remains volatile. The World Bank (WB) and the European Union (EU) have substantially increased...”

10 “... remains highly vulnerable to global developments, including weakness in the key European markets, while...”