2011年-IMF国际货币组织全球_Seychelles_Extended_Arrangement_6页_497kb

Seychelles: Extended Arrangement—Financing Assurances Review—Staff Report Summary

Core Content

This document is a staff report on Seychelles' performance under the Extended Fund Facility (EFF) and the Financing Assurances Review, prepared by the IMF African Department in consultation with other departments. It was completed on February 24, 2010, and outlines the country's macroeconomic performance, progress on structural reforms, and the status of public external debt restructuring. The report concludes with a recommendation to complete the financing assurances review.

Main Points

1. Program Approval and Financing

• The Executive Board approved a three-year Extended Fund Facility with Seychelles on December 23, 2009, amounting to SDR 19.8 million (225% of quota).
• A second purchase of SDR 0.88 million (10% of quota) was approved, contingent on meeting end-December 2009 performance criteria and completing the financing assurances review.
• The second purchase of SDR 2.2 million (25% of quota) is also conditional on meeting the performance criteria.

2. Macroeconomic Performance (2007–2009)

• Macroeconomic stabilization was achieved through prudent fiscal and monetary policies.
• CPI inflation dropped to -2.5% by the end of 2009, indicating a decrease in inflationary pressures.
• Interest rates declined steadily, with the 91-day T-bill stabilizing at 4.3% by year-end.
• Gross external reserves reached 1.6 months of prospective imports, above the target and contributing to confidence in the rupee.
• Primary surplus reached 14.4% in 2009, showing strong fiscal discipline.
• Government investment remained stable, with capital expenditure and net lending at 2.6% of GDP in 2009.

3. Structural Reforms

• A range of structural benchmarks were implemented, including:
  • Completion of the CBS procedures manual (end-December 2009).
  • Publication of the commercial bank supervision report (end-December 2009).
  • Amendment of the Business Tax Act (end-December 2009).
  • Cabinet approval of customs reform strategy (end-March 2010).
  • Submission of a new customs management act (end-June 2010).
  • Introduction of Personal Income Tax (July 1, 2010).
  • Adoption of new budget submission protocols (end-July 2010).
  • Adoption of a new chart of accounts for the 2011 budget (end-November 2010).
  • Submission of a bill for a national clearing house (end-December 2010).
• The 2010 budget was passed in line with program understandings.
• Most structural benchmarks were met, and the remaining agenda is being implemented as scheduled.

4. Public External Debt Restructuring

• Significant progress was made in restructuring public external debt.
• The exchange offer to external creditors closed on January 14, 2010.
  • Amortizing notes and commercial loans were tendered in full.
  • 84% of Eurobond debt was tendered, triggering the collective action clause.
  • Optional par bonds had low participation, and the face value of the entire eligible debt (about US$283 million) was restructured with a 50% reduction and long-term deferral.
• A goodwill cash payment of US$17.6 million is scheduled for mid-April to compensate for foregone interest.
• The new bonds received a rating of B- from Fitch, with a positive outlook.
• Approximately 70% of the public external debt stock from end-2008 has been restructured.

5. Financing Assurances Review

• Residual financing gaps for 2010 and the medium term have been markedly reduced due to the debt restructuring.
• The restructuring is consistent with program financing assumptions.
• The IMF staff recommends completion of the financing assurances review, as the negotiations proceeded in good faith and ensured inter-creditor equity.
• Remaining negotiations with non-Paris Club creditors are expected to close the gaps in the coming months.

Key Information

• SDR amounts:
  • First purchase: SDR 19.8 million (225% of quota).
  • Second purchase: SDR 0.88 million (10% of quota), with SDR 2.2 million (25% of quota) contingent on performance.
• External debt restructuring:
  • Total eligible debt: US$283 million.
  • Face value reduction: 50%.
  • Long-term deferral of maturities.
• Goodwill payment: US$17.6 million in mid-April.
• New bond rating: B- from Fitch, with positive outlook.
• Reserves:
  • Gross official reserves reached US$169 million by end-2009, equivalent to 1.6 months of imports.
• IMF staff view: The debt restructuring is consistent with LIA policy and has been conducted with good faith and equity.

Conclusion

The staff report confirms positive macroeconomic performance and successful implementation of structural reforms, while the debt restructuring has significantly reduced financing gaps. The IMF staff recommends completion of the financing assurances review, as all quantitative performance criteria were met and the restructuring process aligns with Fund policies.