Such assistance would include steps to plug financing gaps that can hinder smaller firms and start-ups, together with arrangements to bring university research and businesses closer together.

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Despite these actions, the Seychelles economy struggled to maintain its gains and in 2008 suffered from food and oil price shocks, a foreign exchange shortage, high inflation, large financing gaps, and the global recession.

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"No one can question the deterioration in the sovereign balance sheet or banking system, but it seems counterintuitive to cite possible financing gaps when a large, " bond issuance was about to close, said Richard Segal, emerging market strategist at Jefferies International.

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