Seychelles: Fourth Review Under the Policy Coordination Instrument and Request for Modification of Targets

December 23, 2019

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Seychelles: Fourth Review Under the Policy Coordination Instrument and Request for Modification of Targets, (USA: International Monetary Fund, 2019) accessed December 24, 2024

Summary

This paper discusses Seychelles’ Fourth Review Under the Policy Coordination Instrument (PCI) and Request for Modification of Targets. Economic developments since the completion of the 2019 Article IV consultation and the third review under the PCI in June 2019 have been broadly in line with expectations. The program is largely on track. The 2020 budget recently submitted to the National Assembly is in line with the program and the major infrastructure and climate change related projects would be implemented within the fiscal parameters under the PCI. All quantitative targets for end-June 2019, the program’s fourth review test date, were met except for the primary fiscal surplus target, which was missed by a very small margin due to a delay in receipts from 2016 to 2017 sales of a telecom company. The economic outlook continues to be favorable. Downside risks to the outlook largely stem from possible external shocks, including weakness in the key tourism markets and global banks’ withdrawal of correspondent banking relationships.

Subject: Anti-money laundering and combating the financing of terrorism (AML/CFT), Banking, Crime, Expenditure, External debt, Inflation, Monetary base, Prices, Public debt

Keywords: Anti-money laundering and combating the financing of terrorism (AML/CFT), CR, Debt, Downside risks to inflation, Executive board's decision, Foreign exchange, Global, Inflation, ISCR, Monetary policy, Monetary policy stance, Program implementation, Southern Africa

Publication Details

Pages:

60
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2019/386
Stock No:

1SYCEA2019004
ISBN:

9781513524290
ISSN:

1934-7685

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