{
  "title": "Seychelles: Fourth Review Under the Policy Coordination Instrument and Request for Modification of Targets",
  "publication": "IMF Staff Country Reports, December 23, 2019",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2019/12/23/seychelles-fourth-review-under-the-policy-coordination-instrument-and-request-for-48911",
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  "summary": "This paper discusses Seychelles’ Fourth Review Under the Policy Coordination Instrument (PCI) and Request for Modification of Targets.",
  "sections": [
    {
      "heading": "Summary of purpose and scope",
      "content": "- Discusses Seychelles’ Fourth Review Under the Policy Coordination Instrument (PCI) and Request for Modification of Targets.\n- Covers economic developments since the completion of the 2019 Article IV consultation and the third review under the PCI in June 2019."
    },
    {
      "heading": "Program performance and quantitative targets",
      "content": "- The program is largely on track.\n- All quantitative targets for end-June 2019, the program’s fourth review test date, were met except for the primary fiscal surplus target.\n- The primary fiscal surplus target was missed by a very small margin due to a delay in receipts from 2016 to 2017 sales of a telecom company."
    },
    {
      "heading": "2020 budget and fiscal implementation",
      "content": "- The 2020 budget recently submitted to the National Assembly is in line with the program.\n- Major infrastructure and climate change related projects would be implemented within the fiscal parameters under the PCI."
    },
    {
      "heading": "Economic outlook and risks",
      "content": "- The economic outlook continues to be favorable.\n- Downside risks to the outlook largely stem from possible external shocks, including:\n  - Weakness in the key tourism markets.\n  - Global banks’ withdrawal of correspondent banking relationships."
    },
    {
      "heading": "Subject areas and keywords",
      "content": "- Subject: Anti-money laundering and combating the financing of terrorism (AML/CFT), Banking, Crime, Expenditure, External debt, Inflation, Monetary base, Prices, Public debt\n- 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\n\n---\n\n Content in this bundle\n\n- 1. Social Welfare Pr\n  - 1. Social Welfare Pr (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 1. Social Welfare Pr (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Published: December 23, 2019",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781513524290.002",
    "Discusses Seychelles’ Fourth Review Under the Policy Coordination Instrument (PCI) and Request for Modification of Targets.",
    "Covers economic developments since the completion of the 2019 Article IV consultation and the third review under the PCI in June 2019.",
    "The program is largely on track.",
    "All quantitative targets for end-June 2019, the program’s fourth review test date, were met except for the primary fiscal surplus target.",
    "The primary fiscal surplus target was missed by a very small margin due to a delay in receipts from 2016 to 2017 sales of a telecom company.",
    "The 2020 budget recently submitted to the National Assembly is in line with the program.",
    "Major infrastructure and climate change related projects would be implemented within the fiscal parameters under the PCI.",
    "The economic outlook continues to be favorable.",
    "Downside risks to the outlook largely stem from possible external shocks, including:",
    "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",
    "**1. Social Welfare Pr**"
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