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

_IMF Staff Country Reports, December 23, 2019_

## Source details

**Canonical URL:** [Seychelles: Fourth Review Under the Policy Coordination Instrument and Request for Modification of Targets](https://www.imf.org/en/publications/cr/issues/2019/12/23/seychelles-fourth-review-under-the-policy-coordination-instrument-and-request-for-48911)

## Other formats

- [Markdown version](/en/publications/cr/issues/2019/12/23/seychelles-fourth-review-under-the-policy-coordination-instrument-and-request-for-48911/index.md)
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## Bibliographic details
- Published: December 23, 2019
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781513524290.002

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### Summary of purpose and scope
- 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.

### Program performance and quantitative targets
- 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.

### 2020 budget and fiscal implementation
- 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.

### Economic outlook and risks
- 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.
  - Global banks’ withdrawal of correspondent banking relationships.

### Subject areas and keywords
- 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

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## Content in this bundle

- **1. Social Welfare Pr**
  - [1. Social Welfare Pr (Markdown version)](/-/media/files/publications/cr/2019/1sycea2019004.pdf.md){rel="alternate" type="text/markdown"}
  - [1. Social Welfare Pr (PDF)](/-/media/files/publications/cr/2019/1sycea2019004.pdf){rel="external" type="application/pdf"}

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_Source: https://www.imf.org/en/publications/cr/issues/2019/12/23/seychelles-fourth-review-under-the-policy-coordination-instrument-and-request-for-48911_