|
|
| Third IMF Review |
|
The International Monetary Fund (IMF) mission will arrive this Tuesday to conduct the third quarterly review. This is part of the 2-year Stand-by Arrangement approved by the Fund’s Executive Board in November last year. The mission will hold extensive discussions with authorities in order to evaluate performance of the second quarter 2009 in line with the economic reform program.
Following the appraisal of the last review in May the IMF approved the disbursement of 1.4mil USD last month. The deputy managing director, Mr Takatoshi, Kato commended Seychelles’ commitment to reform and prudent financial policies which he said has brought about rapid progress on macroeconomic stabilization. The first review was held in January 2009 where the mission and the authorities jointly updated the macroeconomic and financial objectives and policies for 2009 and the medium-term macroeconomic outlook in the light of the economic performance and the deterioration in the global economic environment. The IMF mission will remain in Victoria till August 15 and will conduct their introductory meeting early next week. |
