The International Monetary Fund on mission in the country for first review of new Policy Coordination Instrument, PCI, programme.
March 19, 2018
An International Monetary Fund, IMF delegation is in the country to conduct a first review of the new Policy Coordination Instrument, PCI, programme. It is looking at the December 2017 targets and also the future development in the economy.
On December 13, 2017, the Executive Board of the International Monetary Fund (IMF) approved a new three-year Policy Coordination Instrument (PCI) for Seychelles. Seychelles is the first IMF member country to request a PCI.
The PCI for Seychelles will build on the lessons from the previous programs supported by the IMF. It aims to support the authorities’ efforts to consolidate macroeconomic stabilization and foster sustained and inclusive growth. Program reviews take place on a semi-annual fixed schedule.
While the PCI involves no use of IMF resources, successful completion of program reviews would help signal Seychelles’ commitment to continued strong economic policies and structural reforms.
The PCI is available to all IMF members that do not need Fund financial resources at the time of approval. It is designed for countries seeking to demonstrate commitment to a reform agenda or to unlock and coordinate financing from other official creditors or private investors.
Feedback of reports of the first PCI review will be provided in a press conference tomnorrow, Tuesday 20th March,14:00-15:00 in the Board room of the Central Bank of Seychelles.