The International Monetary Fund conducts second review of the Three-Year Policy Coordination Instrument
September 20, 2018
An International Monetary Fund, IMF, is in the country on a working mission for a second review of the new program Policy Coordination Instrument, PCI, which looks at the June 2018 targets and also future economic development of the country.
The IMF Executive Board approved the Three-Year Policy Coordination Instrument (PCI) for Seychelles on December 13, 2017. It is to be noted that Seychelles was the first IMF member country to request a PCI.
The first review was on the 7th to the 20th March last year. According to the IMF, head of mission, Mr Amadou Sy “Macroeconomic performance continued to be strong in 2017. Economic growth is estimated to have exceeded 5.0 percent, reflecting buoyant tourism activity, strong output in the fishery industry, and expanding credit to the private sector. Inflation (year-on-year) has been picking up and reached 3.5 percent at end-2017 reflecting the rising trend in international commodity prices. The program is on track—with reserves and the primary surplus exceeding targets—and the mission reached staff level agreement on policies for completion of the review”
The IMF delegation will be giving a Press Conference on their findings in the presence of senior representatives from the Ministry of Finance, Trade, Investment and Economic Planning. The delegation is expected to leave the country on Tuesday 02nd October.
The press conference will be held on 02nd October at 14:00hrs-15:00hrs at the Central Bank Board Room