IMF mission chief meets President Faure at State House |20 March 2018

The International Monetary Fund’s mission chief for Seychelles, Amadou Sy, and his delegation called on President Danny Faure at State House yesterday.

Also in attendance were the Minister for Finance, Trade and Economic Planning Peter Larose, principal secretary for Finance Patrick Payet and the Governor of the Central Bank (CBS) Caroline Abel.

The delegation is currently in the country on a two-week mission for Seychelles’ first review of the IMF Policy Coordination Instrument (PCI) programme.

Seychelles requested for the IMF’s PCI programme six months ago and was the first member country to do so. The request was approved by the IMF in December 2017.

The PCI programme replaces the Extended Fund Facility (EFF) programme which Seychelles embarked on three years ago and which ended in June 2017.

As a continuity of the various IMF-supported finance and fiscal programmes Seychelles has undergone since 2008, the PCI seeks to support the authorities in consolidating macroeconomic stabilisation, and encourage sustainable and inclusive growth of the economy.

The programme will monitor macroeconomic trends and development as well as policies, and will be reviewed every six months.

“It is a non-financing programme so we are not lending money to Seychelles. We are really here to provide advice and recommendations, and even technical assistance should the authorities request it,” Mr Amadou explained.

Mr Amadou further stated that he was very satisfied with the level of collaboration between the CBS, the ministry of finance and other stakeholders, some of which he has had the opportunity to engage with during his stay.

“We met a group of people including a youth group to better understand what are the main issues, not only from the perspective of the parastatals and banks but also from the point of view of Seychellois citizens.”

More details concerning the PCI programme is expected to be divulged during a press conference tomorrow.