02157cas a2200241 a 4500 AALejournalIMF016126 230101c9999 xx r poo 0 0eng d 5.00 USD 9781513524290 1934-7685 BD-DhAAL BD-DhAAL International Monetary Fund. African Dept. Seychelles : Fourth Review Under the Policy Coordination Instrument and Request for Modification of Targets. Washington, D.C. : International Monetary Fund, 2019. 1 online resource (60 pages) IMF Staff Country Reports <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students This paper discusses Seychelles' Fourth Review Under the Policy Coordination Instrument (PCI) and Request for Modification of Targets. Economic developments since the completion of the 2019 Article IV consultation and the third review under the PCI in June 2019 have been broadly in line with expectations. The program is largely on track. The 2020 budget recently submitted to the National Assembly is in line with the program and the major infrastructure and climate change related projects would be implemented within the fiscal parameters under the PCI. All quantitative targets for end-June 2019, the program's fourth review test date, were met except for the primary fiscal surplus target, which was missed by a very small margin due to a delay in receipts from 2016 to 2017 sales of a telecom company. 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 and global banks' withdrawal of correspondent banking relationships. Mode of access: Internet IMF Staff Country Reports; Country Report ; No. 2019/386 Full text available on IMF http://elibrary.imf.org/view/journals/002/2019/386/002.2019.issue-386-en.xml IMF e-Library