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IMF Set To Grant Seychelles $2.4M Following Positive Review

IMF Set To Grant Seychelles $2.4M Following Positive Review

Written by Hajira Amla | From All Africa

The economy of the Seychelles is poised to receive another injection of $2.4 million from the International Monetary Fund (IMF) after the island nation successfully completed its first review under the latest Extended Fund Facility (EFF).

According to a recent statement issued by the Bretton Woods institution, the latest disbursement will make a total of around $4.8 million given out by the IMF to Seychelles thus far.

In June, the Executive Board of the IMF approved a three-year total arrangement of a $ 16.8 million arrangement under the Extended Fund Facility for the Indian Ocean archipelago of 90,000 inhabitants.

The disbursements are subject to semi-annual program reviews of the reform programme by the IMF.

According to the IMF, Seychelles’ implementation of the programme in conjunction with its economic fundamentals were deemed “strong” despite a weakening of the country’s external position halfway through the year.

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