IMF Executive Board approves extended arrangement under EFF for Seychelles

July 30, 2021

The Executive Board of the International Monetary Fund (IMF) has approved an extended arrangement under the Extended Fund Facility (EFF) for Seychelles. The approval was given on Thursday 29th July 2021.

The extended arrangement is for a period of 32 months and will be for US$105.63 million, or 323 percent of Seychelles’ quota.

The Board’s approval allows for an immediate disbursement equivalent to US$ 34.26 million.

It was on 07th July, that Seychelles and IMF reached a Staff-Level Arrangement, which needed the approval of the Executive Board.

In a press interview organised on the same date, the IMF Chief of Mission for Seychelles, Ms. Boriana Yontcheva said that the staff agreement sets out the 'objectives of the program, which are to reduce fiscal and debt vulnerabilities, while promoting growth and protection the environment and the most vulnerable segments of the population.'

The Minister for Finance, Economic Planning and Trade, Naadir Hassan has called for national unity if the reforms are to succeed.

“Today, at this juncture, our country needs to unite. It is the future of our country and our children which is in danger. We need to ensure that our country survives this crisis and to do that the decisions we are taking today will determine what kind of Seychelles we want to see in the future. If we do not take these decisions now, we will bear the consequences tomorrow.

Seychelles economy, which is heavily reliant on tourism was severely hit by the COVID-19 pandemic.

Click on the link below to know more about the IMF's Executive Board decision to approve the EFF for Seychelles.

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