IMF Executive Board approves disbursement under EFF, following completion of first review
December 20, 2021
The Executive Board of the International Monetary Fund (IMF), has approved the disbursement of about $33.6 million to Seychelles, following the completion of the first review of the country’s economic performance, under the Extended Fund Facility (EFF), early in November.
The Board met on Friday 17th December, to consider and approved the review.
In a press release issued on the same day, the Deputy Managing Director and Chair, Mr. Bo Li, had this to say.
“Driven by a swift recovery of the tourism sector, the Seychellois economy has rebounded strongly from the severe contraction in 2020 and program implementation is strong. The authorities have made substantial strides in restoring macroeconomic stability and are committed to the structural reform agenda.”
The Board has however, exercise cautious by saying ‘the economic outlook, while positive, remains subject to the uncertain evolution of the COVID-19 pandemic globally, including the omicron variant.’
To access the full press release, click on the link below.