Seychelles signs budget support loan agreement with OPEC Fund for International Development (OFID)

April 26, 2024

The Minister of Finance, National Planning and Trade, Mr. Naadir Hassan, has signed a loan agreement with the OPEC Fund for International Development (OFID) for a sum of USD20 million.

The loan will be used to provide budget support for the government.

The signing of the loan took place in Washington D.C on the sidelines of the Boards of Governors of the World Bank Group (WBG) and the International Monetary Fund (IMF) spring meetings held between 15th and 21st April, 2024.

Minister Hassan led Seychelles delegation at the event which brings together ministers of finance and development and central bankers, private sector executives, representatives from civil society organizations and academics to discuss issues of global concern, including the world economic outlook, poverty eradication, economic development, and aid effectiveness.

During the Spring Meetings, the Seychelles delegation held talks with several departments within the Bretton Woods institutions on ongoing programs being supported by those institutions as well as areas for future engagements. Discussions were also held on possible technical assistance program so as to ensure that Seychelles delivers on its commitments.

In his discussions with the World Bank group, the Minister was briefed on the bank evolution roadmap and further discussed the role of the Bank in its engagement with Seychelles. It was agreed that more focus will be placed on key structural issues such as human development, climate adaptation and resilience building as well as disaster risk.

Minister Hassan also attended various events held by the Commonwealth in the sidelines of the Spring meetings.

The Commonwealth Small States Advocacy Champions also convened their second meeting which signaled a resolute effort to accelerate progress towards sustainable development, resilience-building, and debt management strategies in small states.Ministers engaged in critical discussions centred around themes such as spending pressures, innovative debt restructuring instruments, inclusive debt relief initiatives, and the consideration of climate vulnerability in debt sustainability analyses.

The meeting also aimed to generate action-oriented outcomes that would contribute to ongoing high-level events, including the upcoming UN SIDS4 Conference this May and the Commonwealth Ministerial Meeting of Small States taking place during CHOGM this October 2024. As small states navigate through multifaceted challenges, the Advocacy Champions reaffirmed their commitment to advocating for tailored solutions and shaping global decision-making processes to benefit small states.

Minister Hassan also participated in various side events and was a key speaker at the IMF Small Developing States Forum whereby he shared Seychelles’ experience on its journey to mobilize climate financing, the challenges encountered and the opportunities that lies ahead.

The Seychelles delegation also included the Principal Secretary for Finance, Ms. Astride Tamatave, Principal Secretary for National Planning, Mrs. Elizabeth Agathine, First Deputy Governor of the Central Bank of Seychelles, Mr. Brian Commettant, Mr Cyril Benoiton and Ms. Raghavi Naidu, also from CBS.

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