(3 minutes read)
Seychelles, the Indian Ocean Island nation, will get financial support from the IMF under various schemes, such as the newly negotiated Resilience and Sustainability Facility (RSF) and another under a new Extended Fund Facility (EFF). Under the RSF scheme, the assistance will be to the extent of approximately US$46.19 million, and under EFF, the assistance would amount to US$ $56.96 million.
Seychelles, the Indian Ocean Island nation, will get financial support from the IMF under various schemes, such as the newly negotiated Resilience and Sustainability Facility (RSF) and another under a new Extended Fund Facility (EFF). Under the RSF scheme, the assistance will be to the extent of approximately US$46.19 million, and under EFF, the assistance would amount to US$ $56.96 million.
Seychelles, the Indian Ocean Island nation, will get financial support from the IMF under various schemes, such as the newly negotiated Resilience and Sustainability Facility (RSF) and another under a new Extended Fund Facility (EFF). Under the RSF scheme, the assistance will be to the extent of approximately US$46.19 million, and under EFF, the assistance would amount to US$ $56.96 million.
Although a staff-level agreement has been reached between Seychelles and the IMF towards availing the benefits under the project, the package has to get the final approval of the IMF’s Board.
Programs are aimed at addressing long-term challenges the country is facing such as climate change, stabilizing macroeconomic, fiscal, and financial reforms, etc.
The staff-level team of the IMF also reviewed the progress made by Seychelles from the previous EFF and found that quantitative performance has been strong. It also noted that the structural reform agenda has also proceeded at a good pace. The GDP growth accelerated to 9 percent, it noted. During this fiscal, the economy is anticipated to grow at a reduced rate of 4.3 percent, from 5.4 percent in 2021 because of the possible lackluster performance of the tourism sector.
Read Also:
https://trendsnafrica.com/seychelles-to-obtain-greater-flexibility-for-us-visa-process/
https://trendsnafrica.com/world-bank-opens-office-in-seychelles/
https://trendsnafrica.com/interior-design-booming-in-seychelles/
Inflation in Seychelles was relatively low in 2022. It has declined to 2.6 percent on average in 2022, after peaking at an average of 9.8 percent in 2021. Inflation will moderate to 1.4 percent on average in 2023. Seychelles reported a primary fiscal surplus of 0.7 percent of GDP as against deficits in the last two preceding years 2021 and 202o, at 3.2 percent and 15.2 percent respectively.
