African Press International (API)

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IMF Completes the Eighth and Final Review Under the Extended Fund Facility (EFF) for Seychelles

Posted by African Press International on December 31, 2013

African Press International (API)


VICTORIA, Mahe, December 20, 2013/African Press Organization (APO)/ On December 19, 2013, the Executive Board of the International Monetary Fund(IMF) completed the eighth and final review under the Extended Fund Facility (EFF)1 for Seychelles. The Executive Board’s decision was taken on a lapse-of-time basis.2 The completion of the review enables a disbursement of SDR 3.3 million (about US$5.1 million), which will bring total disbursements under the arrangement to SDR 26.4 million (about US$ 40.7 million).

The EFF was approved in December 2009 for an amount of SDR 19.8 million (see Press Release No. 09/472) and was extended by one year in 2012, with an augmentation of access of SDR 6.6 million (about US$10.0 million).

Strong policies have fostered economic growth, brightening Seychelles’ near-term outlook. A robust rise in tourism earnings in 2013 supported growth, as well as a reduction in the current account deficit as a share of

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