The fact that Seychelles has been very prudent in managing its budget has resulted in the country meeting the different benchmarks set by the International Monetary Fund to allow it to benefit from the release of US $33.6 million under the Extended Fund Facility (EFF) programme (see separate story on page 4).

The Minister for Finance, Economic Planning and Trade Naadir Hassan announced the decision to the press yesterday afternoon.

The executive board of the International Monetary Fund (IMF) met on Friday to approve the review of the Extended Fund Facility (EFF) programme that Seychelles has signed with the institution and it found that Seychelles met and satisfied all the different benchmarks set.

“Based on that successful review the board of the IMF released the sum of US $33.6 million which would enter government’s coffers this week. Seychelles will also be receiving a disbursement of US $35 million from the Word Bank,” Minister Hassan said.

Minister Hassan remarked that the money will be used by government for budget support.

Source: Seychelles Nation