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Sixth review under the Extended Fund Facility (EFF) for Seychelles

Sixth review under the Extended Fund Facility (EFF) for Seychelles ( The Executive Board of the International Monetary Fund (IMF) has completed the sixth review under the Extended Fund Facility (EFF) for Seychelles. The completion of the review enables a disbursement of approximately US$2 million, which will bring total disbursements under the arrangement to US$30.5 million. The Executive Board also approved an extension of the arrangement by one year to support the country's economic reform program and an augmentation of access by 60.6 percent of quota.

The Extended Fund Facility became effective on December 23, 2009, in the amount of US$31.1 million.

Following the Executive Board's discussion yesterday, Mr. Min Zhu, Deputy Managing Director and Acting Chair, stated that economic growth in 2012 has held up, with tourism from new markets offsetting weakness in traditional European arrivals. He also stated that an uptick in inflation in the first half of the year emanating from higher energy prices and exchange rate depreciation, has been successfully curbed by tight monetary policy, and although the outlook is benign, it remains vulnerable to the uncertain global environment.

Mr. Min Zhu advised that given the difficult global environment and rising debt service, the authorities should aim to build buffers by increasing international reserve holdings, and they should take a cautious approach to contracting new loans.


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