After the one already established in 2008, the IMF* grants a second loan to the Seychelles. It is a very welcome support for the archipelago.
The International Monetary Fund* (IMF) has granted the Seychelles a new loan. Extending over the duration of 3 years, this loan follows a previous one which was granted by the IMF to the Indian Ocean archipelago in November 2008. At the time, the Seychelles were the third country in the world to obtain a loan from the International Monetary Fund.
This time, it will be an amount of 30 million dollars to be loaned to the Seychelles,which has been determined after discussions and a voting by the IWF’s administration council. The decision to extend the loan has been taken after considering the exemplary implementation of the economy reform-programme by the Seychelles.
By the end of the year, the debts of the Seychelles towards the member countries would hence amount to 163 million dollars; 45 % of which was annulled by the Paris Club last April. As estimated by the International Monetary Fund the foreign debts of the Seychelles had reached more than 200 % of the archipelago’s gross domestic product for 2009 by the end of June.
More information on the following site: www.e24.fr
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