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2020, február 27 - 09:00

AfDB signs pact for $20m support loan


Representatives of the African Development Bank (AfDB) and the Seychelles government yesterday signed an initial agreement for a US $20 million loan from the bank.

Principal secretary for finance Ahmed Afif and economist Shirley Chinien of the AfDB signed the “aide-mémoire” after a delegation she led held talks with Seychellois officials led by Finance Minister Danny Faure.

The bank officials arrived here on April 27 to appraise the Support to Financial Governance Reform Programme (FGRP).
The Support to FGRP is the first policy-based loan to help the government carry out its macro-economic and financial reform programme for 2009-10.

Other members of the AfDB mission were country economist Peninah Kariuki and consultant Rattan Bhatia.
Members also held talks with governor of the Central Bank Pierre Laporte, principal secretary for foreign affairs Joseph Nourrice, other senior government officials and stakeholders.

The broad aim of the proposed loan is to support the government of Seychelles in promoting macro-economic stability and sustainable growth by improving economic and financial governance.

The FGRP is in line with the government’s macro-economic and financial reform programme 2009-2010 and its Strategy 2017, which is presently under review.

“From a strategic point of view, the programme will enable the AfDB to continue taking part in policy dialogue with the government and its other development partners,” said the Ministry of Finance in a statement.

“The bank’s proposed programme is to support the strengthening of public finance management and the enhancing of private sector development.

“This choice of components is in line with the priorities given by the government to improve fiscal adjustment and encourage private sector-led growth.”