IMF grants Seychelles special allocation of $12.3m
07.09.2009
The Central Bank of Seychelles (CBS) has announced that the country is to benefit from a special allocation of US $12.3 million from the International Monetary Fund (IMF).
This is part of a global initiative to help member countries overcome the adverse impact of the global crisis. It is not related to the financial support package the IMF is providing to Seychelles through the two-year Stand-By Arrangement.
The money is in two tranches, the first of US $10.1 million which the CBS received this week, and the second of US $2.2 million which will be transferred on Wednesday September 9. The IMF board has approved a global allocation for all member countries in the order of US $283 billion.
In consultation with IMF staff, the Seychelles authorities have decided to set the special allocation aside to add to the build-up of international reserves. It has boosted the country’s gross international reserves to US $146 million and net usable reserves to US $109 million.