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Budgetary support loan agreement with the OPEC Fund

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Budgetary support loan agreement with the OPEC Fund

Seychelles government secures 20 million USD

Mr. Naadir Hassan, the Minister of Finance, National Planning, and Trade of Seychelles, has finalized a 20 million USD loan agreement with the OPEC Fund for International Development (OFID).

This loan is earmarked to provide crucial financial assistance to the government and was formalized in Washington, DC, during the spring meetings of the Boards of Governors of the World Bank Group (WBG) and the International Monetary Fund (IMF), held from April 15 to 21, 2024.

The primary focus of these meetings was to deliberate on the global economic outlook, poverty reduction, economic development, and aid effectiveness. The Seychelles delegation utilized this opportunity to engage with various departments of the Bretton Woods institutions concerning ongoing programs supported by these entities and identified areas for future collaboration. Moreover, discussions were held regarding a potential technical assistance program to fulfill Seychelles’ commitments.

During his meetings with the World Bank Group, the Minister received a briefing on the Bank’s roadmap for evolution and engaged in discussions regarding the Bank’s role in its collaboration with Seychelles. It was agreed that critical structural issues, including human development, climate adaptation, and resilience building, would be addressed alongside disaster risk management.

Alongside the spring meetings, Minister Hassan actively engaged in various events organized by the Commonwealth. These gatherings were designed to produce concrete outcomes, especially in readiness for the forthcoming United Nations Conference on Small Island Developing States (SIDS) in May and the ministerial meeting of small Commonwealth states scheduled during the Commonwealth Heads of Government Meeting (CHOGM) in October 2024.

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