Seychelles and the International Monetary Fund (IMF) have reached a staff-level agreement on the third review under the Extended Fund Facility (EFF) and the Resilience and Sustainability Facility (RSF) arrangements. The IMF mission is in Seychelles to conduct the review under the Extended Fund Facility (EFF), which was agreed in May 2023. The last review was done in April 2024 The three-year arrangement for Seychelles under the EFF in an amount equivalent to $56 million, as well as a three-year arrangement under the Resilience and Sustainability Facility (RSF), equivalent to $46 million. An IMF team has been in Seychelles since September 18 and has observed that the government has made strong progress in implementing policies under the EFF and RSF programmes. «I am happy to report that we have reached a staff-level agreement on the completion of the review, and subject to approval by the IMF executive board, we should be in a position to release the equivalent of about $12 million when I meet the board in December,» said the mission chief of the IMF, Todd Schneider. Schneider's end-of-mission statement said that good progress has been made on a range of macro-structural issues, although several measures still need to be completed before the end of the year. «Economic growth appears to be slower than anticipated. Real GDP is projected to grow by 3 percent in 2024, compared to an earlier forecast of 3.7 percent,» said Schneider. This has been attributed mainly to the lower tourist arrivals after a reduction in the number of direct flights to Seychelles, as well as a decline in the average spending per tourist, although there is expected to be some recovery in the last quarter of 2024. «Despite the slowdown in tourism, the external balance of payments is expected to strengthen in 2024,» Schneider said. He explained that weaker income from tourism is expected to expand the current account deficit to 10.7 percent of GDP in 2024, compared to 7.2 percent in 2023. In a press conference on Tuesday, the Minister for Finance, Trade and Economic Planning, Naadir Hassan, said that the government is discussing with the various airlines to offer incentives to encourage airlines to continue flying to Seychelles, even outside the peak season. «We are quite confident that this is a temporary issue and that we have taken the necessary measures, to address it,» he added.   Aside from the EFF, which provides financial assistance to countries facing serious medium-term balance of payments problems because of structural weaknesses that require time to address, Seychelles is also part of the RSF programme. This provides affordable long-term financing to countries undertaking reforms to reduce risks to prospective balance of payments stability, including those related to climate change and pandemic preparedness. Schneider said, «The authorities are advancing in reform measures agreed under the RSF. Efforts in this area focus on climate-related public investment, developing a strategy for climate financing, and strengthening supervision to assess climate risks to the banking sector.»  Schneider met with President Ramkalawan on Monday. (Seychelles Nation) Photo License: CC-BY   The IMF Chief Of Mission also met with President Wavel Ramkalawan on Monday at State House, accompanied by the organisation’s resident representative Aissatou Diallo.

Onlookers claim another pilot said it happened due to a 'bad landing' at Milan Bergamo Airport which also damaged the runway as well as the tyres.

Britain is set for yet another day of pandemonium amid fresh warnings of heavy rainfall and flooding 'more disruptive than usual'.

Brotherhood of Man star Martin Lee, who won the Eurovision Song Contest for the UK in 1976, has died aged 77.

Armed police and emergency services swooped on the scene after being alerted to the attack, which took place in northern Zurich at around midday local time.

GP surgery practice manager Catherine Clark, 62, is in line for a big compensation payout after a 'gossping female doctor' in Wrexham likened her family to the Kardashians.

Jamaica has been rocked by another mass shooting which left four people dead and at least three others with gunshot wounds, the police and sources have revealed. The latest incident happened in Bethel Town, Westmoreland where armed thugs opened...

Due to road construction and road painting to Reynisfjara Black Beach, there will be significant traffic disruptions and parking lot closures on Friday and Saturday.

President Emmanuel Macron has argued that the West should not rule out sending troops to support Kiev Read Full Article at RT.com

German Chancellor Olaf Scholz reportedly wants to call Russian president Vladimir Putin for the first time in nearly two years Read Full Article at RT.com

Julian Assange has testified about his prosecution before the Parliamentary Assembly of the Council of Europe (PACE) Read Full Article at RT.com

Final votes have been cast in the first regional election in a decade in the Jammu & Kashmir region, sandwiched between India and Pakistan  Read Full Article at RT.com

The board of Vatnajökull National Park has agreed to allow ice cave tours on the glacier again. There have been no ice cave tours in the area of ​​the national park since an American man died in an accident during such a trip on Breiðamerkurjökull glacier at the end of August.

India’s top court has weighed in on a controversy over the alleged contamination of sweets offered at a Hindu temple Read Full Article at RT.com

Get the latest news from the 2024 campaign trail as JD Vance and Tim Walz prepare to meet in the vice-presidential debate hosted by CBS News on Tuesday.

Ontario Provincial Police laid charges against an Ottawa driver after a child was found to not be wearing a seatbelt inside a vehicle early Sunday morning.

Sudan’s crisis has deepened following the fatal shelling of civilians in Karary District near the capital Read Full Article at RT.com

President Biden reportedly has mixed feelings about Vice President Harris distancing herself from him in the election campaign Read Full Article at RT.com

The Vladivostok forum offers a unique opportunity for African nations to deepen their relationships with eastern countries Read Full Article at RT.com

The Vanuatu Government has taken a step towards modernising its services to meet citizens’ needs in an increasing digital world with the recent launch of a Digital Transformation Masterplan.

A week-long regional seminar is currently underway in Port Vila, focusing on the principles of the Circular Economy.

Alfred Nauka, a successful Ni-Vanuatu entrepreneur, has returned to Vanuatu after operating his tourism business in New Caledonia for over two decades. His return was prompted by recent riots in New Caledonia, which severely impacted the tourism sector and made…

The legal battle over Vanuatu's recent Referendum is far from over, as the No Group has filed a new constitutional case in the Supreme Court, alleging multiple breaches of the Constitution and relevant Acts by the Government both before and…

he sale of 4800 tickets will take place at the entrance of Fresh Water stadium during the two-days event, with an estimated total revenue of around VT7 million vatu to be made if all tickets are sold.

The married presenter's career was thought to be over after he admitted to lying about an affair with a young male runner on This Morning.

MailOnline can reveal that just seven days before she died, Dame Maggie was on roaring form during a lunch at Lemonia restaurant in upmarket Primrose Hill, where she was a regular.

James Middleton, 37, who lives in Berkshire, opened up about a heartwarming gesture from Kate, who surprised him and his wife Alizée by attending their pre wedding meal in 2021.

Two teenagers and a member of staff have been hospitalised following an 'acid attack' in Westminster Academy - a school in a west London.

The former England captain, 49, and future King, 42, visited RAF Northolt to view two aircrafts.

Top Russian billionaires have amassed an additional $31 billion this year, according to Bloomberg data Read Full Article at RT.com

We discuss the contribution of the Banking Union in its current form to market integration in the euro area. While the introduction of single supervision has fostered banking integration, limited progress in single resolution and the absence of a European deposit insurance scheme undermine further advancements. We argue that a significant obstacle to financial integration lies in the persistence of national interests in regulation, supervision, and politics. We also explore the lessons that can be learned from ten years of the Banking Union for the development of the Capital Markets Union and the integration of capital markets. The successes of the Banking Union in common supervision and rule-setting can provide a path forward. Source : © European Union, 2024 - EP