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  • December 2013
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  • RSS BBC News – Africa

    • Nigeria teacher in seized girls plea April 19, 2014
      The headmistress of a school in Nigeria calls on the government to do more to save teenage girls abducted by suspected Islamist militants.
    • Egypt left-winger to challenge Sisi April 19, 2014
      Egyptian left-winger Hamdeen Sabahi submits his official bid to run for president, the only challenger so far to ex-army chief Abdel Fattah al-Sisi.
    • 'Dozens die' in S Sudan cattle raid April 19, 2014
      Dozens of people are killed in a cattle raid in a remote herders' camp in South Sudan's northern Warrap state, local officials say.
    • Algeria's president gets fourth term April 18, 2014
      Algeria's President Abdelaziz Bouteflika, who suffered a stroke last year, wins a fourth term in office taking more than 81% of the vote.
    • UN outrage at South Sudan attack April 19, 2014
      The UN expresses outrage at a deadly attack on one of its bases in South Sudan, saying it could "constitute a war crime".
    • ICC calls Kenya Ruto trial witnesses April 18, 2014
      The International Criminal Court (ICC) in The Hague summons reluctant witnesses to testify at the trial of Kenya's Vice-President William Ruto.
    • French troops free Mali aid workers April 17, 2014
      French troops in Mali free five aid workers who were kidnapped in the north of the country by suspected Islamist militants in February.
    • Pistorius forensic tests challenged April 17, 2014
      The tests carried out by a forensic expert for Oscar Pistorius' murder trial are rigorously challenged by the state prosecutor in South Africa.
    • Senegal's Karim Wade 'to face trial' April 17, 2014
      A Senegalese court rules that Karim Wade, the ex-president's son, should stand trial on corruption charges over his wealth, an official says.
    • Guinea-Bissau run-off to pick leader April 17, 2014
      Officials in Guinea-Bissau say a run-off vote will be held next month after no candidate won an outright victory in Sunday's presidential election.
    • Remittance fees 'hurt Africans' April 16, 2014
      Communities in sub-Saharan Africa are being "hurt" by high fees charged by money transfer operators, charity Comic Relief says.
    • I deserve more recognition - Toure April 18, 2014
      Manchester City's Yaya Toure thinks he is not regarded as one of the best players on the planet because he is from Africa.
    • VIDEO: Nigeria 'should do more' on abductions April 19, 2014
      Nigeria's military has admitted that most of the teenage girls abducted by suspected Islamist militants have not been freed as it earlier stated.
    • VIDEO: High security at S Sudan UN camp April 18, 2014
      South Sudan's government has sent troops to provide security at a United Nations base where at least 48 people were killed in an attack.
    • VIDEO: Abducted schoolgirls 'still missing' April 18, 2014
      The Nigerian military has admitted that most of the 129 girls abducted by Boko Haram Islamists from their school in the north-eastern state of Borno are still missing.
    • VIDEO: Pistorius trial day 24 - in 60 secs April 17, 2014
      Forensic tests carried out by an expert for Oscar Pistorius' murder trial have been rigorously challenged by the state prosecutor in South Africa.
    • AUDIO: 'Killing books' in Libya April 15, 2014
      Libyan author Mansour Bushnaf says Libya does not have much of reading culture because under Col Muammar Gaddafi, people were afraid of books.
    • VIDEO: At site of Nigeria bus station blast April 14, 2014
      A powerful bomb blast has ripped through a crowded bus station on the outskirts of Nigeria's capital, Abuja, killing at least 71 people.
    • VIDEO: Cleaning up Cairo's waste system April 14, 2014
      The Egyptian government is turning to its traditional rubbish collectors - the Zabaleen - to revolutionise Cario's waste disposal industry.
    • VIDEO: Pistorius trial shown prosthetic leg April 17, 2014
      The prosthetic leg belonging to Oscar Pistorius has been shown to the court during his murder trial. He denies murder, claiming he mistook Reeva Steenkamp for a burglar.
  • RSS BBC News – Home

    • Novice 'steered South Korea ferry' April 19, 2014
      The South Korean ferry that sank on Wednesday was steered by a ship's mate unfamiliar with the waters where the accident occurred, officials say.
    • Ukraine calls Easter truce in east April 19, 2014
      Ukraine suspends operations against pro-Russian militants occupying government offices in the east over Easter, but the stand-off remains.
    • Man held over NI dissident murder April 19, 2014
      Police in Northern Ireland arrest a 26-year-old man over the murder of former dissident republican leader Tommy Crossan.
    • Family car catches fire among lions April 19, 2014
      A family is left with nowhere to run when their car catches fire - in the lion enclosure at Longleat Safari Park.
    • Pakistan TV anchor shot in attack April 19, 2014
      Hamid Mir, one of Pakistan's best known television presenters, is injured in an attack by unidentified gunmen in the southern city of Karachi.
    • Teachers put strike vote on hold April 19, 2014
      The NUT conference rejects calls for a four-day autumn strike, but could still press for a summer classroom walk-out
    • Burnt boy in 'critical condition' April 19, 2014
      A seven-year-old boy who was badly burnt in an incident in Aberdeen is in a "critical" condition in hospital, police reveal.
    • HMRC 'plans to share personal data' April 19, 2014
      Taxpayers' personal financial data could be shared with private firms and researchers, Revenue & Customs says, despite concerns over privacy and security.
    • Syria-held French journalists freed April 19, 2014
      Four French journalists held captive in Syria for months have been freed and are in "good health", says President Francois Hollande.
    • Colombia to honour Garcia Marquez April 19, 2014
      Colombia announces its own ceremony to honour author Gabriel Garcia Marquez, who was cremated in Mexico, where he lived for more than 30 years.
    • Former Radio 4 presenter dies at 88 April 19, 2014
      Former BBC presenter Derek Cooper, who founded Radio 4's The Food Programme and presented a number of other shows, dies, aged 88.
    • Rapper debuts album 23 years late April 19, 2014
      Manchester rapper MC Tunes' second album is to get its public debut, 23 years after it was due to be heard.
    • 'War Horse farm' opens up museum April 19, 2014
      A Devon farm which features in Michael Morpurgo's book War Horse opens a museum dedicated to the story.
    • Chelsea 1-2 Sunderland April 19, 2014
      Bottom club Sunderland earn a stunning win at Chelsea that dents the Blues' title hopes and gives Liverpool a major boost.
    • Injured Djokovic out for 'some time' April 19, 2014
      World number two Novak Djokovic says he needs to let his injured wrist heal after losing to Roger Federer in Monte Carlo.
    • Cardiff City 1-1 Stoke City April 19, 2014
      Cardiff claim what could yet prove a vital point in their fight against relegation against visitors Stoke.
    • China win is mine to lose - Hamilton April 19, 2014
      Mercedes' Lewis Hamilton admits he starts Sunday's Chinese Grand Prix as strong favourite after qualifying on pole position.
    • O'Sullivan beats Hull to progress April 19, 2014
      Ronnie O'Sullivan progresses to the World Snooker Championship second round with a 10-4 victory over Robin Hull.
    • 'Rogue directors' crackdown planned April 19, 2014
      People convicted of commercial crimes overseas could be banned from running UK firms in an attempt to tackle "rogue directors", Business Secretary Vince Cable says.
    • VIDEO: UK could become 'nation of renters' April 18, 2014
      Almost half of Britons believe the UK will become a nation of renters within a generation, research suggests.
  • RSS Reuters: Politics

  • RSS CNN.com – Africa

    • Luxury shoes made in Ghana April 15, 2014
      Fred Deegbe was standing outside a shop window five years ago, marveling at the shiny pair of wing-tip Oxfords he'd just bought, when he started wondering whether such beautiful designer shoes could ever be produced in his country, Ghana.
    • Meet Nigeria's 'Mark Zuckerberg' April 3, 2014
      At 23, many people around the world are still at university -- at that age, Gossy Ukanwoke had already started one.
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      "It was like taking a big leap of faith."
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      African Voices meets James Ebo Whyte a passionate storyteller with a series of successful plays to his credit.
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      When gunmen stormed into Nairobi's Westgate shopping mall, Abbas Gullet was one of the first emergency responders on the scene. As head of Kenya's Red Cross, he was in charge of coordinating services for people in need.
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      It's almost impossible for a photographer to find fresh visual perspectives these days. Brooklyn-based Zack Seckler had to travel to a different continent and strap into an ultra-light aircraft to find one. His Botswana series presents the country from between 50 and 500 feet, providing a unique and captivating view of the savannah.
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      Here are your photos of the tastiest -- and most unusual -- African street food.
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IMF Completes the Eighth and Final Review Under the Extended Fund Facility (EFF) for Seychelles

Posted by African Press International on December 22, 2013


VICTORIA, Mahe, December 20, 2013/African Press Organization (APO)/ On December 19, 2013, the Executive Board of the International Monetary Fund(IMF) completed the eighth and final review under the Extended Fund Facility (EFF)1 for Seychelles. The Executive Board’s decision was taken on a lapse-of-time basis.2 The completion of the review enables a disbursement of SDR 3.3 million (about US$5.1 million), which will bring total disbursements under the arrangement to SDR 26.4 million (about US$ 40.7 million).

The EFF was approved in December 2009 for an amount of SDR 19.8 million (see Press Release No. 09/472) and was extended by one year in 2012, with an augmentation of access of SDR 6.6 million (about US$10.0 million).

Strong policies have fostered economic growth, brightening Seychelles’ near-term outlook. A robust rise in tourism earnings in 2013 supported growth, as well as a reduction in the current account deficit as a share of GDP. The exchange rate strengthened slightly, at the same time as the central bank accumulated more international reserves than expected. Inflation decelerated below 5 percent, and the government is on track to achieve its 5 percent of GDP primary surplus target, as a shortfall in tax revenue and grants has been offset by lower-than-anticipated capital expenditure. All performance criteria under the EFF for end-June 2013 were met, as were the third quarter indicative targets. The measures in the structural benchmarks were also all completed, although there were short delays compared to initial plans for technical reasons.

The authorities’ macroeconomic policy framework for 2014 provides a solid basis to continue to reinforce external and fiscal sustainability. The authorities remain on track with their objective to reduce public debt below 50 percent of GDP by 2018, while increasing allocations to address social needs. Monetary policy will continue to aim to stabilize inflation at low levels and to accumulate international reserves, and the authorities and staff agreed on the need to strengthen the monetary policy framework to improve the transmission mechanism. Structural reforms aim to extend improvements in financial discipline to the broader public sector, including through rebalancing utility prices to reduce implicit subsidies and through better oversight of parastatals, which staff stressed was key to avoiding potential future losses and ensuring better focus on their core mandates. Financial sector reforms seek to increase access to credit.

With the completion of this review, the EFF arrangement comes to an end. The program’s key objective of placing the economy firmly on the path to external and fiscal sustainability has been achieved, based on the successful implementation of the debt restructuring, robust fiscal consolidation, and the resumption of growth. Public debt has been brought down from 124 percent of GDP at end-2009 to an estimated 71 percent at the end of 2013, reflecting an average primary surplus of over 6 percent of GDP and growth of 3½ percent. Inflation has fallen below 5 percent. External reserves, a vital buffer for such an open economy, have improved from just over 2 months of imports at the start of the program to over 3½ months at the end of 2013.

While substantial progress has been achieved under the current Extended Fund Facility (EFF), the economy faces continuing vulnerabilities from still high debt levels, low reserve coverage, and an unfinished reform process. The authorities indicated their intention to request a successor arrangement with the IMF to consolidate and extend the progress made during this EFF. Discussions on a possible successor arrangement will continue early next year.

1 The Extended Fund Facility under the Extended Arrangement is an instrument of the IMF designed for countries facing serious medium-term balance of payments problems because of structural weaknesses that require time to address. Assistance under the extended facility features longer program engagement—to help countries implement medium-term structural reforms—and a longer repayment period. (See http://www.imf.org/external/np/exr/facts/eff.htm). Details on Seychelles’ arrangement are available at http://www.imf.org/seychelles

2 The Executive Board takes decisions under its lapse-of-time procedure when the Board agrees that a proposal can be considered without convening formal discussions.

SOURCE

International Monetary Fund (IMF)

 

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2 Responses to “IMF Completes the Eighth and Final Review Under the Extended Fund Facility (EFF) for Seychelles”

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