African Development Bank approves US$20 million loan to support Seychelle’s Covid-19 recovery

SEYCHELLES – The Board of Directors of the African Development Bank Group has approved a US$20 million flexible loan to finance Seychelles’ Governance and Economic Reforms Support Program. This fund is expected to help drive the island nation’s macroeconomic stability and recovery from Covid-19 in the medium-term. The pandemic has severely impacted Seychelles’ macroeconomic performance. Real GDP growth, which averaged 4.2% in 2016-2019, contracted by 12.9% in 2020. The overall fiscal deficit of between -1.4% and 0.7% of GDP in the 2016-2019 period widened to -19.5% in 2020, while public…

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