PHOTO | Courtesy

The International Monetary Fund (IMF) executive board has completed its third review allowing Sychelles to access $8.6 million.

The funds which are expected to help the country in its economic recovery now brings total disbursement to Seychelles under the 32-month Extended Fund Facility (EFF) arrangement that was approved in July last year to $80.6 million.

“Seychelles’ economic recovery has remained very strong in 2022, fueled by a faster-than-expected rebound of the tourism sector,” said IMF.

The multilateral lender also noted that Seychelles’ tourist arrivals grew 125pc at the of September this year when compared to 2021 supported by stringer demand from Europe and Middle East 

“The recovery is mostly concentrated in tourism-related industries,” added IMF.

Real GDP growth is expected to reach 10.6pc percent in 2022, before moderating to 5.4pc next year.

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