March 26 (Bloomberg) -- Seychelles applied to join the International Monetary Fund’s Extended Fund Facility in 2010, the Seychelles Nation reported, citing Finance Minister Danny Faure.
The nation’s debt is “not sustainable” and it needs international help, the Victoria-based newspaper said on its Web site today.
Seychelles has borrowed $26 million over two years from the IMF, and will borrow a further $10 million from the African Development Bank and $9 million from the World Bank this year, the newspaper said.
The Extended Fund Facility, established in 1974, is a loan facility which allows member countries to overcome balance of payments problems.
Calls to the Seychelles finance ministry seeking comment weren’t answered.
[source: Bloomberg]
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