EU Budget Support 2.375 million euro
23 December 2011
The European Union provides 2,375,000 euro in form of grant to support the economic reform programme of the Seychelles
The European Union has disbursed 2,375,000 euro (approx 41 million Seychelles rupees) of grant funds for 2011 to assist the Government of Seychelles in sustaining the implementation of its comprehensive economic reform programme. This is EU's third disbursement through budget support under the Seychelles Economic Reform Programme (SERP) which was agreed for a total of 16.5 million euro for the period 2009-2012. Total amount disbursed so far has reached 12.75 million euro.
Alessandro Mariani, Ambassador and Head of the Delegation of the European Union for the Seychelles expressed his appreciation for the performance of Seychelles Economic Reform Programme. He said: "the European Union is impressed by the economic performance of the country and the commitment of the Government in sustaining the implementation of the economic reform programme.''
The 2011 disbursement, which is the third EU grant disbursement under the SERP programme, comes in recognition of progress made by the country in achieving macroeconomic stability, implementation of sustainable fiscal policy measures as well as enhancing the country's public financial management.
Background
What is budget support?
Budget support is a way of implementing development aid which consists in giving financial aid to the treasuries of the recipient countries. This aid increases the resources available to the recipient country to implement its own budget according to its own procedures. What generally characterises budget support is that it goes directly to the partner governments and is integrated into their own systems of
appropriation, procurement and accounts, and is not connected to specific projects. All types of budget support (whether general or sectoral) consist in a lump-sum transfer of foreign exchange which is converted into local currency and credited into the treasury account. The aid is given subject to certain conditions of eligibility and implementation.
For more information please contact:
Vilija Sysaite
Press and Information Attachée
Delegation of the European Union
Phone: (230) 2071515
Fax: (230) 2116624
Vilija.Sysaite@eeas.europa.eu
Website of the Delegation:
http://eeas.europa.eu/delegations/mauritius
Link to European Commission Directorate General for Development and Cooperation:
http://ec.europa.eu/europeaid/index_en.htm