72974 Seychelles: First Sustainability and Competitiveness Development Policy Loan SUMMARY OF DISCUSSION∗ Meeting of the Executive Directors September 20, 2012 Executive Directors approved a First Sustainability and Competitiveness Development Policy Loan to the Republic of Seychelles in the amount of US$7 million on payment terms and conditions set out in the President’s Memorandum (R2012-0182). Directors expressed support for the operation, which would improve fiscal sustainability and enhance private sector competitiveness. They commended the Government’s successful Fifth Review of the IMF-supported Extended Fund Facility and encouraged continued sound macroeconomic performance and implementation of reforms. Directors noted the need to further strengthen institutional capacity for implementing reforms and underscored the importance of analytical work and technical assistance. Improving fiscal sustainability and developing a vibrant private sector to reap the long-lasting benefits of reforms were also emphasized. Finally, Directors encouraged deeper engagements with MIGA and the IFC, as well as continued collaboration with other donors to assure timely and successful achievement of the project development objectives. ∗ This summary is not an approved record.