12.18.06

Seychelles has debts with multi-lateral organizations cleared

Posted in Business and Economy, International Organisations, Seychelles offshore jurisdiction at 3:12 pm by Robert Klien

Currently, the Seychelles is known to have a good credit rating in the world because the country is not in arrears regarding any debts with multi-lateral organizations. The Seychelles standard of living continues to improve – however, it is out of earnings, not out of debts.

In the end of November, Andrew Bainbridge, the managing director of Barclays Bank for Africa and the Indian Ocean, commented on Seychelles current economic status at State House. Coming to this country over the last 7 years, he has seen new improvements to the economy progressing.

At announcing the Appropriation Bill 2007, Lekha Nair, the principal secretary for Finance, made a confirmation that the Seychelles had cleared all its debts to multi-lateral organizations, which improved its international profile. As a result, financial organizations are willingly studying areas to finance projects in the Seychelles.

African Development Bank (ADB) is one of such organizations – and it has already dispatched a delegation here. The Seychelles does not owe ADB anything now.

Also, the state has cleared its arrears with the International Monetary Fund (IMF).

Leave a Comment

You must be logged in to post a comment.