President visits Ras Al Khaimah

Posted in International relations, Seychelles government at 10:13 am by Robert Klien

President James Michel was on a one-day working visit to the emirate of Ras Al Khaimah – one of the 7 United Arab Emirates.

During the visit, President met with His Highness Sheik Bin Saqr Al Qassimi in order to discuss ways of strengthening the relationship between Seychelles and Ras Al Khaimah.

It should be noted that Rakgas energy owned by the state of Ras Al Khaimah is the main shareholder of Black Marlin Energy. Black Marlin Energy is the company in which the Seychelles Petroleum Company (Sepec) has taken a stake to further strengthen the steps towards finding oil in Seychelles waters.

On the visit, the President was accompanied by Secretary of State Jean-Paul Adam and chairman and chief executive of Sepec Captain Guy Adam.


Reforms of Foreign Reserves in Seychelles

Posted in Business and Economy, Seychelles government at 11:38 am by Robert Klien

During the press conference on the reforms held on September 18, Central Bank governor Pierre Laporte said the following: “We now have enough foreign reserves for 8 weeks’ imports compared to what we had before our economic reforms that would have catered for just a few days’ needs”.

According to Mr Laporte, Seychelles’ gross international reserves now stand at USD 150 million with net usable reserves being USD 113 million. On average, countries are expected to have enough reserves for 12 weeks’ imports. Seychelles’ reserves are building up to that level. Laporte said that before the reforms the jurisdiction had 3 days’ reserves while now it has  2-months reserves.

Also, Laporte said that banks now have all conditions to lower their interest rates on loans and some are already doing this.


Seychelles visits AfDB to discuss capital increase

Posted in Diplomatic missions, International relations at 7:01 pm by Robert Klien

On September 11, 2009, the 10th meeting of the Governors’ Consultative Committee (GCC) of the African Development Bank’s (AfDB) board of governors was held in Tunis. Seychelles was represented at this meeting.

The committee was meeting with a view to consider proposals by the AfDB’s management for the 6th General Capital Increase (GCI).

It is worth noting that the AfDB board recently approved several fast crisis mechanisms. But this has led to a quicker consumption of the resources of the bank as well as accelerated demand for extra funding. Therefore, the bank started negotiating a 6th GCI much earlier than planned.

At the meeting, Seychelles was represented by Central Bank governor and AfDB alternate governor for Seychelles Pierre Laporte and executive director for Seychelles at the AfDB Peter Sinon.

The member countries of the GCC are as follows: Seychelles, Switzerland, the United States, Canada, Japan, Germany, Algeria, Burkina Faso, Congo, Egypt, France, Libya, Malawi, Morocco, Nigeria, Cote d’Ivoire, and Zimbabwe.


Role of Media discussed in Seychelles

Posted in International relations at 7:17 pm by Robert Klien

Making efforts to improve the quality of the media, Seychellois President James Michel has recently launched a Media Commission.

The President received a report that discussed the role of the media in an evolving society aimed to create a good working environment for the media.

At a recent seminar devoted to the media, it was pointed out that responsible media should defend and protect national interests. It goes without saying that creating a bad impression of the country overseas can only cause damage to the jurisdiction. However, it should be noted that nobody was asking journalists to hide the truth. Just telling lies spreads quickly and the reputation of the jurisdiction should be protected by the media as well as by the people of the Seychelles.


IMF grants USD 12.3 million to Seychelles

Posted in International Organisations, International relations at 10:09 am by Robert Klien

It was briefly mentioned previously that the International Monetary Fund (IMF) has disbursed USD 12.3 million to Seychelles. So, the Central Bank of Seychelles (CBS) announced that the jurisdiction will benefit from this special allocation of USD 12.3 million.

This money is part of a global initiative aimed at helping member countries overcome the negative impact of the global crisis. It should be noted that this is not related to the financial support package that the IMF is providing to Seychelles through the 2-year Stand-By Arrangement.

The money comes in 2 tranches – the 1st of USD 10.1 million was received by the CBS in the beginning of September, and the 2nd of USD 2.2 million will be transferred to the CBS on September 9.

It is worth mentioning that the International Monetary Fund board has approved a global allocation of USD 283 billion for all member countries.


Seychellois President visits UAE

Posted in International relations, Seychelles government at 10:00 am by Robert Klien

The President of Seychelles is leading a delegation to the United Arab Emirates (UAE) aimed at discussing the enhanced military cooperation between Seychelles and UAE.

The visit of President Michel will include the signature of a memorandum of understanding between the 2 jurisdictions. Also, a Status of Forces Agreement (SOFA) will be signed.

It should be noted that Seychelles has already signed a SOFA with the United States and a military aid agreement with China.

According to President Michel, “the increased military cooperation between Seychelles and partners in the region facilitates a coordinated effort to combat piracy in the Indian Ocean”.

On this working visit, President is accompanied by the Chief of Defence Forces, Brigadier Leopold Payet, and the Secretary of State in the Office of the President, Jean-Paul Adam.