10.16.09

Seychelles’ talks with IMF and World Bank were productive

Posted in Business and Economy, Double Taxation Agreements, International Organisations, International relations, Offshore Services, Seychelles government, Seychelles IBC, SIBA at 9:54 am by Robert Klien

Seychelles’ Minister of Finance Danny Faure has said that the jurisdiction’s presence at the meeting of the International Monetary Fund and the World Bank held last week in Istanbul, Turkey, was highly productive.

Having returned after leading a high-level delegation to the annua meetings, Faure said that the team met finance ministers and executive board directors of the 2 institutions. These were bilateral discussions where Seychelles was seeking the same 45% debt cancellation as it received from the Paris Club from other creditors including China, India, the UAE, Malaysia, Algeria, and Libya. The Minister confirmed that Malaysia has already approved a cancellation of 45% of the total debt of USD 12.1 million, so USD 5.5 million has been canceled.

According to Faure, the result of these meetings was very encouraging because Seychelles received much support and encouragement for its reforms.

Also, in Istanbul, Faure discussed the restructuring of Seychelles’ commercial debts with Dr Donald Kaberuka, African Development Bank president.

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