07.09.10
Posted in International relations, Seychelles government at 10:53 am by Robert Klien
On July 6, Seychelles’ President James Michel met Indian External Affairs Minister S.M. Krishna in order to hold talks on bilateral cooperation over security and economic development.
After the meeting that was held during Mr Krishna’s 1-day working visit to Seychelles, Mr Michel said that it was a good opportunity to discuss Seychelles’ and India’s shared security interests in the Indian Ocean, particularly the joint military efforts and cooperation in anti-piracy. Michel added that India had provided invaluable support in this spheres, and the two countries will co-operate to continue building a sound programme of collaboration.
Indian minister assured Seychelles’ president of India’s full support for the jurisdiction in the anti-piracy effort. Mr Krishna noted that further steps will be taken with a view to strengthen the partnership.
Mr Michel said that his successful state visit to India held in June had renewed the interest of Seychellois people in travelling to India and doing business there. The visit by Mr Krishna is an indication of the active partnership of the 2 countries.
After talks between Mr Michel and Prime Minister Manmohan Singh held in New Delhi during the visit in June, India pledged USD 5 million worth of defence aid to Seychelles for the anti-piracy effort.
It was announced by India that it would write off 45% of Seychelles’ debt owed to the Indian government as well as reschedule the rest over a 20-year period with the interest rates halved, which is part of the “Paris Club formula” approach. Also, the government of India will also write off a USD 1.375 million debt that Seychelles owes on a commercial loan with the Exim Bank (Export Import) of India.
India has pledged to the Development Bank of Seychelles a USD 10 million line of credit on concessionary terms. This was discussed during the 7th Indo-Seychelles Commission meeting that took place in May. It should be noted that a bilateral investment protection and promotion agreement was signed then.
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07.05.10
Posted in Business and Economy, International Organisations, Seychelles government at 11:08 am by Robert Klien
Seychelles’ economic reform programme has been praised and it received a major boost in front of week’s Paris Club meeting of international lenders.
The International Monetary Fund (IMF) made issued a press release to praise the ongoing results of the economic programme. The IMF said that Seychelles’ economic policies “continue to be anchored by prudent fiscal policies”.
As a result of this, the jurisdiction qualifies for another installment of USD 3.3 million as part of the 3-year Extended Fund Facility arrangement (EFF). This announcement was made after the IMF’s executive board completed the 1st review of Seychelles’ economic performance, bringing the total amount of disbursements under the EFF to USD 7.8 million.
According to the IMF, the economy of Seychelles has proved remarkably resilient to the recently-experienced double crisis. The IMF said: “Following a turnaround in its economic policies to address an external debt crisis and a global financial crisis in 2008, the country appears to have emerged from the recession”. It was added that real gross domestic product (GDP) rose by 0.7% in 2009, and growth is projected to recover further to 4% in 2010.
In accordance with the press release, Seychelles’ government revenue is exceeding expectations in 2010. It said: “The authorities have also strengthened public finance and central bank management and are starting to address the restructuring of several key public enterprises and financial institutions, with a view to reducing the risks to the government budget and fostering sustained private sector-led growth.”
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07.02.10
Posted in Seychelles government at 10:58 am by Robert Klien
On July 1, 2010, former Designated Minister Danny Faure took his oath of office before Seychelles’ President to become Seychelles’ new Vice-President.
Faure took the Vice-Presidential oath as well as pledged his allegiance to the Constitution of Seychelles. It should be noted that Faure is also the Minister for Finance and Trade, Public Administration and Information Communication Technology.
Designated Minister Vincent Meriton sworn in as minister received his Instructions of Appointment to the post from President Michel. He is also the Minister for Community Development, Youth and Sport.
The oath ceremony was visited by Vice-President Faure’s family, the speaker of the National Assembly Dr Patrick Herminie, chief justice Frederick Egonda-Ntende, president of the Court of Appeal Francis MacGregor and cabinet ministers, as well as the chief of defence forces Brigadier Leopold Payet, former Vice-President Joseph Belmont, attorney-general Ronny Govinden, secretary of state for cabinet affairs Mohamed Afif, secretary of state in the President’s Office Barry Faure, police commissioner Ernest Quatre and principal secretaries.
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06.28.10
Posted in Offshore Banking, Seychelles banking, Seychelles government at 2:14 pm by Robert Klien
A further cut in interest rates on various types of loans and advances will be made by the Seychelles Savings Bank. The new rates will come into effect from July 1.
Nevertheless, savers will still benefit from existing rates because there will be no reduction in interest rates on all types of deposits.
As mentioned by President Michel in his National Day speech, the prime lending rates (PLR) on housing loans and commercial loans will be reduced to 6% and 7% respectively.
It is worth noting that this will be the 4th reduction in lending rates during the last 9 months, the 1st taking effect on October 1, 2009, followed by one on December 1, 2009, and the 3rd on March 15, 2010.
According to the bank, during this period the maximum benefit was passed on to borrowers in the commercial sector, which has seen a huge reduction of 10%, from a PLR as high as 17% in September to 7% from July 1.
The bank expects the cut in interest rates to encourage people to borrow money at a more affordable rate, which should result in accelerated economic activity and benefit everybody in the long run.
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06.24.10
Posted in Offshore Banking, Seychelles banking at 3:41 pm by Robert Klien
With a view to raise capital and to accelerate lending, the Development Bank of Seychelles (DBS) has announced its plans to launch 2 bond issues for a total amount of R100 million.
It should be noted that this followed recent President’s and the bank’s board announcements that the government was considering ways of stimulating the economy by means of lowering interest rates.
Lending rates have been already slashed by the Development Bank from 15% to 10% as from April 1. The new bond issue will allow it to cut rates further.
In its press release, the Bank said that the 2 bonds will be issued for a value of R50 million each and will be launched on July 1. The 1st will be a 2-year bond with an interest rate of 5% per annum, while the 2nd will be a 3-year bond at 5.5% per annum. Both bonds will be available from July 1. Both residents and non-residents will be allowed to by the bonds. Issued singly or jointly, they will be transferable through the Central Bank of Seychelles at any time before they mature.
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06.22.10
Posted in International relations at 3:41 pm by Robert Klien
It was discussed previously that Russian ambassador Mikhail Kalinin was talking at a reception held to mark Russian National Day.
At the event, Kalinin said that Russia is to support Seychelles’ battle against piracy and that it will send a warship to the region this year. According to him, “Russia contributes actively to the international fight against piracy that severely affects the security and economic situation in Seychelles, which is on the front line of this fight”.
Kalinin noted that Russia has proposed to set up an international judicial body in the region where pirates can be prosecuted, which would easen the burden of the coastal states and ensuring pirates do not escape justice.
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06.20.10
Posted in Seychelles government at 6:56 pm by Robert Klien
On May 16, President Michel asked ministers to go on making sure the government provides services addressing the core needs of the people of Seychelles.
President visited State House during a ceremony at which Jean-Paul Adam was sworn in before him as the new Minister for Foreign Affairs, Peter Sinon as the Minister for Investment, Natural Resources and Industry and Dr Erna Athanasius as the Minister for Health.
Vice-President Joseph Belmont, Designated Minister Danny Faure, speaker of the National Assembly Dr Patrick Herminie, chief justice Frederick Egonda-Ntende, as well as other ministers and chief of defence forces Brigadier Leopold Payet were present at the ceremony.
According to Mr Michel, the jurisdiction has seen major changes in the last 2 years which the people have embraced, making the transformation a success. President said that the ministers will start a new chapter in this “great transformation” in order to continue the policy of getting closer to the people.
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06.17.10
Posted in Diplomatic missions, International relations, Seychelles government, Tourism industry at 6:48 pm by Robert Klien
On May 15, during a reception held at the Coral Strand Hotel, ambassador of Russia Mikhail Kalinin said that Russian investment in Seychelles is growing rapidly. The reception was held to mark Russia’s National Day.
Mr Kalinin said that Russian investment in Seychelles’ tourism industry now tops USD 250 million. He also added that the government of Russia has approved 2 more hotels to be built by Russian investment companies. He also said that Russian businessmen are investing in the preservation of Seychellois sites of environmental, cultural and historical value.
Mr Kalinin said that there are much more opportunities for mutually beneficial cooperation and they are to be explored. He called on Seychellois businessmen to establish direct links with their Russian counterparts who might offer many interesting projects important for the Seychellois economy.
According to the ambassador, Russian President Dmitry Medvedev and President James Michel regularly communicate and exchange messages on different issues, and Russia and Seychelles hold identical or similar positions on the major international matters.
Mikhail Kalinin said that Seychelles is becoming more and more popular among Russian tourists. Visitors from Russia now hold 4th place among tourists in Seychelles with more than 8 500 arrivals in 2009.
Kalinin welcomed the graduates of the Soviet/Russian institutes present at the ceremony. One of them was Minister for Community Development, Youth, Sports and Culture Vincent Meriton, who read President James Michel’s message. The message said: “Seychelles and the Russian Federation have a long history of cooperation and I would like, on behalf of the government of Seychelles, to express my sincere gratitude and appreciation for all the forms of help provided, particularly in the fields of education, sports, culture and health. We hope that we will be able to benefit from similar offers in the future,” said Mr Michel in his message.
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06.09.10
Posted in Seychelles government at 1:00 pm by Robert Klien
Agence France-Presse reported that the President of Seychelles James Michel created a new ministry in order to respond to the threat of Somali piracy.
The ministry will be responsible for police and prisons as well as coordinating efforts aimed to combat piracy. This move was essential because piracy expanded into Seychelles waters in 2009.
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06.01.10
Posted in Diplomatic missions, Seychelles government at 1:00 pm by Robert Klien
The President of Seychelles, James Michel, is planning to undertake a 3-day visit of India from June 1 to June 3, 2010. This will be his 2nd visit to India, the 1st one was in 2005.
The official spokesman of India’s government, Vishnu Prakash, said that as a preparatory to the visit, a number of new initiatives were being considered, which included a school library project, supply of buses, human resource development, technology development centre in Seychelles for small and medium enterprises. According to him, India has been cooperating closely with Seychelles, assisting them in training, including that of diplomats.
Prakash said: “Close to 10% of the population in Seychelles is of Indian origin. Their currency is called Seychelles Rupee. We are also exploring now possibilities to enhance our synergies. A business delegation from Seychelles is accompanying the President to precisely do so”.
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