Japan writes off 45% of Seychelles’ debt - 24.11.2010
Our total debt to Japan was equivalent to US $10.3 million but this has now been reduced to $6.6 million, payment of which will start in 2015.
An agreement taking immediate effect was signed yesterday at Liberty House by the new Japanese ambassador Toshihisa Takata and principal secretary for finance and trade Ahmed Afif.
Mr Takata said Japan, as a member of the Paris Club, has welcomed the progress made by Seychelles in following the International Monetary Fund’s (IMF) programme to put its economy back on track.
After the Paris Club agreed to reschedule our debt – which Mr Afif said at the time totalled around $160 million – Seychelles had to negotiate rescheduling with each individual member country. The process has taken some time, but Mr Afif said this was because of the correct follow-ups and procedures needed.
Mr Afif thanked Mr Takata and the government of Japan for their generosity and for their support at the Paris Club to achieve the 45% face-value reduction of our debt with the Paris Club countries.
“Today the debt of Seychelles has come down significantly, as a result of which the country and the people will stand to benefit from a lesser burden on the balance of payments,” he said.
“This success story has only been made possible through a lot of sacrifices the people have made through the economic reforms, and we are very grateful some of the leading governments, including Japan, are supporting us and recognising the efforts that have been made.”
Mr Afif said the reform programme in Seychelles will continue. It does not involve only debt rescheduling but will also actively pursue our programme in collaboration with the IMF to ensure the country stays on a “very stable macro-economic footing”.
He said such agreements will be made with other countries in the Paris Club, following the recent signings with Italy and now Japan.
Forrás: http://www.nation.sc/